Chambers Of Commerce Group Insurance Plan For Entrepreneurs

The Chambers of Commerce Group Insurance Plan has received a wide range of publicity from various groups regarding the new plans that are being offered. With a full range of benefit options for the small business owner, this Canadian firm is providing a critical service at just the right time.

Founded over forty years ago to serve small and medium sized business, this company is seeing a great deal of growth with the global economy birthing more entrepreneurs than ever. Health and financial protection needs are a huge concern for more small businesses as the premiums can be outrageously expensive and the coverage mediocre at best with larger companies. This seeming prejudice against small business in the benefits industry has never been intentional, but an unfortunate economical hardship.

Insurance companies are able to stay in business by collecting premiums from a large group of individuals and putting them in a risk pool, which is just another way of saying a cash reserve. When claims come in, they are paid from this pool of money and administrative costs are taken out of these reserves as well. This is acceptable because most people will pay more into the reserve than their claims will cost, so when high claims come in there is plenty of money available to pay them.

Traditionally, businesses with fewer employees have suffered a disadvantage when searching for low benefit premiums because they have such a small pool of individuals to share the risk of high costs by paying premiums. When there are few people paying premiums, the chances of benefits paid exceeding the amount of premiums received is quite high.

Fortunately, there are companies out there who have risen to the occasion and filled the niche for the small business owner. These companies will offer low premiums to small businesses and spread the risk of high claim payments for all of the businesses that they insure across one large pool. While the individuals who started these companies took a huge risk, the benefit to entrepreneurs has been and continues to be invaluable.

Another great benefit that these types of companies offer the small business owner is access to an advisor that can assist with selecting insurance benefits. Many business owners specialize in only their particular field of interest and know very little about their own insurance needs or those of their employees.

For businesses consisting of just one person as well as large companies that employ hundreds, health and financial protection options for employees will remain a need that must be addressed. A qualified professional should always be consulted to determine what benefit packages would best suit the needs of the employees.

With so many choices, a business will be able to find a Chambers of Commerce Group Insurance Plan to suit their needs relatively easily. In addition to the variety of options they offer, the high level of customer service provided to small business is superior. When benefit companies choose to service small and medium level businesses as their primary customers they understand that each account is of the utmost importance and they go above and beyond to secure customer loyalty. Small business competition is fierce and a well designed benefits package can make all the difference in finding quality employees and reducing turnover.

Learn more about the chambers of commerce group insurance plan now in our insider’s guide to the advantages of a group insurance plan