About Company Policies

 

Company policies can encompass a number of areas and the benefits or failings of each should be weighed up carefully in relation from both the companies and the employee’s perspective.
The following are four examples (of which there are a number). These can be entered into singularly or a mixture can be considered.

GROUP LIFE and DEATH IN SERVICE

Flexible term policies to pay 2,3 or 4 times annual salary in the event of death in service, ideal for people in hazardous occupations can be individual or group. We have access to very competitive products  aimed at groups of less than a hundred people.

PRIVATE MEDICAL

Obviously very well liked by employees and a good incentive when recruiting, but on the other hand can be expensive for the employer. The cost does not necessarily have to be borne 100% by the company. Many operate a discounted scheme where the employee also contributes an amount.

The benefit of Private Medical Insurance in companies is considerable and should be considered for all key personnel and their families. There are a number of insurers who specialise in providing company schemes for Small to Medium sized companies with up to 50 members and other companies who prefer to deal with purely large companies with over 250 members. In the Health Insurance Shop we have the expertise in both areas to be able to guide you and offer you policies that meet your requirements both short and long term.

CASH PLANS

Again very well liked by employees because they include payment for optical and dental and for the company a good incentive when recruiting.

Many companies operate these on an opt in or opt out basis for the employee with the employee paying 100% of the premium by way of a deduction from his or her salary. These types of policies invariably pay for the policy holder to see a specialist without waiting on any NHS list. This can also be very beneficial to the company because they do not want employees off sick for weeks waiting to see a consultant or specialist. They pay sums of money for stays in hospital and recuperation bonuses. All of which reduce the liability on the employer.

In this day and age of Employment Legislative change, cash plans can help to meet the onus put on employers to provide facilities under the Duty of Care to Employees by providing a specialised stress counseling through the Cash Plan provider at as little as £1.25 per week per employee.

INCOME PROTECTION OR ACCIDENT & SICKNESS

These policies can again be used as an incentive when recruiting. For example the employer can offer sick pay from the company up to one month and as an addition (either paid for by the employer, by the employee or as an employee contribution) a company scheme, which should the employees incapacity be more serious, will kick in after 30 days and continue to pay their salary up to age 65 if needed. If you would like one of our consultants to either discuss this subject with you please contact us.