Pet Insurance as an Employee Benefit?

Team CloudAdvisors
September 18, 2020

Medical Insurance for Pets is quickly becoming a highly requested employee benefit in Canada. 

Employers can become overwhelmed with the quantity of products and services available from Providers and Advisors in today’s marketplace. Our current CloudAdvisors Solution Library has hundreds of options listed by Providers in regards to Employee Benefits and Group Retirement. Employers usually choose their plans based on a limited budget, so how did Pet Insurance get raised to the top of requests?

  • Many employees consider their cats and dogs to be family members and when a family member is sick or injured it can be painful, distracting, and expensive! Veterinary health care can come with a heavy cost which can put stress on employees, preventing them from being focused and motivated at work. Adding Medical Insurance for Pets can open up the treatment options for pets and alleviate the financial burden to help that cherished family member get back on all fours.

  • Depending on breed and age, some pets may not be insurable or employees may elect not to pay for insurance because of the monthly cost. In accordance with other employee benefits, the group cost advantage allows insurers to rate the entire group together, allowing your employees and family members to access lower rates with secure coverage for all their pets.

  • Employers can add Insurance for Pets as a voluntary benefit to current Benefit Plans. Since many traditional employee benefits are mandatory and employer paid, they compete for attention and budget. However medical insurance for pets is voluntary, which means employees can choose this additional coverage. Not every plan member will have a pet and require this coverage, but it is a simple program to offer to employees who can truly use it to their advantage. Employers can make an easy addition knowing it won’t challenge their budget, and it will earn good will for their pet owners. 

It may seem odd that companies are now offering Pet Insurance options, but over a third of all households in Canada now have at least one pet, making a benefit that is very attractive to many people.

So how to get started? Search the CloudAdvisors Solution Library for “Medical Insurance for Pets” and explore options from our Provider Partners. Employers can request access to CloudAdvisors through their Advisor, or directly from our website. https://cloudadvisors.ca/solutions/employers/ 

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