While “not-for-profit” may not come to mind when you think of an insurance company, it offers distinct advantages for businesses, especially those with a smaller employee base.
For instance, Chambers Plan is an employee benefits program endorsed by over 800 chambers of commerce and boards of trade across Canada. It is structured as a not-for-profit, which means premiums are set to cover the cost of the plan and provide sustainable and innovative products. There are no dividends to shareholders to factor in – just a focus on value.
Any surpluses realized in the administration of the Plan are reinvested to provide unmatched stability for business owners and supports a robust combination of benefits and services that strengthen businesses, employees and communities.
Financially, providing a benefits plan can be a big decision for a small business, whether they have 20 employees or are a sole entrepreneur. All benefit providers need to ensure their risk is covered, but in a non-pooled, for-profit plan, businesses are generally rated solely on their own employees’ claims, so a small employee base can lead to higher rates and radical increases if an employee has unusually high claims or the costs to administer an element of the plan see a sharp increase.
That’s a challenge Chambers Plan has been navigating for over 50 years by leveraging its very large client base and by focusing on long-term value for their clients. Elements of the Plan are managed to help control the overall premiums. Chambers Plan’s unique approach to pooling rates with its over 32,000 clients has resulted in an average annual increase in Plan premiums of under 5% over the past decade – much lower than the rest of the industry.
At the same time, the reinvestment of surpluses in the Plan makes it possible to build in a wide array of value-adding benefits that directly support employers and employees.
For employers, the Plan includes Business Assistance Services, which allows business owners to access up to 9 hours of professional consulting services on legal, accounting and HR issues along with unlimited contacts for day-to-day business management questions. The digital business library is an online information resource along with templates and form letters for HR situations. These business supports are provided without any additional fees.
Chambers Plan constantly builds in supports for ever-changing employee needs. The Plan was the first in the country to integrate telemedicine services through its partner, Teladoc Health. This brought non-urgent healthcare to remote communities and busy families 24/7 with no additional fees. Increased demand for mental health supports prompted Chambers Plan to include self-directed care apps like Hugr and Teladoc Health myStrength. Additional mental health benefits are included with Health options and through an available Employee Assistance Program.
Your local chamber represents the interests of businesses in your community, whether you’re a member or not. They advocate for and connect business owners for their common benefit and are the exclusive providers of Chambers Plan. Being a member is a reinvestment into Chambers Plan, which is an investment in healthy local businesses and communities.
Chambers Plan’s not-for-profit structure helps to keep premiums stable for businesses and to include extra benefits at no added cost and with no hidden fees. Chambers Plan is an investment for business owners that not only supports their employees, but that can even help the business run more effectively. ■
Learn more about Chambers Plan and how it can benefit you at chamberplan.ca
