Corporate Insurance is not as complicated as it may sound. Basically it comes down to ensuring you have peace of mind for any event that can impact your business. It isn’t just for big businesses to benefit either as corporate insurance is beneficial for any size business.
Insurance is not just about making sure you’re covered if someone comes into your property or against the service or product you offer. Corporate Insurance goes further to cover many business factors, some which you probably haven’t considered however can cripple a business overnight.
Business Insurance is also major benefit in attracting and retaining staff through the likes of group insurance and employee benefits. It’s a battle to build the right team around business all singing from the same hymn sheet, the most talent and loyal members of staff are looking for more that just a salary and security in a number of areas have become a major factor.
Employee Benefits through corporate insurance
Corporate insurance provides a business with the ability to offer more than just a salary. Being able to offer more in a package is very rewarding and cost effective for business owners.
As with any business expense, your business is able to claim the expenses of any insurance as being tax deductible.
Life Insurance
Life insurance is a fantastic benefit to offer any employee. Death in service has become standard in many industries and a benefit employees have come to expect. Some companies will offer the equivalent of a year’s salary through to 4x salary and some even more.
Group Protection
Group protection offers the same cover to all of your employees under an umbrella. This means that you pay a premium for a year and all your employees are covered for your chosen policy. The cover can include a set amount for life insurance, critical illness cover and much more.
Private Medical Insurance
Private medical insurance is beneficial for any individual in life today. Britain has the major advantage of the NHS however it’s no secret that waiting lists are becoming longer and with staff shortages that doesn’t look to change anytime soon.
By offer Private Medical Insurance to your employees not only do they benefit from expert advice and treatment but the cover also beats the waiting lists. This speed gives you the benefit as a business owner as employees can receive treatment and return to work a lot quicker than with the National Healthcare Service.
Flexible Benefits
Flexible benefits offer employees a choice for which benefits they would like to be covered for. Employees can pay in to the benefit scheme and receive certain discounts and offers. Eye tests, dental cover and childcare vouchers are popular choices with employees.
As you can see from the above corporate insurance for businesses has a major benefit with attracting and retaining your workforce. Over time the companies that offer more than just a salary will be the top of a job searches list.
How to choose which corporate insurance will benefit your business the best
When choosing which corporate insurance will be best for your business, there are a few factors to consider. Although there are many providers and types of cover on the market with varied prices, it can be easy to take inferior cover or over pay for certain benefits.
As whole of market brokers Health Insurance Bristol have access to providers and can advise on which cover will benefit your business the best. Depending on which cover you prefer it can be possible to create a package from different providers and give a comprehensive cover to benefit your employees and business.
Using a whole of market broker gives a massive advantage when selecting your corporate insurance cover. Not only do you receive expert advice and the hassle of arranging the cover taken care of, the service is also free. Health Insurance Bristol only receive a payment through the provider not from yourself and with most providers payment roughly the same percent, you can rest ensured that the cover we recommend is the best suitable.
Other Corporate insurance for business owners
There are a number of benefits to exploring other types of business insurance that you may not know exist. Key employee insurance can offer a security to your business should anything happen to one of your key employees. Commonly used in big businesses such as an inventor or specialist tradesman on a project, it can also benefit small businesses.
Imagine if one of your employees was responsible for designing a new building project however half through came down with a serious illness. This contract may be lost if you can not complete it and you could become subject to a claim against you. With key employee cover you will have options to take another member of staff or contract out the work needed with peace of mind that the expenses of having two employees salary.
Another type of business insurance that can be useful is to protect yourself against a certain outcome. This could be the likes of waiting on a certain ingredient to your production business from overseas, if bad weather means the crop hasn’t produced and can’t be delivered you have reassurance that your business will still have an income.
There are many ways in which corporate insurance can benefit any business especially when it comes to employees.
Contact Health Insurance Bristol today and discuss how we can give your business the insurance you require.