What? Group Travel Insurance covers medical expenses when traveling abroad. Plans typically cover 60 days but may cover longer. Similar to health insurance, but used when employees and their family members are out of the country for work of personal travel.
Who? This type insurance provides coverage when traveling outside of the country on work related or personal travel.
Where? Coverage is valid in any part of the world where the employee is working or traveling.
When? Coverage starts once the employee has left the country.
Why? You are insured in case of emergency. Emergency dental care, medical expenses, transportation in case of medical emergency, accidental death benefits, trip interruption, assistance with document replacement and lost luggage are typically covered.
How? Ask your insurance broker to outline travel coverage included in your group plan. You may want to consider adding or changing coverage to suit the needs of management and employees.
What?
Dental Coverage helps policy holders and their families manage and protect their dental health. This coverage is often included in a group benefit plans. Typical group dental coverage provides coverage for basic services can be covered up to 80% and major procedures are usually covered at 50%. Of course all plans vary and many options are available.
Who?
All employees and their dependants.
Where?
Dental plans cover procedures provided by licensed dentists, dental hygienists, denturists and anaesthetist.
When?
A policy will include a breakdown of the options that fall under dental coverage. This list mentions how many cleanings are covered or after what point insurance will cover your claim when applicable deductible have been paid.
Why?
Dental health is very important for overall health. Companies who don’t have dental coverage as part of their group plan should consider adding it.
How?
Dental claims tend to be more predictable versus health care claims. Some companies set up health spending accounts (HSA) which can be used to provide for dental care. With a dentist HSA claims can be paid by the policy holder then submitted to the insurance provider via Internet or mail to be reimbursed. In some cases the insurance companies will pay your dentist directly.
Important to Note:
Some regions have government funded programs focused on children which offer basic dental coverage. Businesses and individuals should check for coverage in their area.
What?
A Long Term Disability Plan (LTD) provides the beneficiary with income in event of an illness or injury that no longer allows them to work for an extended period of time. LTD typically provides 60-70% of pay; if you want more it is advised that you see extra coverage through your employer or an insurance agent.
Who?
Employees who are unable to work due to an injury or disability.
Where?
Many group benefits plans include LTD coverage. Individuals can also purchase individual disability coverage.
When?
LTD payments usually start 90 or 120 days after the illness or injury.
Why?
Long-term disability coverage provides income for those who are unable to work.
How?
Employers should ask their benefits advisor, insurance company or HR consultant about LTD. Employees, when starting a new job should ask about LTD and other benefits and review the coverage conditions and terms of each benefit.
Important to Note:
If the employer pays the LTD premium, any payments on a claim will be taxable to the employee. When the employee pays, payments are non-taxable, providing an significantly higher benefit.
For the next few weeks HRO Core will blog about different benefit lines. In this eight part series we will cover the who, what, where, when, why, how and other of various coverages included in group health benefits plans. In the series we will talk about long term and short term disability, dental, drug, vision and health coverage as well as group travel and life insurance. HRO Core is a licensed insurance provider and offers all of these benefits in our Total Human Capital Solutions Suite.
One thing that can cause a big problem in a company is confusion. If confusion is allowed to persist, your employees will lose moral and it could greatly affect their work and eventually lead to them leaving. An organizational chart is an excellent way to avoid confusion among current employees and help new employees get an idea of the chain of command.
Small businesses can often make the mistake of thinking they have no need for an organizational chart. Having a clearly defined reporting structure is actually quite important and you will need to consider many things when creating a chart.
An organizational chart outlines pictorially the chain of command for all employees. It lists the positions of all employees at your company, and lists them in order from top to bottom. Even if you operate a very small business with only a few employees, an organizational chart can still be helpful. Often, in extremely small businesses, the chain of command can become confused. By providing your employees with a specific chart, you will be able to keep these problems at bay.
Consider this, if each employee was completing work designated to them by their position and brought concerns to the appropriate position or level of management how much more effective would your office be? Emphasizing structure in small businesses can help the business move forward and plan out how staff and departments to grow.
When you begin the process of making your organizational chart, there are some things that you will need to consider very carefully. The main purpose of this chart is to show who each employee’s direct supervisor is. If you do not already have an exact chain of command in place, then you will have to take some time considering just how it should go. What people need to answer directly to you? Are there people in your business who are responsible for other employees? Do you have supervisors or managers? There are many different types of software available to help you create these charts.
You will have to answer these questions before you begin the process of your organizational chart. You can also use the chart to spell out what exactly is each person’s job responsibility. You may want to include a short list of bullet points with each job title to show the main responsibilities. This means that you will need to take some time considering just what each employee does. This can be a great way to keep all job responsibilities in order and avoid confusion.
