If you are a business owner and you employ people, especially a lot of people then you will understand the risks involved and the financial implications of any unforeseen situations affecting your staff and their income.
So how can you avoid this and what insurance will cover your employees ensuring they always get paid. The ideal product you need is called Group Risk Insurance. This kind of policy will protect your employees income and pay checks if they suddenly become ill, have an injury or other accident that prevents them from working, it also covers the worst case scenario should they die.
It works similar to normal life insurance except it covers all your staff and extends to a group of people within your company. The company itself or employer is the main policy holder who pays the monthly premiums. All claims also are filed by the policy holder and not the employee. The Group Risk insurance cover provides a lump sum to a member of the group in the situation of permanent disability or pays out the lump sum to the nominated beneficiary upon death.
Group Risk Insurance
Here at Protection Squared we have experts in Group Risk insurance who can advise and set up a policy for your company fast and with minimum fuss. You can relax knowing your employees are all fully covered.
Group Risk insurance is a policy that companies take out that means you meet your legal obligations and contractual promises to your staff. It includes critical illness cover and income protection which you include as part of your employees benefits. This policy can help you recruit and retain staff too as they will feel safe in the knowledge they are fully covered at work and will get paid. These are a high value and low costing option for business owners.
Your employees can relax knowing in the event of an injury, illness or even death there loved ones and family will be taken care of. This is a good incentive to offer present and potential new staff to your company when hiring. Any sized business with any number of employees can take our Group Risk insurance. These policies add real value for employers and employees alike.
Group Risk insurance is the collective term for life insurance, death in service insurance, critical illness and income protection. The benefits are commonly offered by larger companies however there is no reason why smaller businesses can’t offer these extras.