Making sure your staff are fully protected when abroad is vital to successful business ventures and employee wellbeing. As we continue to face a new working trend where travel and work are becoming increasingly entwined, the need for international employee benefits and insurance policies have become even more necessary.

If you’re planning a business trip for your teams, ensuring staff are protected in case something doesn’t go to plan is not to be overlooked. A great starting point when looking into international protection is Business Travel Insurance, taking away unnecessary worry and allowing employees to focus on the job at hand!

We’ve provided an essential guide to Business Travel Insurance, providing everything you need to know to take out the right policies to protect employees and alleviate the strain on HR.

Need FREE no-obligation advice and support from an award-winning broker right now? Contact our team at +44 (0)1273 974419 or click on the bottom right chatbox.

What is Business Travel Insurance?

General group travel insurance provides cover for groups travelling overseas at the same time and offers varying levels of coverage e.g., financial safeguarding for accidents, lost possessions, illnesses, or cancellations. Group Business Travel Insurance offers the same package but can be tailored to meet specific business needs, offering more extensive levels of cover.

The top insurance policies and providers should be offering the following:

• A 24-hour medical helpline for emergencies/initial medical advice
• Ability to help employees find appropriate medical facilities local to them and work with that facility to provide Guarantee of Payment (or confirm with the employee that costs within the facility will be reimbursed)
• Ability to work with the employee, employer, and medical facility to reach the appropriate medical treatment/transportation quickly

How does it work?

Offering Group Business Travel Insurance provides peace-of-mind to everyone involved – employees, HR, and employers. It shows that, as an employer, you are considering every potential situation that could happen and covering it!

Business Travel covers any unexpected medical expense while staff are abroad but does not include pre-existing conditions. Other elements that are included in coverage are:

• Cancellations
• Lost/stolen money
• Medical emergencies
• Possessions/baggage
• Legal fees

To ensure the success of your policy, Business Travel needs to be designed to:

• Tackle potential financial risks
• Always ensure employee wellbeing
• Provide practical support to HR and management

As employee benefits and insurance brokers at Engage Health Group, we aim to help the successful running of international policies. We work with clients to source and manage medically led travel insurance plans. This ensures clients provide the best duty of care for their staff while on work assignments or any short business trips.

*Note: Available for UK domiciled clients only – must be based in the UK looking to travel overseas*

Are you looking to set up the perfect international employee benefits for your global and travelling teams? The team of experts at Engage Health Group are here to talk through your options and provide FREE quotes from across the market. Call +44 (0)1273 974419 or use the bottom right chatbox.

How much does Business Travel cost?

Like so many insurance policies, landing on an exact cost or estimate is virtually impossible! However, when diving into calculations the following factors are the top to look when estimating an overall cost.

• Location travelling to or through
• Time of year
• Scope of coverage
• Age/health profile of employees
• Any limits on claims
• Level of excess (the higher the excess, the lower the premium and visa-versa)
• Level of cancellation cover
• Number of employees included in the scheme (the more included, the lower the cost per-person)
• Cover for a single trip? Or annual multi-trip?

Most policies will also cover various activities, but additional premiums can be paid to include cover for the more hazardous/unusual activities that could be on the travel itinerary.

The benefits to both business and employees

Many employees fall ill or have accidents while overseas which inevitably impacts business without a good policy in place to protect those staff. It will also reduce the impact on HR, preventing them from scrambling to find and navigate local medical pathways, access the right medical treatments, and arrange any other necessary employee support.

Business Travel Insurance also brings many positives to the business and employees:

• Covers multiple employees under a single policy – more efficient to arrange than several individual insurance policies
• The more employees covered, the lower the costs per-person
• Offers free coverage for children under 18 – if younger family members are travelling with them
• More generous in added extras
• Businesses get a choice between single-trip and multi-trip annual coverage – allows businesses to select the best option for the best value

Get advice and support

An important point to remember when it comes to Group Business Travel Insurance is there is always the possibility that a claim will be rejected if it doesn’t meet the terms of agreement and understanding those details that are included in any policy can feel like a daunting task.

