Protecting employees as a business owner is crucial these days. Companies are now incredibly competitive to attract the best talent and retain staff.Get in touch
Employee benefits provide a great way for businesses to offer protection policies for its staff, and proves that the business is interested in supporting and caring for its employees. Also known as group protection, an employee benefits package can have a number of benefits both for the business itself and for the staff it is covering.
Employee benefits provide financial support to staff and their families, should the employee pass away or become too ill to work. It means that the business has the ability to look after its team in the face of hardship.
There are a number of different protection policies you can choose from, depending on the type of benefit you want to provide. Typically, this includes life cover, critical illness cover and income protection. You may wish to offer one, or a combination of the three. It is perfect for SMEs, as employee benefits work by offering individual protection policies for every employee, but set up as a group scheme.
The business sets up the scheme and pays the premiums, and is therefore the policy holder, but it is the employee or the employee’s family who will receive the pay-out.
Protecting employees should be high on your priority list as a business owner. Many of today’s industries are incredibly competitive, with companies of all sizes trying to attract the best talent. Offering employee benefits can be an effective way of attracting the right staff, as well as retaining them for the future.
Financial or health worries can put a huge strain on your staff, which can impact their motivation and productivity during the working day. Employee benefits can offer financial security and mitigate any worries an employee may have about their health and how it will impact their income and their family.
The right employee benefits package can reduce the impact of long term absence costs to the business, while showing how much you value your staff’s wellbeing. It can also help to provide a natural complement to the workplace pension, ensuring employees have access to financial help pre-retirement when pension savings may still be low.
Employee benefits are highly valued by staff, both current and prospective. At Caspian Insurance we can advise on the right type of cover to help you look after your staff.
If you would like some further guidance on whether your business would benefit from including Employee Benefits to your business, get in touch today.