Group Income Protection (GIP)
What is GIP?
An underused but beneficial policy for both the employer and the employee which pays out an income when an employee is unable to work due to illness or injury.
Group Income Protection is well known with larger companies, but is perhaps lesser known amongst SMEs. This can benefit the SME owner by helping manage sickness and the associated costs as well providing a valued benefit to the employee. A lot of policies offer additional support such as rehabilitation services to support the employee returning to work.
A useful tool for recruiting the right staff or for holding on to those you want to keep and reward. From an employee’s perspective it helps alleviate one of the financial concerns of what happens if I’m off work due to a long term illness.
Schemes can be setup for selected employees. You can decide on how long your employee need to be ill before being able to claim – the longer this period the cheaper the premium. You canal sop limit the maximum years the policy will pay out for such as benefits would be payable for up to 5 years.
By using these options the cost of Group Income Protection can become very affordable for the small business.
A good way of demonstrating to your Cornish staff that they are valued and important to you.
You can find more information on protection here
I hope you find the information we provide of use.
Please note the information published on this website is for information purposes only.
Last updated: 13th October 2016
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