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Economical Insurance Employee Benefit Plan

Employee Benefit Plan Overview

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As the workplace and business environment becomes increasingly competitive, employers must seek better and innovative ways to motivate, attract and retain quality people. This is because the success and productivity of your business lie in how motivated and encouraged your employees are. A well-motivated or satisfied employee will do more and give his/her best to make sure that the organization succeeds.

Increasing the employees’ taxable salary is a great way to motivate them but it leaves a huge vacuum. The employees still have to worry about “insurance” and they could easily be distracted in the event of an unexpected illness or when they or their family members are involved in an accident. You definitely do not want that, do you?

One of the easiest ways to guarantee your employees’ undivided attention and focus is by offering them an Economical Insurance employee benefit plan. You can even design or set up the group benefits plan in such a way that you will save cost in the long run. The group benefit plan can also be designed to allow your employees to maintain their coverage when they leave your organization.

With Economical Insurance employee benefit plan, you will not just protect your employees and their family members, you will also save a lot of costs. This is a sure-fire way to ensure that your employees are safe, satisfied and have the peace of mind needed to channel their undivided attention to your business.

To get an immediate Economical Insurance employee benefit quote, click here.

Employee Benefit Plan Details

Economical Insurance does not just allow you to save on insurance, but the insurer makes it very simple for you to save.

Two basic group insurance coverages are offered by Economical Insurance, namely, car insurance and home insurance.

The car insurance plan offered by Economical Insurance covers cars, vans, trucks, and SUVs as well as campers and motorhomes. Economical also insures all-terrain vehicles (ATVs), snowmobiles, and motorcycles.

You can save on the coverage if you use an anti-theft device, are a conviction-free driver, an occasional driver, a mature driver, have more than one economical group insurance, or have bundled your car and home insurance with Economical group insurance.

Economical Insurance employee benefit plan also includes home insurance which covers house, condo, cottage, tenant, landlord and so forth. The plan also provides you an option to save if you are mortgage-free, claims-free, a mature homeowner, have monitored fire alarms or a security system, have more than one home or you are a new homeowner.

To learn more about Economical Insurance employee benefit, click here.

Employee Benefit News

Economical Insurance recently unveiled its plan to go public. The proposal is expected to give the company a value of $1.9 billion and above. Moreover, mutual policyholders could earn $430,000 as a result of this.

On March 20, the company called a special meeting of its 878 mutual policyholders to vote in consideration of its demutualization plan. As of May 31, 2018, the initial public offering (IPO) of shares was valued from $1.3 billion to $1.9 billion.

John Bowey, Economical board chair said on February 1, 2019, that they are cautious to say that the value will not be known until they get to the IPO date. He further added that the federal government requires the company to include vacation as part of the plan. Moreover, the exact value each stakeholder will receive will not be known until the date.

The estimate is due to the assumption of 100 million common shares at the time of the IPO which is valued at about $13 to $19 for each share.

To learn more about Canadian Economical Insurance employee benefit, click here.

Employee Benefit Related Pages

Employee Benefit FAQ

What payment plans are available for the coverage?

Economical Insurance provides several payment options. You are allowed to choose the option you want whether by monthly installments or the three-pay plan. You can also choose to pay credit card, money order, with a mailed check or through your financial institution.

Are there any other discounts I can get?

If you are a mature homeowner, own a newer home, are mortgage or claims-free, or have monitored fire alarm services, you can get a discount on your property policy; You will be eligible for a discount on your car insurance if you are a mature driver, are conviction-free, or have an approved anti-theft device.

Do you offer insurance in all provinces and territories in Canada?

Economical Insurance offers car insurance in Ontario, Alberta, Quebec, Nova Scotia, New Brunswick, and Prince Edward Island.

Also, Economical also offers home insurance in Alberta, British Columbia, Saskatchewan, Prince Edward Island, Manitoba, New Brunswick, Ontario, and Quebec.

If there is no coverage in your area, you can find an option that suits your needs. Contact your broker to find a plan that meets your needs.

Can I rely on your claims service?

Yes. Economical offers a 24/7 claims service all year round. The insurance company has more than 600 claim professionals in North America, making it easy for you to get the solution and service you need.

To learn more about Canadian Economical Insurance employee benefit, click here.

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