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Health & risk benefits

Making sure you get value for money

If you’re looking to recruit the best and the brightest (as most of us are….), how can your company differentiate itself?

A few years back, it was easy: offer a fantastic pension package, and you immediately stood out from the competition.

Nowadays…? All employers have to offer a qualifying workplace pension scheme by law.

And as the minimum contribution rises again in April, even a generous pension package doesn’t stand out as much as it used to. (Though of course that doesn’t mean you shouldn’t be offering one!)

So if pensions no longer work as a key differentiator…what does?

Whilst most companies provide employees with a base range of benefits, the key is to make sure the right people are being offered the right benefits to add value at each stage of their life journey - and that they know about them.

And with benefits budgets being squeezed by tougher trading conditions, value for money becomes crucial.

How do you know if you're getting the benefit of your benefits spend?
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Did you know?
Of the 12.2m working households in the UK, 60% contain dependents under 16 (source: ONS Sep 2018)

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Benefits to employers

Each year, your HR team could be spending hundreds of man-hours overseeing the renewal process for your different risk benefits, and transferring data from your systems to the provider’s.
In the event that an employee needs to call on one of their protection benefits, accuracy of data is absolutely key.
However, submitting data is time-consuming, complex and can be liable to human error.
Our three-stage management process supports you throughout your scheme renewal.
Working with you, we will help your renewal process go smoothly by:
- Supporting you as you submit your data to your selected provide 

- Helping you sense-check employee records so that the process is simple and efficient

- Benchmarking your premiums to en
sure that the rates charged by your provider(s) are competitive vs. the market as a whole

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Benefits to employees

From an individual point of view, most people recognise that some element of protection is important whether it's for their car, holiday or home.

Interestingly, though, personal protection, the one that matters the most, is often the one that’s given the least consideration, mainly because it’s the one no one wants to think about.

We think it helps if you think of it as protection against a problem you may have when you embark on any journey.

It’s something that can at least make things a lot easier if something really does go wrong.

If an employee suffers illness or injury they’ll have more than enough to think about, and it will be even harder for their loved ones should the worst happen.

But with protection, at least they can ensure that bills can be paid and loved ones are still supported.

So it makes sense for employers to use protection as a differentiating benefit, one that can help put employees' minds at rest.

Employee benefits: what's most popular?

Source for stat 1: ONS.  Source for stats 2-4: UK Employee Benefits Watch 2017

Workplace pension

72% of UK employers currently offer a workplace pension to their employees

Occupational health

65% of UK employers are currently providing occupational health benefits

Critical illness

Critical illness cover is offered by 65% of UK employers, should the worst happen

Employee assistance plan

Employee assistance plans are offered by 62% of UK employers keen to help their employees

Health and risk benefits

Types of protection

Protection for your employees

A group life assurance scheme enables employers to provide a tax-free lump sum to employees' loved ones and can even be used to provide a dependent's pension to an employee’s family and/or children, should they die in service.

The right cost for your business:

We specialise in getting the best terms from the competitive provider market. Although risk benefits can often be cheaper when bought in volume, even for smaller organisations we're able to provide a fully managed service at an affordable cost.  Our service aims to achieve the highest levels of cover with limited underwriting.

How do you keep your business running smoothly whilst an employee is on long term sick leave?

We help employers establish the right insurance arrangements to enable a level of salary to be paid to an employee during a prolonged period of sickness or absence through injury.

We can help you manage the cost of continuing to pay some or all of your employee's salary whilst they are absent from work.

We access the whole market to find the right type of policy, providing cover that's aligned to your benefit strategy at a cost that's affordable to the business. Income protection gives you leeway to use the available budget to bring in temporary resource to meet client or productivity requirements.

Using income protection insurance allows you to be the kind of caring employer who values employees and their dependents, whatever happens to the employee during their time with you.

Critical illness can cause serious financial hardship to employees.

Why not investigate providing a Group Critical Illness policy?

This will pay a tax-free lump sum directly to your employee should they suffer any of a list of defined medical conditions or surgical procedures (classified as 'critical illness events') and survive for 14 days, or 6 months in the event of Permanent Total Disability.

A benefit for an employer who really cares

We can design a policy that is affordable for you and your employees. Our skills in negotiating with the market to obtain the right level of cover, claim management and cost will help you take the financial stress away from your employees during a crucially stressful time.

Practical cover at affordable cost

Private Medical Insurance for businesses

PMI is widely recognised as one of the 'must-have' benefits for attracting and retaining your workers. When a medical emergency or chronic condition affects one of your employees, PMI helps alleviate the stress of waiting times and potentially allows your employee to return to work faster. We source the right policy for you at a cost which is competitive.

Consider the cost to your business if one of your key staff fell seriously ill.

Could your business afford to wait whilst they are waiting for NHS treatment?

Company-sponsored cash plans are the alternative to full medical insurance.  
They provide cover for life's little emergencies.

Does an employee need physio for those sporting injuries, or because something isn't moving as well as it used to?

Cash plan can provide an alternative for a company that wants to help its employees but isn't able to afford the cost of full medical insurance, or it can be used as another option alongside the provision of PMI.

 

Voluntary membership:

 

Can be used to add value to your benefit programme at a cost affordable to your workers.

Video overview

Key employee benefits

Understanding the different options available to you

 
Here's a quick recap of some of the most popular employee benefits on the market
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Additional services

Other ways we can help you

Underwriting

Underwriting can be a lengthy operation. 

If you need underwriting, we'll work with the provider to avoid holdups and ensure it’s completed in the shortest time possible.

We'll support you through the claims process and make sure benefits are distributed in accordance with the scheme’s rules, and that the Trustees use the correct discretion.

Our service commitment:

  • We help you understand your exact business requirements and your employees' needs, then tailor our service to you.

  • Our experts will obtain the best combination of cover and costs that exactly matches your requirements.
  • Our aim is to be your in-house broker and claims manager.
Questions

Do you have a question about your risk protection?

Just fill out the form and one of our experts will be in touch shortly

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