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Tackling Work Related Stress Aug 07

Work related stress is the biggest cause of working days lost through occupational injury and ill health and in recent years there have been a growing number of stress related compensation claims brought against employers. HSE guidelines state that companies are required to assess the risk of stress related ill health arising from work related activities and to take measures to control the identified risk. Despite this many companies are failing to tackle stress in the workplace.

Group Risk

Group Income Protection

The majority of employee absence is short-term yet the long-term absence makes up a third of all days lost. That is why Group Income Protection (GIP) has become a key part of any company’s employee benefit strategy.

Not only does the cover provide a company a company with benefit should an employee be incapacitated with a long-term illness or injury; insurers will also give help and support in getting the employee back to work as soon as possible.

Benefit for the Employer

The company will not need to provide full support to an ill or injured employee whilst paying for a replacement. This should enable the business to budget more accurately.
A company with Income Replacement cover is seen as a caring employer and can deal with incapacitated employees fairly and consistently.
Receive expert support on managing long-term absence and rehabilitation.
The company will be able to retain valuable employees through long periods of absence.
Receive relief from corporation tax as an allowable business expense.

Group Life

Most people need some form of life assurance and so life cover provided by an employer is a highly valued benefit. Group Life cover (also known as death in service benefit) will provide employees’ dependents with a cash lump sum in the event of that employee’s death. The sum paid is usually a multiple of salary, e.g. four times salary.

Benefit for the Employer

Improved relations with employees as the cover demonstrates a commitment to employee welfare.
Receive relief from corporation tax as an allowable business expense.
Improved staff retention and recruitment. In a competitive employment market this is probably the most important benefit.
As premiums are relatively low, Group Life Cover is a cost effective way of providing a valuable employee benefit.

At Becketts we will search the market to find you the best possible terms in line with your requirements. Year round both you and your staff will be supported by our dedicated team who have excellent contacts and many years experience.

Premiums have come down significantly in recent years and with recent changes in legislation it is well worth reviewing these arrangements.

We are authorised and regulated by the Financial Services Authority. For further details please visit our regulatory page

The Beckett Investment Management Group

Dettingen House, Dettingen Way, Bury St Edmunds, IP33 3TU
Tel: 01284 754500 | Fax No: 01284 773701

Knightsbridge House, Lower Brown Street, Leicester, LE1 5TH
Tel: 01162 756181 | Fax No: 01162 494435