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There’s no doubt that the Construction Industry’s Benefit Plan (CIBP) hour bank is a great plan for construction companies. The problem is that sometimes construction companies are so satisfied with it that they ignore a whole range of benefit options open to them through CIBP, offered by the Independent Contractors and Businesses Association of British Columbia (ICBA).
"The flagship of our benefits program is the hour bank program," says Leah Rennie, Director, Member and Client Service with CIBP. "While we love hour bank, we want construction company members to know that ICBA is also there when they have more complex needs. We’ve created all sorts of wraparound programs that can enhance hour bank to provide a nuanced and sophisticated benefits program to suit virtually any situation."
The CIBP is a one-stop benefits shop with additional benefits for members, says Liza Bugar, group benefits consultant with ICBA.
"We partner with three carriers that help us provide competitive pricing," she says. "But we also offer benefits programs that are simply not available on the open market."
Construction companies that have just entered the market, for example, typically find themselves ineligible for broad benefits coverage until they’ve been in business for 12 months.
"We have products that will cover those companies," says Rennie. "Another barrier to benefits is operating a small company with three employees, where two are related. Most carriers will not cover you for benefits such as long-term disability in that situation. We’re able to help by pooling several smaller companies into a construction supplier plan, and getting them the benefits available only to companies with a larger number of employees as well as long-term disability without medical underwriting."
CIBP also offers replacement benefits programs to workers who are transitioning from active employment to retirement.
"Employers who go on the open market for coverage after retirement will find highly restrictive coverage," says Bugar. "We know our clients and their employees, so we can transition them into replacement coverage seamlessly. Nobody out there has this product and we’re quite proud of it."
Rennie also notes that ICBA offers administrative services for companies who may be too stretched to administer the programs themselves.
"Construction companies already have enough on their plates simply meeting schedules," she says. "For smaller companies, these duties often fall to the spouse of the owner or need to be outsourced. We can take the burden off their plate and allow them to concentrate on what they’re best at. Since we’re already positioned between the insurance companies and the employer, in case of any disputes we’re also in the best position to reach an amicable resolution on behalf of the employer."
Remaining competitive in the construction marketplace is also a matter of retaining a company’s top talent
"An employer’s benefit program can be the difference between keeping and losing a good employee," says Bugar. "They wouldn’t be able to tell you the cost of a dental program, but they definitely understand the value of it."
ICBA representatives will also consult with members on an ongoing basis to ensure that a benefits program meets the current needs of employers. As carriers offer new coverage, a benefits program can be adjusted to provide maximum value at the most competitive price.
Bugar notes that allowing ICBA to provide benefits also helps to strengthen the position of independent contractors in the BC marketplace.
"Every time you use CIBP, you’re supporting ICBA and helping the association to lobby on behalf of its members," she says.
This content is sponsored by CIBP in collaboration with ConstructConnect™ Media. To learn more about CIBP, visit www.icbabenefits.ca.
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