Choosing the right benefits plan is a key decision for any business, especially in the construction industry. Whether you are a small contractor or a growing company, understanding the difference between group and individual benefits can help you make the best choice for your team and your bottom line.
Group benefits are insurance plans offered to a group of employees under a single policy. These plans typically include:
Because the risk is shared across a larger pool of people, group benefits often come with lower premiums, more comprehensive coverage, and greater stability.
Merit Ontario offers pooled group benefits through OCIBP.ca, designed specifically for contractors and construction employers. This allows small businesses to access high-quality coverage at competitive rates, without the complexity of managing it alone.
Individual benefits are insurance plans purchased by a single person. These plans are tailored to the individual’s needs but usually come with:
For contractors or small business owners, managing multiple individual plans for employees can be time-consuming and expensive. While individual plans may work for freelancers or sole proprietors, they are not ideal for businesses that want to offer competitive benefits to attract and retain skilled workers.
| Feature | Group Benefits | Individual Benefits |
|---|---|---|
| Cost | Lower premiums due to shared risk | Higher premiums |
| Coverage | Comprehensive and customizable | Limited options |
| Administration | Managed by employer or sponsor | Managed by individual |
| Eligibility | Offered to employees as a group | Purchased individually |
| Value | Helps attract and retain talent | Less effective for team building |
Many small construction businesses believe group benefits are only for large companies. That is not the case. Through Merit Ontario’s pooled benefits program, even small contractors can offer affordable, high-quality coverage to their teams. This helps:
Group benefits also help build a stronger, more loyal workforce. Employees who feel supported are more likely to stay, perform well, and contribute to a positive jobsite culture.
Whether you are a contractor with a small crew or a growing construction firm, Merit Ontario makes it easy to offer group benefits that work for your business. Our partnership with OCIBP provides access to industry-specific coverage, competitive rates, and ongoing support.
Visit www.ocibp.ca to learn more and explore your options.