Receiving help from an independent and specialist international benefits consultant can easily help you avoid overspending and get you back on the right track towards the best international employee benefits. At Engage Health Group, we help to ensure there are no nasty surprises within the details of your policy and work on your behalf to get the best arrangement to suit the needs of your business and staff.

Our Engage International team have an expansive global reach consisting of partnerships across 50+ countries and territories, making our team of accredited staff ideal for any international insurance or benefits issue.

Call us at +44 (0)1273 974419 or use the contact form in the bottom right. We’ll help setup the best employee benefits and health insurance schemes completely FREE of charge.

For many businesses, the thought of setting up or reviewing an employee benefits scheme is a daunting prospect. That’s why many will turn to an employee benefits and healthcare broker.

Receiving advice from an expert helps ensure your employee benefits provide the best possible support to staff and achieves maximum value for money.

But what exactly do they do? And where do they get their money from?

In this blog post, we expose the realities of how different brokers operate and at what cost, providing specific examples from how the Engage Health Group team helps its clients.

Would you like to have a FREE chat with an award-winning broker right now? Contact our independent brokers on +44 (0)1273 974419 or click on the bottom right chatbox.

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How do employee benefits brokers differ?

Let’s start with a basic definition…

An insurance broker works on behalf of a business (or individual) to negotiate and purchase insurance. They will usually receive commission from the insurance provider as a reward for bringing business their way.

This definition holds true for employee benefits brokers too, except they can do more than just source a good deal on insurance. They may also have expertise in sourcing and advising on employee benefits platforms and other wellbeing initiatives as part of a wider corporate wellbeing strategy. Some brokers, like Engage, will also introduce schemes into the business, manage claims and be there to answer any ongoing queries.

Ideally, a broker will source quotes from across the market rather than be restricted to one or two providers. However, this is not always the case – some may have close relationships with preferred insurance companies which undermines their ability to provide impartial advice.

No formal qualifications are required to be an employee benefits broker. However, you can check to see if a broker is a member of the Association of Medical Insurance Intermediaries (AMII). AMII membership proves that the broker is committed to the highest professional standards. Any good broker will also be authorised and regulated by the Financial Conduct Authority.

Some brokers have a narrow field of expertise – for example, some just look after insurance schemes, while others can advise on a wider variety of benefits. Engage Health Group can advise on the full gamut of UK insurance products and corporate wellness strategies as well as international schemes for businesses with a global workforce.

 

Is a broker really necessary?

The broker is ultimately the conduit between business and insurer and/or service provider. Which begs the question: why would a business not go straight to the insurer? There are numerous reasons why utilising a broker is usually a better option.

A good broker will:

• Provide independent and expert advice
• Source superior deals at speed from across the market
• Reduce the administrative burden on HR
• Negotiate on behalf of the company
• Assist with implementing and introducing schemes into the business
• Help manage claims and any disputes that arise
• Advise on price hikes (should they occur)
• Review current benefit schemes and highlight more cost-effective alternatives

In theory, a HR team can gather quotes from across the market and do the heavy lifting themselves. However, it’s going to take a lot more time, plus finding like-for-like comparisons between insurance policies is practically impossible.

For example, a Group Health Insurance plan will be full of different exclusions and inclusions, terms and conditions, and special add-ons (think EAPs) – it’s never a straightforward comparison. The best value deal is not always the lowest priced option. However, a broker can do all the legwork for you with the added benefit of industry expertise.

Brokers too can differ in the level of service they offer. There are brokers whose business model is designed around the philosophy of turning over business quickly, picking up the finder’s fee and then moving onto the next client.

At Engage Health Group, our business model is built around establishing long-term mutually beneficial relationships.

 

How does a broker work?

While we can’t speak for the rest of the industry, we can explain how Engage Health Group helps HR teams.

Free consultation

It all begins with a free consultation. As a HR professional you’ll probably have all kinds of thoughts about how best to support your employees. Perhaps you’ve already got a scheme but are not sure if it’s providing value? Perhaps you’ve already lined up which insurance products or services you’d like to include – and just need help finding the best ones? Or perhaps you’ve got an overall objective but no agreed way of meeting it?

