Are you putting your firm’s group insurance plan at risk?
Your group benefits plan could be at risk of increasing health care costs. With catastrophic claims becoming more prevalent, group insurance plans of small to midsized firms are seeing premium increases that are making it difficult to offer the same level of coverage year after year.
For example, we are seeing individual drug claims in excess of $50,000. Depending on the size of your firm, it’s possible for just one claim to put your plan into a deficit position. Small & midsized firms are best served by having their experience pooled with groups of similar size and characteristics.
By pooling together Canadian law firms, The Canadian Bar Insurance Association (CBIA) Group Insurance Plan has been able to create a meaningful, affordable and efficient group benefits plan.
Among the group benefits industry, it’s hard to find arrangements where high claims won’t immediately result in large increases to premiums. Being part of a larger pool of similar groups can help mitigate the risk of high claims, protecting the firm from rising premiums, while providing the right coverage to your employees.
With a large spread of risk, and more credible years of experience, The CBIA Group Insurance Plan is protecting similar firms all across the country.
In attempt to protect all of the participating firms in the larger pool, these large pools are mindful of the new entrants. If you are eligible for this type of arrangement, it’s important to explore these large pooling options before it is too late.
The CBIA Group Insurance Plan is one example of a large pool that could ensure the longevity of your group plan.
Silverberg Group is the exclusive representative in Alberta, Northwest Territories & Nunavut for The Canadian Bar Insurance Association’s proprietary product arrangements. We work with all of the insurance providers and, in relation to CBIA, are the only employee benefit plan advisors who are able to provide a clear, complete and unbiased recommendation on what is best for your firm. So far, over 120 Alberta Law Firms have put their trust in us.
Interested in hearing more about how Silverberg Group can save you time & money?