November/December 2008, Contractor Advantage Magazine
Can you spare 15 minutes?
Contrary to what many contractors think, enrolling in Castlecare is not a long and arduous process. A quarter of an hour should do it.
By Mark Beckham
I have spoken with many contractors since Castle began offering its innovative benefits package and more times than not, receive a predictable and typical response: "I do not have time to think about it."
To be fair, the decision to purchase benefits often comes at a critical stage in the life of a business.
Below are some common scenarios that I see time and time again:
- The owner has been in business more than three years and has survived the initial cash crunch.
- Some are in debt as they have invested heavily in the start-up of their business.
- The spouse is ready to walk out the door as the owner is working 80 plus hours/week.
- You have hired a couple of employees, but are on the lookout for that key employee who can take the pressure off at home by reducing the hours you spend at the office or at the work site.
- You find the key employee but, during the interview process, the potential new (and invaluable) employee enquires about benefits.
Here is where the road forks in two directions. In one case, the business owner has arranged a benefits package and is able to explain it to the candidate. In the other, the business owner stares across the desk at the potential employee (who he really wants to hire) and stammers something like "Well, actually, we do not have a benefits package. I have been thinking about it but I have not had the time, and it is a lot of work, and um and ah, yadda yadda ..."
What do you think that potential candidate across the desk is thinking about you and your company at this point? If you are providing benefits the candidate is probably impressed. If you are not, the candidate is probably thinking of a way to make a quick and graceful exit.
I will not lie to you. Health benefits (while fascinating to me) are not the stuff that makes great cocktail conversation. But we both know that benefits are important. We also know you do not want to be an expert on extended health benefits.
That is why we made "Castlecare for Contractors" as simple as possible. You do not need to sit down for hours with a salesperson. You do not need to understand actuarial tables or underwriting criteria.
The process is simple and it is with a trusted supplier. We have designed three packages based on price and coverage. At Bencom we always suggest you walk before you run. So we created the Bronze, Silver and Gold plans. Each one has more benefits than the previous one and thus the cost increases for each plan. All plans include some life insurance and critical illness coverage to take care of death and disability. The life insurance is paid to a beneficiary, and the critical illness provides a lump sum of cash in the event an employee is diagnosed with one of 18 illnesses.
Health benefits provide the basics such as drug coverage and paramedical services (for example, massage and chiropractor). Out-of-Canada benefits mean you do not have to purchase travel coverage from some other source when going on vacation.
Dental covers a portion of most bills and includes a maintenance program.
While the "I do not have time" excuse is the one I hear most often, some contractors have also told me "I deal with my local insurance broker."
That is fair enough. I am not interested in getting between you and your insurance broker, but ask yourself this: If your broker is really looking out for your best interests, would he/she really mind you taking a look at another product that may save time and money? If they do, then perhaps you should be rethinking that relationship.
Castlecare was designed with you in mind. Castlecare gives you a competitively priced program that takes up very little of your valuable time. Enrolment is simple. Pick your plan. Then print and fill in the employee information. Fax the completed form to us and we will then provide you with a quote. Click here if you are ready to get a quote, or if you want more information about the program.
It is a simple and quick process (it may take 15 minutes tops). Think about that the next time you tell me you do not have the time to talk about benefits.
ARCHIVES: Castlecare articles in Contractor Advantage magazine
March/April 2009 How to succeed in tough times
January/February 2009 The Bronze Benefits Plan
November/December 2008 Can you spare 15 minutes?
September/October 2008 It may not be sexy but insurance really matters
July/August 2008 What to look for in a broker
May/June 2008 Benefits can make a difference
March/April 2008 Major expansion plans
January/February 2008 Health Care now available
FREE SAMPLE Contractor Advantage Magazine
Click here and complete the form to receive an electronic edition.
