As an employer, there are ways you can show your employees they are valued, whilst still keeping costs low.  Many employee benefits are tax efficient and may cost less than you think. Such benefits could include:

Group Life Assurance

Group Life Assurance rates are constantly changing and therefore employers should review their existing schemes to ensure that they are not paying too much.  The employers do not have to wait for a renewal date to review their schemes and by doing so, Torquil Clark Employee Benefits, could produce substantial cost reductions. 

For Employers who do not offer this valuable employee benefit, it should be noted that it is a relatively low cost benefit to offer employees and is normally most welcomed among the work force.   Torquil Clark Employee Benefits can advise on the level of benefits and arrange the most suitable type of arrangement to suit the Employers needs.

Torquil Clark Employee Benefits is totally independent and is therefore able to obtain quotations from the whole of the market place to ensure that the employer can offer such cover at the most economical cost.

What is Group Life cover?

The aim of a Group Life policy is to provide insurance to cover a lump sum and/or pension benefits promised under a registered occupational pension scheme. It can be used to insure death benefits under your existing registered occupational pension scheme or under a scheme set up to provide death benefits only. It can offer a flexible range of choices with regards to these benefits.

What are the benefits of a Group Life Scheme?

Firstly it is a simple yet extremely valuable benefit that you can make to your employees. It allows you to offer a certain level of benefit should an employee die whilst in service. You are able to choose which staff are to be included in the scheme - this could be a minimum service level to reward employees who have been with you for a particular period of time, or look towards rewarding people once they achieve a specified grade within the company. Depending on the number of staff you wish to cover, most insurers offer what is called a "free cover level". This means individuals can receive a benefit up to this amount without the need to complete ANY medical underwriting or medical forms. It can form part of a complete and attractive employee benefits package which helps you retain or recruit high calibre staff.

Group Income Protection

Group Income Protection or Permanent Health Insurance rates are constantly changing and therefore employers should review their existing schemes to ensure that they are not paying too much.  The employers do not have to wait for a renewal date to review their schemes and by doing so, Torquil Clark Employee Benefits, could produce substantial cost reductions. 

For Employers who do not offer this valuable employee benefit, it should be noted that it is a relatively low cost benefit to offer employees and is normally most welcomed among the work force.   Torquil Clark Employee Benefits can advise on the level of benefits and arrange the most suitable type of arrangement to suit the Employers needs.

Torquil Clark Employee Benefits is totally independent and is therefore able to obtain quotations from the whole of the market place to ensure that the employer can offer such cover at the most economical cost.

What is Group Income Protection cover?

Group Income Protection is an insurance policy that is taken out by an employer which part funds the absence of an employee through sickness, injury or illness. Sickness absence causes major disruption for many companies and employers are just as reliant on their employees to maintain their business as employees are on the employer to maintain their lifestyle. A group income protection policy provides a monthly replacement income for the employee. Some policies also allow access to rehabilitation services to help the employee to get back to work as quickly as possible. Cover can start after a short term sick pay scheme has ended, can cover any percentage of salary up to a maximum of 75% and can pay out for a minimum of 2 years right through to retirement age. The cost of a policy on average is usually around 1.5% of payroll and when you compare this to research carried out by Unum, which found that sickness absence can cost up to 16% of payroll, it is a very sensible way to protect your business and your employees.

But as an employer what are the benefits of a Group Income Protection Policy to me and to my employees?

Benefits to the Employer:

• It is difficult to predict the cost to your company of long term sickness absence. By having a scheme of this type in place you can reduce this cost and more accurately predict how it is affecting your business.
• It allows your company to pay a percentage of an employee's salary beyond the end of a statutory sick pay scheme.
• It can help your company adhere to the Disability Discrimination Act by helping assist the return to work of disabled employees.
• If the policy has a rehabilitation service, this can help with reducing permanent absences or early retirements due to ill health.
• It can be part of an attractive benefits package that helps to retain or attract high calibre employees to your business.

Benefits For the Employee:

• It provides them with peace of mind and financial security, knowing that an income will continue to be received whilst they try to make a full recovery from their illness, sickness or injury.
• There is no need to rely on State Benefits which might not be applicable to the individual if they are able to fulfil "any job" criteria.
• Usually an employee who is long term sick wants to return to work (and a normal way of life) as soon as possible. If the scheme has a rehabilitation service, this increases the chances of that employee returning to work quicker and contributing to the success of your business.
• As the employee is still on the payroll, there is no break in service, therefore they will be able to continue to receive service related benefits (for example - pension contributions which can be covered under the scheme).

To find out how Torquil Clark Employee Benefits can assist your business, call 01902 576707 or complete our contact form.