By understanding your needs and requirements – coupled with impartial advice on key legislative issues – we can ensure you get an appropriate and affordable package for your business and for your employees.
It has been demonstrated many times how the right mix of benefits aids staff motivation, retention and recruitment. The right cover will give employees peace of mind, knowing their dependants will be provided for in the event of illness, disability or death.
Providing your employees with access to quick medical diagnoses and treatment also reduces staff turnover and absenteeism meaning that there is a pay-back for your business if you get the right package in place. By working closely with our clients we create just the right mix of benefits at prices they can afford and which have a positive and measureable impact on their business.
That’s the Centor Difference.
Choose an industry sector:
There are several options when it comes to providing financial protection for employees and getting the right mix of cover in place is a core skill of our expert team.
A Group Life policy provides a lump sum if an employee dies in service. The lump sum payment can either be based on a multiple of earnings – for instance, four times the salary– or as a pre-determined fixed lump sum.
It is also possible to provide a dependants’ pension through a group scheme. This serves to replace the lost income for dependants of the deceased.
A Group Income Protection arrangement provides replacement income (usually a percentage of income up to 75%) to employees if they suffer prolonged absence from work due to incapacity. The period after which it becomes payable is usually between six months and two years.
The replacement income is paid by an insurer direct to the employer who then pays this to the employee through the payroll.
The constant progress of medical science means many people in the UK now survive serious illness such as a heart attack or stroke. Employers take out Group Critical Illness plans to provide their employees with a lump sum benefit, should they be diagnosed with a critical illness or suffer permanent total disability.
Group Private Medical Insurance
There are a range of benefits which fall under the heading of ‘medical cover’ and picking your way through them can often be confusing. Centor can help explain the options, their costs and benefits and put together the right package for clients.
Private Medical Insurance pays the cost of private medical treatment for individuals who suffer acute conditions. The cover usually includes in-patient tests, surgery and hospital accommodation and nursing. It can be extended to cover out-patient consultations and treatments such as physiotherapy.
Employers can benefit from putting this cover in place as it means employees are treated faster and can usually return to work more quickly. This is a particularly useful benefit for employers to offer their key employees.
Employers who adopt Employee Assistance Programmes do so with a view to encouraging their employees to maintain a healthy work-life balance. Such schemes offer staff access to confidential counselling services where they can discuss a range of general personal issues regarding their health, lifestyle or job. Group Dental Insurance works in a similar way to medical insurance. It meets the cost of routine check-ups and preventative care and, depending on the scheme, will reimburse the costs of treatment in full or part.
Key Person Cover
Protecting and providing benefits for your key people provides individuals with valuable financial reassurance but what about the impact on the business? This is an area where the expert advice of the Centor team can help clients create a package that protects them against the consequences of the temporary or permanent loss of a key person.
- Key Person Cover is not in itself a product but an application of insurance designed to maintain a company’s business profitability. It aims to provide the replacement costs of an individual whose loss through death, disability or serious illness could have a significant impact on the company’s profits or turnover. This could be through loss of goodwill, technical skills, financial input or a detrimental impact on business critical projects.
Establishing a suitable solution for Key Person Assurance varies depending on the circumstances of the company and the people being insured. It need not be expensive. It can be very simple but in its most flexible form can offer enormous advantages.
A Relevant Life policy is an alternative way of providing a lump sum on death for an individual, without the need to set up a registered group life scheme. This is a very interesting and cost effective option for small business employers and senior people in business with an employer/employee relationship.
The Centor team has experts available to help business put together the right package for their business.
All employers in the UK have a legal obligation to enrol employees into a workplace pension scheme, make employer and employee contributions into the scheme and keep adequate records.
For pensions we act as introducers only but we can put you in touch with an independent financial advisor authorised in this area so you can get expert advice on Auto Enrolment.