Attracting top talent with Group Income Protection
Businesses are increasingly turning to group income protection insurance as a way to protect employees against exposures not covered by workers compensation insurance, many are also finding it as a useful tool to attract top talent.
This form of cover goes by several names, including personal accident cover, group risk insurance or group salary continuance, but they all provide the same type of benefits. Businesses can take these policies out on behalf of their employees to protect their income in the event of a serious accident or illness.
What separates this form of insurance from other forms of cover is that it protects against injuries employees may suffer anywhere, anytime - not just at the workplace during operating hours.
It's also worth noting that employees certainly have the option to take out personal forms of this insurance to protect their incomes in the event of total or permanent disability. However, in this case, the stand-alone policies will be much more expensive than those that are supported by group purchasing power.
How it differs from Workers Compensation
One of the most common questions insurance brokers receive in regards to group income protection insurance is how it is different from salary continuance offered by Workers Compensation.
The biggest difference is that Workers Compensation does not cover employees for any non-work related illnesses, or even injuries that occur outside the workplace. What's more, even if an accident does occur at the workplace and during business hours, the amount covered will be capped by existing laws in the state.
By taking out group income protection insurance, an employer can ensure an employee will receive his or her real earnings capacity for all time spent away from the workplace. This will allow them to maintain the standard of living they had while working.
This wide coverage is made possible by the power of purchasing as a group. This helps the insurer lower the premium per person for even an extremely high quality product. It also enables companies to take out additional policy features at very affordable prices.
Some of these additional benefits include rehabilitation and assistance returning to work, benefits for loss of life, funeral benefits, homemaker assistance and reduced waiting periods.
Because it is such a highly valued product, it can assist employers to attract and retain top talent with in-demand candidates looking for a place of employment that offers benefits beyond wages.
Find out more
To find out more about Group Income Protection Insurance or to arrange a quote contact our experts on 1300 503 503..