Which group insurance is suitable for your business?

The question about group insurance and your business is an important but nevertheless complex one. The good news is that there is a large portfolio of products available in the marketplace from companies such as Drewberry Group Insurance to help. Many of these relate to your employees’ health such as group health insurance, income protection, and critical illness coverage.

  • Group health insurance. People are perhaps more health-conscious than they ever have been in the past and many would argue that is a good thing. Early detection and treatment is almost inevitably better than delays in diagnosis and remedial activity – and having private health insurance may enable people to achieve that.
  • Key individual cover. Some businesses are extraordinarily exposed to a relatively small number of individuals. For example, a director who is also capital investor and major shareholder, might cause the company to struggle if they were taken critically ill or die. Of course, there are personal considerations in such situations but there are also potentially serious financial implications for the company concerned. This type of policy would enable a degree of financial cover to be available for such situations.
  • Income protection. This form of cover would provide your employees with income in the event that they were unable to continue working through ill health. This might be a huge financial reassurance to them and assist you in retaining some of your key people.
  • Life cover. This is perhaps one of the more familiar forms of insurance but that does not make it any less valuable or any less valued by those employees who receive it as part of a group scheme.
  • Critical illness cover. This form of policy would pay an individual a tax-free lump sum in the event they were unlucky enough to suffer a critical illness at some stage during their employment.
  • All of the above forms of cover may be extremely cost-effective ways of delivering benefits to your employees without necessarily simply offering salary-equivalent amounts of pay in order for them to buy their own cover.
  • Even in spite of economic uncertainties, some employers continue to experience difficulties in recruiting and retaining valuable personnel. Being able to offer a comprehensive benefits package comprising salary plus some of the above insurance advantages, might help you to improve your performance in those areas.
  • It might be difficult to say, in the absence of background knowledge, which of the above products will be applicable to your particular circumstances. Different considerations may apply to different industry sectors and to different sized companies within them. Insurance providers of these types of product will be only too pleased to offer assistance in helping you understand your options.

Neither employees nor employers operate in a totally secure and predictable world.

That is why some of the above types of cover may prove to be very attractive to all people within your business.