Whatever your situation, we’ll take you through all the possible options and how they relate to your business objectives – while remaining within budget.

You’ll no doubt have a list of questions and we’re happy to answer them all. But we’ll also have a few questions for you. A few of the details we’ll need include:

• Number of employees
• Industry/location
• Demographics of workforce
• Results of workplace surveys – if previously performed
• Strategic objectives – related to retention, recruitment, productivity and wellness (if applicable)
• Budget
• Details of current benefits schemes and policies

Based on what we learn we can lay out a clear way forward that best fits your requirements – an approach which achieves the best possible result for business and worker alike

Free quotes

Equipped with a clear understanding – and an agreed way forward – we can provide a range of quotes tailored to your business. Once again there is no charge. In fact, we never charge you for our services at any point.

Policy purchasing

Once you’re happy with the quote and package outlined, you can purchase it through us. This means even if we’re buying policies through different providers (on your behalf) – you only need to go through one point of contact – us!

Implementing and educating

We don’t just buy the insurance and leave you to it, we’ll also help implement the employee benefits scheme within your business. We’ll provide guidance which introduces staff to the new array of benefits they have access to.

Engage can even provide in-office presentations to ensure that everyone is keenly aware of the benefits they can now make use of. Furthermore, if you have any questions, we’re always on hand to help.

Managing claims

We’ll manage claims on your behalf. For example, if you need to make a Health Insurance claim, you can use Engage as the sole point of contact. If insurance providers are refusing to pay out on a claim, we can investigate in more detail – and if we think you’ve got a case, we’ll contest it on your behalf.

Renewals and price hikes

We’ll provide an annual review to ensure you’re still getting the best deal. If you’re not – and a price increase is on the cards – we can shift the policy to another provider offering a better deal. We’ll also help ascertain whether your insurance is still providing value, or whether budget would be better spent elsewhere.

 

How much does a broker’s services cost?

This will vary but if you’re working with Engage Health Group, it costs nothing. To understand how that’s possible, it’s worth explaining how the business model works.

Firstly, insurance can be purchased via two main routes: directly through the insurer or via an insurance broker.

If you go direct to the insurer, they will have a sales team handling all your queries and advising the customer on their options. However, if HR instead purchases the insurance policy via the broker – you are effectively bypassing their sales team, thereby reducing the manpower required of the insurer.

So, where a chunk of the insurance fee would usually go towards the work of the sales team, instead it is given to the broker. For the customer, the cost generally works out the same – although with the expertise of a broker, you’d hope to save money and/or gain greater value because of shrewd advice and industry know-how.

While Engage works in this way (charging the insurer, not the customer), we have worked with several customers who’ve previously paid out extortionate broker fees on top of the insurance mechanisms they’ve purchased. This really shouldn’t be the case.

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Contact an employee benefits broker

The employee benefits and health insurance marketplace can be a confusing place for first time buyers and even those who have been there, done that and got the scars to prove it. But the Engage team are here to help!

At Engage Health Group, we go above and beyond to ensure that any healthcare scheme or employee benefit is the perfect fit for your business. We specialise in negotiating with insurance companies and finding the best quotes which aren’t publicly available, saving you and your HR teams the legwork, all free of charge.

Contact us at enquiries@enagehealthgroup.co.uk or call +44 (0)1273 974419 for FREE no-obligation advice and support.

You probably already know that Company Health Insurance costs vary from case to case. That’s why we usually recommend getting in touch with our team of award-winning brokers to source FREE quotes tailored to your business.

Nonetheless, it’s always worth looking at indicative price ranges and understanding the factors which affect them. That’s exactly what you’ll learn from this blog post, plus you’ll get some bonus tips on how to keep premiums low.

Get FREE one-to-one advice and support by contacting our independent brokers on +44 (0)1273 974419 or via the chatbox on the right.

 

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What is impacting your Company Health Insurance costs?

