Employers are in a unique position to facilitate affordable protection cover for their staff. Group risk benefits are highly prized by employees and are seen as essential for attraction and retention of staff.
They are primarily valued for providing financial protection for employees and their families, but they can support both employers and employees with far more than that.
Group life assurance gives peace of mind that families will be financially looked after if the worst happens. Any bereavement support offered alongside the policy often extends to line managers and colleagues, as well as family members.
Group income protection is used by employers as a business continuity tool, providing the interventions needed to get employees back to work in a timely manner, such as fast-track access to physiotherapy or talking therapies. It also provides an employer with the financial advantages of having insured its liability to continue paying salary in the event of a long-term sickness absence.
A group critical illness payout can supplement sick pay or perhaps go towards additional costs faced by the employee, such as home modifications or private therapeutic care.
Group risk policies give both employees and employers access to a wide range of extra support that can be used daily, even if a claim is never made under the group risk policy.
Such support services can include vocational rehabilitation, absence management, employee assistance programmes, HR advice, GP helplines, online health assessments, second medical opinion services, counselling and occupational health.
Group risk policies are used to manage people risk and will overlap with personal accident, employer’s liability, private medical insurance, occupational health, health and safety, wellbeing and more.
Understanding what comes along with a group risk policy, and when and how to use it in conjunction with other programmes, is vital and merits key consideration.
Katharine Moxham is spokesperson at Group Risk Development