You have probably just returned from holiday and had a great time in the sunnier climes of an overseas idyll. So have your employees.
No doubt you prudently went to the expense of purchasing holiday insurance. If your luggage, credit cards or money got lost or stolen, you would be covered. You would make sure that if you had to cancel the holiday, it wouldn’t be a problem. And if you took your car, you would have extended your car insurance and vehicle recovery.
Medical expense insurance is a necessity and also you might have some accident insurance.
But unfortunate things can happen, even on holiday.
If you did have an accident, holiday insurance would only cover your immediate needs. Well, it’s fairly safe on holiday, isn’t it?
So you didn’t go horseriding for the first time in ten years, quad bike riding or banana boating? But if you were permanently disabled, group income protection (IP) cover would make sure you had an adequate income.
The benefit of group risk cover is that it doesn’t just provide cover while you are at work. It covers you and your employees all the time, 24 hours a day – at work, at home and at play!
But what about the cost? You might easily spend £100 to £200 for your holiday cover, for only two weeks, for a family of four. So that’s equivalent to around £1,000 for a year’s cover per person.
For somewhat less than this you could probably provide group risk cover of four times salary lump sum, 50 per cent salary IP benefit, and one times salary critical illness cover for someone earning £20,000 per annum.
Group risk cover offers the following benefits:
• It provides protection for a company’s employees at a competitive cost.
• Most members will not require underwriting on compulsory schemes.
• There are very few exclusions on cover.
• Its benefits are tailored to employees’ needs.
• Administration is kept simple.
Next time you find yourself relaxing by the pool sipping your sangria, reflect on the true cost of peace of mind.