When deciding between individual and group insurance, it’s important to weigh the pros and cons to determine what’s best for your business and employees. At Norbram Group Insurance Benefits, we specialize in helping businesses in York Region, the GTA, and Barrie navigate these decisions.
Individual Insurance: What You Need to Know
- Higher Premiums: Individual plans are typically more expensive since they’re based on a single person’s health and risk.
- Limited Coverage Options: While customizable, individual plans often lack the flexibility and comprehensive coverage of group plans.
- Better for Sole Proprietors: If you’re a one-person operation, an individual plan might work, but pooled group insurance could still save you money.
Group Insurance: Why It’s the Better Choice for Businesses
- Cost Savings: Group insurance, especially pooled plans like those offered by Norbram through the Chambers Plan, spreads risk across a larger group, keeping premiums lower.
- Employee Retention: Offering group benefits shows employees you value them, boosting retention and attracting top talent.
- Customizable Coverage: Group plans often include health, dental, vision, and even mental health support, tailored to your team’s needs.
For businesses with even a few employees, group insurance is the clear winner. Let Norbram help you find the plan that works for your team and your budget!