There is no one fixed cost for Company Health Insurance. However, it’s worth knowing which factors affect the price of a Business Health Insurance policy.

The cost of health insurance is affected by the following:

• Age: the average age of staff included in the scheme and the ratio of young to old
• Location: where the company is based geographically
• Benefits selected: the benefits, and any added extras included in the plan
• Claims: any previous claim history (if any) from previous insurer
• Underwriting: the underwriting method selected at application of the scheme
• Number of employees included: the more people included in a scheme, the lower the premium per person

 

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How much does health insurance cost UK employers?

“We are always impressed in the level of detail of the market review conducted at renewal each year to ensure that we secure the best cover at the lowest premium”

Read more Engage customer reviews here

Below we’ve provided some indicative costs of health insurance schemes in the UK*. These prices are based on new-to-market schemes (first time purchasers), comprehensive cover, home county locations and non-London hospitals.

Number of employees: 2-9

• Average age 25: monthly cost per employee £28-£35
• Average age 35: £31-£48
• Average age 45: £42-£62
• Average age 55: £61-£88

Number of employees: 10-29

• Average age 25: £22-£30
• Average age 35: £27-£45
• Average age 45: £33-£52
• Average age 55: £45-£69

Number of employees: 50+

• Average age 25: £13-£22
• Average age 35: £21-£35
• Average age 45: £28-£44
• Average age 55: £38-£58

*Premiums shown are based on numerous sources including Engage Health Group’s existing client base, company quotations issued, third party sources, example quotations via insurer portals and market averages. Other variables can apply and all figures shown are for indication only purposes.

Looking for advice on how to lower your Company Health Insurance premiums? Set up a FREE call or receive FREE quotes by emailing enquires@engagehealthgroup.co.uk or calling +44 (0)1273 974419.

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8 ways to lower health insurance costs

It’s no secret that Business Health Insurance can be one of the most expensive (and most sought after) type of employee benefit. Thankfully, there are things you can do to lower the cost.

1. Raise the excess to lower the premium

The ‘excess’ is the amount you agree to pay towards an insurance claim. I.e. if you need to make a health insurance claim, you may choose to pay a pre-agreed amount towards the cost. The higher excess you pay, the lower the initial cost of the premium. Raising the excess could be a good option for businesses which have a lower likelihood of claims.

2.The Six-Week rule

When you apply the Six-Week rule it means that employees will only be seen privately if the NHS has not seen them within six weeks. In some cases, it’s been known to help reduce the company’s premium by 25%!

3.Set up an eligibility criteria

You can set criteria which decides which employees get access to the scheme. For example, an employee may need to be employed for a minimum period of time (such as six months) or it may apply to full-time workers only.

4.Pay annually

Depending on the insurer, some are known to offer discounts for annual payments, rather than monthly.

5.Enlist a broker’s help

Enlisting a broker ensures you locate the best Company Health Insurance policy for your needs. It’s not simply about discovering the lowest price, it’s about finding the best value. An AMII-accredited health insurance broker like Engage provides its services free of charge and will work in your best interests, rather than in the interests of an insurance provider.

6.Try out Health Cash Plans

A cheaper alternative to Business Health Insurance is a Health Cash Plan which focuses on the everyday health needs of your staff, such as physiotherapy, dental care, optical care and more.

Discover whether a Business Health Cash Plan is a good option for your business.

7.Reduce the level of cover

Most health insurance policies feature different tiers of coverage. Being selective with what is included in your plan is going to reduce costs. But will this strip away too much of its value to staff? This can be a tricky calculation to make and really depends on the needs of your business and its team members. Again, these are discussions we can help with.

8.Reduce added extras

Many insurers will offer extra add-ons to your policy, such as Employee Assistance Programmes and physiotherapy access – but cutting these down could help negotiate a lower price. Once again, it’s a case of calculating the money savings versus the value of benefits lost.

Further reading: 12 employee benefits designed to protect the health & wellbeing of your workforce

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Seek out expert and obligation-free advice

Company Health Insurance costs vary greatly depending on the insurance provider, the nature of your business, and the size and demographics of the workforce covered. As one of the more expensive employee benefits products, it’s especially important to ensure that you get optimal value from it.

