Insuring the lives and financial security of employees is a common feature of many employee benefits packages.
Death in service, income protection and critical illness policies all enable employers to transfer the risk of providing these valuable benefits to the insurers, at a known cost.
It is essential for organisations to ensure they regularly review their risk benefits. Benefits packages can become outdated, falling behind best practice and becoming misaligned with the employer's wider business objectives.
Without regular review, a poorly-managed package of risk benefits can lead to higher staff turnover, reduced levels of service, higher costs and reduced value from the benefits package overall.
Worse still, employers can also be left exposed to the risk of incurring uninsured losses and unnecessary expenses.
The key to the success of such schemes is focusing on benefits from which staff will derive maximum value and leaving out those which are not considered to be of interest.
Employers who invest the time, effort and money required to offer benefits to their workforce will want to ensure they gain the best possible return. In the long run, keeping a benefits package fresh and relevant to employees is an excellent way to ensure staff remain engaged and interested in what is on offer.
This targeted approach can lead to reduced costs and, together with our experience and expertise in putting together effective communication programmes, will ensure that employers get real value for their group risk spend.
If you would like to speak to one of our experts about group risk schemes, click here.
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T. Banks, personal financial planning client
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