Have you considered adding a group income protection plan to your employee benefits package? Income protection benefit can help to mitigate the potential long-term financial strain on your business and support your employees through a stressful time.
Subject to the policy terms being met, and after a period of continuous absence (for example, 13 or 26 weeks), a plan would pay a proportion of salary during long-term sickness and injury absence. The longer the deferred period, the lower the cost will be.
- Company pension and employer NI contributions can be covered
- Premiums can be offset against corporation tax
- The company can manage the cost of sickness/injury more effectively
- Creates positive employee relations
- The company can benefit from the provider’s legal and rehabilitation services
- Assurance of continued income when really needed
- Continued support from employer
- Additional support services such as Employee Assistance Programme (EAP) available even if a claim is not made
- Premiums not treated as a benefit in kind
If you would like a review of your group risk benefits, please get in touch.