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:
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.
– 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
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