Insurance for Companies
Private Medical Insurance (PMI) is designed to provide cover for medical expenses incurred for a short-term, acute illness or injury where there is an expectation of recovery. These costs can include consultations, diagnostic investigations, treatment and surgery.
Implementing a healthcare scheme can assist with reduced sickness absenteeism, with employees undergoing treatment at a time that fits in with both personal and business commitments. A fit and healthy workforce contributes to the efficiency of a company, which is often its greatest and most valuable asset.
Within the Private Medical Insurance market there is an extensive range of products to suit a company's requirements. The level of cost and cover varies, with insurers offering fully comprehensive schemes to low cost budget plans.
International Private Medical Insurance
The process of finding the most suitable international private medical insurance plan might seem complicated and confusing, but it is extremely important to take the time to find the right coverage. Finding the right plan is not so difficult with the assistance of specialist independent advisors.
Many companies believe that travel insurance will cover their employees travelling and working abroad. Quite simply it is not enough. Travel insurance is designed for accident and emergencies only and not for an existing or recurring illness. Without adequate cover significant costs could be incurred, particularly where repatriation is required which could be covered under an international medical scheme.
Medical Insurance for people working abroad is particularly important, especially where local medical facilities may be basic or inaccessible. Private facilities, although available, are often expensive. Local hospitals may be unable to undertake the treatment needed, or to arrange transportation to the nearest available healthcare facility in an emergency.
Group Income Protection
Income Protection (Permanent Health Insurance) provides a replacement income for an employee on long term sick enabling the company to fund a temporary replacement. This not only protects the company but the employee as well, as the major financial pressures usually associated with disability will be removed.
An extensive range of products is available with different benefits, policy terms and conditions with a smaller number of insurers specialising in group business. These factors have created a complicated background to these types of arrangements and there is now, more than ever, the need for independent specialist advice.
The objective of a Group Income Protection Plan is to provide a percentage of salary (the benefit) after a pre determined period, in the event of an employee being incapacitated through illness or injury, and unable to follow their own occupation on a temporary or permanent basis. The benefit for the company is to quantify the cost of long term absence for their employees.
Group Life Assurance
A Group Life Assurance scheme provides a lump sum benefit on death and may also provide a pension for the families and dependants of deceased members. The lump sum benefit is usually based on a mulitple of salary.
This is an inexpensive method of providing a valued benefit and eliminates the moral dilemma faced by an employer should an employee die whilst carrying out the duties of their employment.
Premiums paid for this type of policy are not regarded as a benefit in kind for employees.
Group Critical Illness
A Group Critical Illness scheme provides a lump sum benefit for members who suffer from one of a defined range of Critical Illnesses and who survive for at least 14 days after the date the Critical Illness is diagnosed, or six months for Permanent Total Disability.
The lump sum benefit is usually based on a multiple of salary. Spouse’s cover is usually available as an option.
Additional Products we can assist your company with:
Group Annual Travel Insurance
Group Dental Cover
Employee Assistance Programmes