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Every company, regardless of its size, carries risks. Whenever people perform manual processes, there is a risk of doing something wrong – either accidentally or on purpose. In a small or medium-sized company, these discrepancies can be more devastating than in a larger company. They can also be a lot more personal.
How can SMEs prepare for contingent liabilities? To ensure benefits and related services are optimized, an industry association for group risk, GRiD gives some examples of the type of discussions SMEs should have with their advisors and insurers about group risk benefits, such as employer sponsored life insurance, income protection and critical illness.
1. How are group risk products relevant for my company?
In this day and age there is no reason why companies of any size cannot offer their employees financial protection against group risks. There are a variety of support services that come with a group risk policy and insurers are constantly developing new ones. Therefore it is particularly important for SMEs to know what group risk can do for their organization.
2. How durable is a recommended product?
SMEs need to be open about sharing their organization’s future strategy and how they believe recruitment and retention will go with it. When all parties know exactly how the organization’s employee demographics may develop, consultants can select the product structure that is appropriate for now and for the foreseeable future.
3. The life cycle of a typical employee
It makes sense for SMEs to share information about the life cycle of a typical employee – how they are hired; where they probably came from; how long they could stay, etc. This is to ensure that group risk products match the way their business works.
4. Health, Wellbeing and Safety and Other Benefits
Many employers encourage their employees to get fit and stay healthy. Many will have excellent health and safety practices in place. They can also offer additional support services and benefits (e.g. private health insurance, access to stress counseling, etc.). It is a good idea to share these facts with group risk providers as it could give insurers a more positive view and result in cheaper prices.
5. What else does a group risk policy bring?
In addition to financial support, many other support services are available as part of group risk products. For employees, this can be an Employee Assistance Program (EAP), preventive support, stress management, a second medical report, and much more. For SMEs, support can be invaluable, including advice on personnel and labor law, telephone support in difficult situations, mediation and more. Group risk support is also advancing to encourage better health behaviors, e.g. B. Access to GP services, health monitoring apps, and employee mental health support.
6. Can I save money elsewhere?
SMEs should welcome consultants who will conduct a full review of existing products and services. There are so many points of contact with group risks (such as private health insurance, occupational safety, employer’s liability, personal accident) that it is worth looking at where products might overlap (and don’t have to be paid twice) or gaps that need to be filled . It’s also worth making sure you’re not paying separately for a service that you couldn’t get for anything under your group risk policy (e.g. an EAP).
7. How can we embed all of this?
It is well worth taking the time to embed group risk and all of its support into procedures, trigger points, protocols, and communications. Your advisor and insurer can help you with this. SMEs that use group risk services every day as intended will get the most out of their spending.
Katharine Moxham, spokesperson for GRiD, said, “It is important that all parties are genuinely informed to ensure that the buying process is as well informed as possible.
“Group risk products are often the unsung heroes in a service package for employees, but they don’t have to be. When SMBs, consultants and vendors work together to ensure the right choice of deployment, the positive effects have the best chance of getting consistently recognized in a business. “