Should employers provide income protection insurance?
In 2019/20 over half a million employees were off work for over 7 days due to injury, and 38.8 million working days were lost due to sickness or injury (LFS).
Income protection insurance (also known as Payment Protection Insurance or PPI), is a family of insurance policies that cover loss of salary in the case of sickness, injury, or unemployment, which if you consider the above statistics, may be unavoidable during an employee’s service.
What kind of employee are you looking for?
Offering a good salary often isn’t enough to make your offer competitive – good employee benefits make all the difference.
Your dream employee may be: well educated, experienced, mature, stable, and most importantly – motivated. However, if an employee of that calibre did for some reason find themselves unable to work for any period of time, they would likely be unable to survive off welfare benefits. That’s why they would seek a position that will take their commitments and responsibilities into consideration, such as by offering income protection insurance. It may become as essential to their contract as the final salary offer.
Offering income protection secures their mortgage payments, rent or bills and provides total peace of mind for their families should they need it.
With their future safe, their families protected and their mind at rest, employees have less cause for worry, making them more productive and ‘present’ at work. You get more motivated staff and a wider range people, which will boost your profits and lower your turnaround rate.
Should staff get their own insurance?
Offering employee benefits from the off-set demonstrates the character of the company. It is also cheaper for the employer to supply insurance due to increased spending power and access to better insurance deals.
As an employer you have access to time-and-money-saving platforms such as Zhoosh, which finds the best insurance deals for your company and employees. Take a look at what you could offer and make sure that that dream employee multiplies into a highly qualified, loyal workforce.
