Life insurance, income protection and private medical insurance are in the top ten benefits employers offer to staff according to the 2013 Benefits Research by ‘Employee Benefits’.(1)
When looking at respondents who offered benefits across the board to all staff they found that life insurance was the top benefit with 76% of respondents offering this to their employees in 2013. Income protection was in 5th place with 35% of those surveyed offering an income protection plan and 27% of respondents offered private medical insurance to their staff.
Company benefits also included family members with 16% of employers offering private medical insurance for family and 10% offering life insurance or critical illness insurance.
The survey found that small organisations are more likely to offer core benefits across all staff with larger organisations providing voluntary or flexible benefits schemes.
The Economy and Employee Benefits
It may come as a surprise to hear that the recession over the last five years has not prevented employers from offering new benefits. The research found that 48% of employers surveyed had offered new benefits in the past 12 months, 44% in 2012 and 45% in 2011.
The top reasons employers gave for offering benefits were that they thought that staff would value them they had a desire to support employees. Even during the economic downturn employees felt that by offering benefits they could engage employees and retain valued staff.
How Drewberry Can Help
Drewberry Insurance offer a range of employee benefits the most common being private health insurance, income protection and life insurance.
Group Income Protection
Income protection pays out a monthly benefit of up to 75% of your employees’ earnings if they have to take time off work due to illness or injury. This is a valuable employee benefit as research has found that 21% of people have suffered long term ill health in their lifetime.
There are various options for the policy such as level of cover and the period of time before the policy pays out; these can be adapted to suit your budget and organisation.
Company health insurance gives your employees access to private health care allowing them to seek treatment directly bypassing the NHS. Many businesses find that this improves productivity in the workplace as it helps employees return to work as soon as possible after illness.
Employers can choose different levels of cover depending on their budget. Most plans include full inpatient cover which covers treatment, testing and consultations where a hospital bed is required. Most organisations offer some level of outpatient cover which is added to the policy to cover initial consultations and diagnostic tests allowing employees to bypass NHS waiting lists.
Group Life Insurance
Group life insurance covers employees should they pass away whilst they are employed at your organisation with the payout assisting their families at this difficult time. Multiple employees will be covered by one policy which is owned by the organisation.
When you contact Drewberry Insurance one of our expert brokers will talk you through the options available. They will chat to you to find out a bit more about the employees to be covered allowing them to research the market to find the best, most competitive policies for you.