Group Sick Pay Insurance
Sick Pay Insurance, not to be confused with Income Protection, provides an employer with a set monthly premium instead of having the unpredictable budget of absence. Sickness Absence as we all know causes problems for every business. It can sometimes be large enough to leave many companies struggling to absorb the additional cost.
Typically, the process offers professional claims management support, allowing you to flag non- work-related claims and validate claims through independent evidence based expertise.
It’s a very simple benefit to provide to staff and is one of the highest valued ‘perks’ that an employee can have and yet its largely inexpensive to provide by the employer.
A range of salary replacement ratios from 35% to 80% to suit the business needs.
It can be included to compliment an income protection scheme.
Benefits for Employers
- Controlling costs with the same monthly premium which is lower than what you may pay out for absence in sick pay
- Early identification and intervention coupled with access to expert resources to help reduce the duration of sickness and associated costs.
- Discover the main causes behind staff absence, helping spot issues and trends enabling proactive interventions
Benefits for Employees
- The faster an illness or injury is assessed and treater the quicker the return to work can be
- Service includes practical, confidential information and support on many lifestyle issues, including stress, relationships, family life, work and money
Frequently Asked Questions
What is in it for the employer?
Predictable monthly costs, Professional claims and absence management support and flexible plans that fit your business.
What is the most common scheme type?
There are a range of deferred periods from 1 to 4 weeks absence.
What are the payment periods?
There are a range of payment periods from 12 – 52 weeks