Many small businesses we work with don’t have up to date job descriptions for positions in their organization. A job description clearly states the purpose of the job and outlines the main responsibilities and accountabilities necessary to fulfill that purpose. Implementing job descriptions begins with agreeing on a job description template. Once a template is established each employee, together with their manager, should complete their job description so that all major accountabilities the employee is responsible for are understood and articulated. Job descriptions for multiple incumbent positions can be completed by a group of employees and their manager.
Job descriptions should be written and available for every position within an organization. This document explains to all employees the specific responsibilities and accountabilities of each position, in addition to the working conditions (e.g. shift work, frequent travel etc.) associated with a given position. Also, because the job description so clearly distinguishes roles and responsibilities it forms the basis of the organizational chart.
A thorough review of the job description is also important before starting the interview process. Use the job description to help formulate your questions in order to determine whether your candidate has the right qualifications and experience for the position. By providing accurate job descriptions candidates will get a chance to decide whether the position is a good fit for them.
New employees should be provided with their own copy of the job description upon arrival into their new job. This document clearly outlines what is expected of them and should form the basis of performance reviews, as both the employee and manager know the purpose of the position along with the responsibilities and accountabilities being evaluated.
Having an employee handbook that is up to date with current policies and practices as well as labour laws can often be overlooked. By taking the time to compile an accurate, informative and well organized handbook, the partnership between the employee and the organization will be far more successful.
Employee handbooks are the guide to every employee’s success in their role within an organization. Providing employees with detailed, up to date information in their employee handbook will help employees know what is expected of them and what they are responsible for. Employees can refer to their handbook when they have questions; reducing time wasted asking a supervisor.
An outline of the pay, practices, benefits, expectations and various employment policies are the minimum that should be included in an employee handbook. Keep it organized and easy to look through so it will actually get used. The employee handbook is not mean to be something difficult to understand and hard to find information needed. A well thought out table of contents and dated pages or dates when changes have been made will overall make your employee handbook a better one. In particular a digital handbook may be appropriate for many employees.
Also, remember when creating an employee handbook that not all provinces and states have the same employment laws, regulations and language requirements. Businesses should consider an annual review of the employee handbook and look at new laws and changes in corporate policies that have been implemented; this will save time in the long run and cover the company before it is forced to make changes.
Blog•
on September 29th, 2010•
Disability Insurance is an important consideration for individuals and businesses looking to protect and value their employees.
There are a couple of issues I want to highlight today:
1. If you are a business owner or human resource manager, and your group plan include Long Term Disability (LTD) coverage, your employees should be paying the premiums. Employee paid premiums result in tax free income replacement should an employee become disabled. This can make a significant difference in the income a disabled individual will receive.
2. Do you have enough coverage? If you are self employed and don’t have disability coverage or if you have a group LTD coverage, you may not be properly protected for income loss.
For more information from one of our providers, please see http://www.rbcinsurance.com/healthinsurance/disability-insurance.html.
Talk to us about disability insurance today!
Blog•
on February 11th, 2010•
The most valuable asset of any successful business is its key people, whose unique talents make a significant contribution to the bottom line. Who are key people? You, people with unique relationships with valued customers, people with specialized technical talents and people responsible for major projects. What impacts could a key person’ death or disablement have on your business?
Projects could stop
Job momentum could be lost
Job security for other employees could be affected
Customers could be lost
The business could have difficulties in continuing
The business could have trouble maintaining its good reputation
The business could lose sales and profit
The business’ line of credit be affected
There could be costs associated with recruiting, hiring and training a replacement
Benefits of Key Person Insurance:
It is the most economical way of providing cash
Proceeds are tax-free
Money is delivered at the exact time it is needed
The business’ future is secure
Keyman Insurance is one of the most important yet often overlooked insurance policies by businesses. While many businesses have insurance for their property, vehicles or other assets businesses fail to account for protection against prolonged illness or death for a key employee or owner. Face values range from $250,000 to $1,000,000 or more. Monthly premiums are affordable, even for small businesses.
To find out more about Key Man insurance, give us a call.
Blog•
on January 29th, 2010•
Getting HR right has become more important in these challenging times. Many companies we talk to are interested in implementing better employee performance management systems to ensure they get the most out of their human capital investments. We are working to provide value in this area.
A successful entrepreneur, once told me, “there are only two things in business: people and money”. Money is still scarce, so, people performance may hold the keys to success in your business this year.
