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Top 10 overlooked employee insurance options

Top 10 Overlooked Employee Insurance Options

It’s inevitable that business owners will overlook some of the many employee insurance options which are available. The choice can be overwhelming!

So, we’re going to explore 10 of the most important types of insurance for keeping your team happy, healthy and content.

Business Health Insurance

You can provide a wide range of health cover for your employees by investing in Business Health Insurance, AKA, Corporate Medical Insurance. Such packages may include:

  • Medical consultations
  • Tests & scans
  • Surgery
  • Mental health treatments
  • Physiotherapy
  • Hospital stays
  • Specialist support

But the spectrum of coverage will depend on the policy – and how much you’re willing to invest. Your staff will benefit from faster access to medical treatment and general wellbeing support (should they need it), while you – the business owner – can benefit from decreased staff absence.

Find out more about corporate health insurance in our buyer’s guide.

Group Life Insurance

Group Life Insurance provides financial support to employees’ families if the very worst happens and they die while working for your business. Group Life Insurance comes under various other names, including: Death in Service Insurance, Business Life Insurance and Employee Life Insurance.

Small business owners can’t always offer a pay-rise, but by offering this kind of support you can at least ensure that financial help is available to employee’s families at the worst possible time.

The size of the pay out is agreed at the start of the policy and may be influenced by the individual’s seniority or how long they’ve been with the business. Insurers will be keen to know the average age of your team, the type of work they do and where they do it.

Find out more on our Group Life Insurance page.

Group Income Protection Insurance

Also referred to as Sick Pay Insurance, it covers employees when they become sick or injured, by paying them a monthly amount – even after the statutory sick pay period is over.

The amount depends on what you’ve agreed with the insurance provider. But it’s not just a financial agreement. Group Income Protection packages will often include ‘Employee Assistance Programmes‘ which offer early intervention and rehabilitation support. This lowers the risk of staff sickness and can help speed-up recovery when ill health does strike.

Get the lowdown on Group Income Protection Insurance.

Group Critical Illness Insurance

If one of your team is struck down with a serious illness then you can pay them a tax-free lump sum and get them access to an expert second opinion through Group Critical Illness cover.

The life-changing effects of a critical illness can be devastating – loss of work, increased medical bills for private care and a complete lifestyle change. Most insurance providers will provide coverage for 10-15 different types of illness, including: cancer, heart attacks and strokes.

Sometimes it’s paid for voluntarily by the employees, via payroll. Otherwise, generous employers can choose to cover the cost themselves.

Discover more about Group Income Protection Insurance.

Health Cash Plans

Cash plans are designed to provide for routine health needs, such as dentistry, eye care, physiotherapy and medical consultations. This employee insurance option provides real practical benefits to your employees.

Policy details will vary and it’s important to include services which your team are likely to benefit from. Health Cash Plans will often cover pre-existing conditions too which makes it a popular employee insurance option.

Here’s an example from Bupa.

Accident Protection

If an accident results in serious physical injury or death, then Accident Protection Insurance can provide a financial safety net. It’s a relatively cheap form of insurance (starting from around £8 a month) and no medical history is required.

There are common exceptions to the scheme, such as: extreme sports (for example, sky-diving), stress fractures and broken noses, and self-harm.

It’s worth considering the nature of your workplace and extra-curricular activities which your staff are involved in, in order to ensure you get the most useful cover. Every insurer has their particular field of expertise, so it’s worth researching the market and getting expert advice.

Learn more about accident protection insurance.

Business International Health Insurance

Get protection for your team, wherever they are in the world (including where you are right now!). It’s the most comprehensive form of health insurance and policies can be found which cover almost every eventuality.

The key reasons that business owners take out Business International Health Insurance (also commonly known as Group International Private Medical Insurance) include:

  • As a visa requirement
  • As a mandatory healthcare requirement
  • For its wide range of cover
  • To get international coverage
  • To access a wide range of medical facilities

Due to its comprehensive nature, it’s commonly one of the most expensive employee insurance options.

Find out more about International Medical Insurance.

Dental Insurance

While dental insurance can be offered within wider health plans, including cash plans, it can also be taken out as a standalone insurance. As well as routine appointments, you can cover your employees for treatments, injuries and emergency dental work.

Employees can also get appointments via phone or video call, if it’s preferred. However, cosmetic treatments will not be covered.

Although dental insurance is relatively straightforward, it’s worth double-checking what is – and isn’t – included in the policy. For example, if you haven’t been to a dentist for a long time (usually two years) and a problem is discovered during your first appointment, then the required treatment might not be claimable.

Money Saving Expert provides a consumer-eye view.

Optical Insurance

Like with dental insurance, you can take out a dedicated policy which covers your staff for eye care. Particularly useful if your employees predominantly work on computers or other activity which requires close focus.

It can be included as part of a cash plan (see number 5 above) or as part of a wider private insurance scheme.

Eye care cover may include:

  • Eye tests
  • Consultations
  • Outpatient eye surgery (in and out of hospital within a day)
  • Inpatient eye surgery (requiring a hospital bed/overnight stay)
  • Cost of glasses/contact lenses

As with most types of insurance, pre-existing conditions are unlikely to be covered. As always, check the policy details.

Travel Insurance

If you have employees who like to go abroad for holiday, then they’ll really appreciate this insurance. It can cover the cost of medical and legal emergencies, as well as transport hold-ups and cancellations. Personal possessions can also be included.

Need help? Get in touch

The world of insurance can be be a rather complicated one, so if you need to talk through your situation and start the process of choosing an insurance policy, then speak to one of our friendly team who will help shatter the wall of confusion.

Charlie Cousins

Founder and Director of Hooray Health & Protection, Charlie Cousins has enjoyed a career in the insurance and financial services industry spanning over the last ten years.

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