Protecting Your Workforce And Your Company With Group Insurance

Group Insurance – There may be a number of things that you can do, as an employer, that may be able to help you attract and retain employees. Those things may also ensure that your business is not adversely affected by your employees falling ill and being unable to work or in the worst scenario, dying prematurely.

It may be possible to achieve this through insurance products like those typically provided by companies such as Drewberry group insurance and others.

Protecting Your Workforce And Your Company With Group Insurance
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These products may provide employee benefits such as health and life cover or be more targeted at protecting the finances of the company itself. Some examples of the products on offer typically include:

Keyman insurance – in almost any small to medium sized business there may be some individuals who contribute greatly to the finances of the company. If something were to happen to them then the profitability of the business may suffer.

This could be as the result of things such as a loss of essential knowledge, business confidence or business contacts. This type of insurance may also cover the loss of profits that the company may experience in these situations;

Shareholder cover – another business finance option, an insurance policy of this type can provide other shareholders with the means to purchase shares from the estate of a deceased shareholder;

Loan protection – this element of business protection may be targeted towards paying off outstanding loans to the estate of the deceased;

Private health cover – an employee based benefit which may help ensure that your staff can receive medical treatment as quickly as possible by providing them with the wherewithal to avoid NHS waiting lists;

Employee life cover – anyone may worry about how their family would cope if they were to die prematurely and your employees are no different.

Being able to reduce this worry by offering a benefit to provide a tax-free lump sum to the family should this unfortunate circumstance come about, may be seen as an important part of any benefit package;

Critical illness cover – covering things such as stokes, heart attacks and cancer, as well as many other conditions, may be another area where employees may appreciate a financial cushion.

Many employees are able to return to work following a critical illness particularly if they receive the right kind of support during their illness. A lump sum might enable them to seek alternative treatment or fund necessary alterations to their home.

While the additional benefits you provide for your staff may be able to be valued fairly accurately when viewed for taxation purposes, gauging how much your employees may value and appreciate them may be a bit more difficult.

There may be no argument though that these benefits form an increasingly important part of modern day remuneration packages.