It is becoming increasingly commonplace in business these days, for an employee’s remuneration to consist of more than just a basic salary. Attracting employees to your organisation and retaining them may be that bit easier if you are able to offer them an extensive additional benefits package.

These benefits may typically be highly regarded and may also help to portray you as an enlightened and caring employer.  Some of the benefits that you may be interested in offering might include:

  • private health cover – when an employee is ill and unable to fulfil his or her duties, this obviously has an impact on your business and it may be in everyone’s interest to get that employee back to work as quickly as possible. Private health cover may allow your employees to avoid lengthy waiting lists and get treatment quickly and conveniently at a clinic of their choice;
  • critical illness cover – being able to provide you employees with a tax-free lump sum, if they are diagnosed with a critical illness, may help them to better deal with their situation through private health care for example or they may use the money to adapt certain areas of their home to cater for their changed circumstances.  A wide range of illnesses are covered and protection can be extended to provide a family cover option as well as permanent disability cover;
  • income protection – if an employee is off sick for an extended period of time, then an income protection policy, similar to those typically on offer from providers such as Drewberry insurance may be able to offer them amounts up to perhaps 75% of their gross salary to help tide them over until they are back on their feet. Policies of this nature may be able to provide this cover for periods of one to two years;
  • life cover – in terms of major areas of worry, many people may cite their family’s future as one of their major concerns should they happen to die prematurely. The level of cover provided may typically be set up as a multiple of gross salary. Removing this concern through group life cover for your employees may be regarded as a valuable benefit;
  • business protection – smaller size businesses may rely heavily on a relatively  small number of key people either for their expertise, their financial support or their positions as shareholders. The cover available through policies such as keyman insurance, shareholder cover or loan protection, may help a business to cope with the loss of this type of critical individual.

Not everyone in an organisation receives the same remuneration and businesses can follow this approach through to the provision of group insurance products by offering differing levels of cover to different positions or groups of individuals within the organisation