As Canada’s largest independent brokerage Sterling works with most of the major carriers in Canada to provide tailored benefits to meet our clients needs. Some of these carriers include CanadaLife, Manulife, Sun Life, Wawanesa, Blue Cross, and Green Shield.

Sterling offers a wide variety of employee benefits products designed to fit the needs of Canadian small businesses, which includes everything from standard vision, dental, and disability coverage to more bespoke products such as travel insurance and wellness spending accounts.

Aside from benefits, Sterling also offers competitive group retirement services, as well as individual and mortgage insurance. Lastly, Sterling works with best-in-class providers across Canada to offer a suite of value-add ancillary services such as Telemedicine from Dialogue, digital pharmacy from MedNow, or health spending accounts from Aya.

An independent employee benefits broker acts as a middleman between businesses and insurance carriers when it comes to employee benefits. They are independent because they are not tied to any specific insurance company. Their role is to help businesses find the right employee benefits packages that suit their needs and budget.

Independent brokers work closely with businesses to understand their requirements and then shop around the market to find suitable insurance options from various insurance providers. They compare different plans, coverage options, and costs to help businesses make informed decisions about their employee benefits.

The advantage of working with an independent employee benefits broker is that they offer unbiased advice and have access to a wide range of insurance products from different companies. This allows them to offer customised solutions tailored to the specific needs of each business.

Employee benefits are additional perks or rewards provided by employers to their employees in addition to their regular salary or wages. These benefits are designed to enhance the overall compensation package and improve the well-being and job satisfaction of employees. Employee benefits can vary depending on the employer and industry. They play a vital role in attracting and retaining talented employees while promoting a positive work environment.

In Canada employers must also provide some mandatory benefits outlined and in the Canadian Federal Labor Standards. Those include vacation time, leaves, CPP, and EI contributions.

Employee benefits are beneficial for both employees and employers. Employees regardless of their level or position within a company, can benefit from employee benefits. Benefits provide a sense of financial security, access to healthcare, and opportunities for personal and professional development. They contribute to employees' overall well-being, job satisfaction, and work-life balance.

For employers, benefits can help attract and retain top talent in a competitive job market. They enhance employee morale and motivation, leading to increased productivity and loyalty. Additionally, employee benefits can contribute to a positive company culture and serve as a tool for employer branding.

Employee benefits can cover a wide range of areas depending on the specific benefit plans offered by the employer. Here are some common areas that employee benefits may cover include health insurance (dental and vision), retirement plans (RRSPs), Life and Disability Insurance (both short and long term), Wellness programs, and self-directed funds such as Health Spending Accounts which allow an employee to spend on services as needed.

The cost of employee benefits can vary widely depending on several factors, including the size of the company, the industry, the specific benefits offered, the experience of the company, and the region. All of these factors together create the ultimate “cost” of benefits that is carried by a business. However, a general rule of thumb is that benefits typically account for 32% or roughly 1/3 of payroll costs in Canada and the United States. So, depending on the size of your existing business and workforce you can determine rough pricing from that metric.

If you are interested in learning more about how the team at Sterling can help you create a tailored benefits plan that meets the needs of your business, you have a number of options. First is to visit SterlingCapitalBrokers.com and request a meeting with our team. Alternatively you can email marketing@sterlingbrokers.com to be connected to a member of our team, or call us directly at: +18882135557