PI for Business

02/02/2021

New Insurance Offering

There are a number of innovative insurance product on the market, available for SME’s with between 5 to 50 employees. The context is to support both business owners and their employees for personal insurances, at a very competitive cost.

This product provides an insurance offer across the business.

It is effectively a “tick and go” style policy – applied for at a group (as opposed to an individual) level.  This saves considerable time for all parties.

More specifically it provides:

Income Protection

In the event an employee is unable to work, the policy will support up to 80% of their income for a 12 month period. To align interests, the policy also pays the business 20% of the income for same period to deal with re-hiring, loss of revenue, and the related costs to business interruption.

It also includes a death benefit to the employee.

Positioning

– Employment benefit.  Looks after both Management and the employees.
– Business Risk Management (The business does not have to keep paying employees unable to work)
– Maintaining first right to re-hire key staff who have been out due to illness

Cost

Depending on the nature of the workforce (white collar / blue collar) it may represent approximately 0.5 – 1.0% of the total payroll costs.


For more information:

p: (03) 9620 2001
w: www.mcpinsurance.com.au