Group income protection

Small business risks insurance Typically, UK industry loses between 3 and 4% of working time owing to staff illness or injury*. (For every thirty staff, that’s the equivalent of having one permanently off work!)

Managing attendance is fraught with dilemmas, and calls for a rational but sensitive approach. No organisation wants to encourage absenteeism – but will want to support staff who are genuinely ill. Equally, employers may not want unfit staff to come into work just for fear of losing pay.

A well-run sick pay scheme is a valuable employee benefit, but paying for long-term sickness could be an intolerable drain on the business.

And you daren’t make discretionary payments! Treating one employee differently from another could discriminate unlawfully, unless clear and justifiable rules are followed.

Providing sickness benefits can have tax implications – both for staff and for the employer. We can advise on cost-effective ways of providing income protection that meets your company needs and your budget.
Some providers’ products go beyond merely providing replacement income. They may also provide medical helplines and counselling for employees – helping to reduce health concerns and improve attendance. Some schemes even offer an optional absence management programme, designed round your existing procedures – there’s no need to change your established practice in order to make it more effective!

Unless you already have full confidence in your sickness benefit scheme, why not ask us to make some suggestions? We won’t charge for a preliminary evaluation and discussion that could make a significant difference to your productivity.

*Chartered Institute of Personnel and Development

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More information on group income protection >

More information on group income protection

Setting up a Group Income Protection scheme will give you a cost-effective solution to paying for staff illness. Insuring a number of people on one policy reduces the provider’s administration – which is reflected in your premium.

To simplify underwriting, many providers set a ‘free cover limit’ and effectively accept employees on standard terms if their individual benefit levels fall below the limit.

To obtain specific quotations, we will need some detailed information. It may vary slightly depending on individual providers’ requirements, but will include:

Company name *
Company location (Postcode)
Type of business
Employee names *
Sex
Date of birth
Smoker or non-smoker
Job title and outline description of duties
Work location (post code)
Home (Post code)

* If you are concerned about data protection issues, we can withhold this information until a firm application is submitted.

Money Made Clear
Please use the link below to the Moneymadeclear website provided by the Consumer Financial Education Body (CFEB).

http://www.moneymadeclear.org.uk/products/insurance/income_protection.html

The Moneymadeclear service gives you impartial information and guidance about your money to help you work out what’s right for you. They won’t sell you anything and also don’t recommend specific products or providers.

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