The worth of a company as an employer is measured not only in terms of the perks and salaries it provide to its employees. These are important; in fact, they are of prime importance. That being said, it is also essential to look at other aspects of the company’s policies in order to make a judgement about their commitment towards the welfare of their employees.
A business that cares about its personnel will not only take care of them, but will also take adequate insurance to cover their employees and their business. The law deems it compulsory to have employer’s liability insurance up to a certain amount, but the commitment of the business towards making sure that they are covered against all contingencies, is one of the hallmarks of a good organisation.
Employer’s Liability Insurance
Every business will try their utmost to make sure that no harm comes to their employees. They will also take out an employer’s liability insurance, which is mandatory under the law. This insurance cover protects any employee working under them, whether on a temporary or a permanent basis. It will also cover the employer’s legal and compensations costs, if they get sued by the injured employee. And in these days of rising terrorism, it provides £5 million coverage in the event of an injury or illness due to terrorism.
Small Business Insurance
Small businesses are generally run on small budgets and the insurance costs often seem overwhelming to them. Yet, it is imperative that they get good and comprehensive coverage for themselves. Medical insurance is an important part of their insurance cover but they also need to pay for professional indemnity insurance in case they get sued for any errors which may result from the services they offer. The insurance companies understand the individual requirements of each SME and provide tailor-made solutions for the organisations. They take into account the cost of replacing everything in the company. In case of an unfortunate accident, the amount of cover required and how the premiums can be spaced out are pre-planned so that they are not a drain on the business.
Insurance for Employees
The concern and commitment of an organisation towards its personnel can be perceived by the level of medical insurance they provide for their employees. Private health insurance is cheaper for organisations and it is a boon for the employees. It can cover the daily medical expenses, and also the costs of hospitalisation and surgeries, depending on the level of the insurance cover taken. Most insurance companies have designed small business health insurances that provide a great deal of flexibility, and also different cover options for each employee and their dependents. It does not matter whether the company employs 3 people or over a 1000, there is a health insurance made just for them. Accident insurance covers all the employees in the case of an unforeseen accident.
The care benefits of every employee, whether part-time or full-time, should be known to all the employees. They should be assured of the fact that they are being looked after and that apart from the mandatory insurance covers, they are also being taken care of in the field of health benefits and accident coverage. Most businesses realise that employees who are not stressed about their insurance coverage will work efficiently and with greater productivity. Hence, it is now the norm rather than the exception to make sure that good, comprehensive insurance coverage is taken and paid for by the business.