That’s why getting advice from independent professionals is always recommended. And as it comes at no extra cost to your business, there’s zero risk or downside.  At Engage Health Group, we go above and beyond to ensure that any health insurance scheme or employee benefit is the perfect fit for your business. We specialise in negotiating with insurance companies and finding the best quotes which aren’t publicly available, saving you and your HR teams the legwork.

We offer our expert support free of charge, sourcing tailored quotes and helping you implement your selected employee benefits across the workforce.

Contact us at enquiries@enagehealthgroup.co.uk or call +44 (0)1273 974419 for FREE no-obligation advice and support.

 

There are seemingly endless options for businesses seeking to protect and bolster the wellbeing of their employees. So where do you start?

We’ve gathered a comprehensive list of employee benefits currently available in the UK market to provide a quick view of all the options currently at your disposal.

As an award-winning employee benefits broker, we’ve helped many companies source and implement the ideal combination of benefits – and we’re sure this overview will provide plenty of inspiration as you plot your route forward.

 

For FREE one-to-one advice and quotes, simply contact our independent advisors on +44 (0)1273 974419 or via the chatbox on the right.

 

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#1 Business Health Insurance

 

What does it do?

Provides Private Health Insurance coverage to however many people you wish to cover. Inclusions and exclusions vary widely depending on the policy but it’s worth remembering that ‘acute conditions’ can be covered (medical issues which respond well to treatment) but ‘chronic conditions’ cannot (conditions which don’t respond well to treatment and for which there is no cure).

Why provide it?

Always ranks amongst the most in-demand employee benefits in surveys. It can also include a variety of useful add-ons, such as Employee Assistance Programmes and gym discounts.

Read more about Business Health Insurance.

 

#2 Group Life Insurance

 

 

What does it do?

Ensures all employees in the workforce can get access to Life Insurance. In the sad event of a team member’s passing, their nearest and dearest will receive a pay out from the insurance policy.

Why provide it?

It assures employees that if anything happens to them, their loved ones are financially protected. It also happens to be the lowest cost health-related insurance that businesses can provide.

Read more about Group Life Insurance.

 

#3 Group Income Protection

 

 

What does it do?

It’s a form of sick pay for long-term absentees which can supplement statutory sick pay and/or continue after statutory sick pay comes to an end. The pay-out is calculated as a percentage of the employee’s income. The business receives the money so that they can continue to pay the staff member while they are sick.

Why provide it?

It’s costly to look after an employee who cannot work. Group Income Protection covers that cost thereby enabling you to pay a new staff member fulfilling the role. A key part of the scheme is that it also supports employees in their efforts to get better and return to work.

Read more about Group Income Protection.

 

#4 Group Critical Illness

 

 

What does it do?

Financially supports a worker if they become incapacitated by a serious illness or, in some policies, a disability. As with Life Insurance, coverage can be provided as a fixed amount or as a multiple of their salary.

Why provide it?

In today’s economic climate, many employees would be unable to support themselves should they become unable to earn. This type of insurance provides financial support when it’s needed most.

Read more about Group Critical Illness.

 

#5 Key Person Insurance

 

 

What does it do?

It provides financial support to businesses in the event of a key member of the team becoming unable to work, either due to ill health or death.

Why provide it?

Many businesses have an individual (or two) whose sudden absence would have major financial implications for the company. If you have someone irreplaceable in your team, it may be worth protecting your business with Key Person Insurance.

Read more about Key Person Insurance.

 

Need one-to-one advice from impartial experts? Arrange a FREE call or gather FREE quotes by emailing enquiries@engagehealthgroup.co.uk or calling +44 (0)1273 974419.

 

#6 Relevant Life Insurance

 

 

What does it do?

It’s a form of Life Insurance which businesses can take out on one individual. As with regular life cover, it pays out to an employee’s family (or other designated persons) in the event of the employee passing away.

Why provide it?

If you’re a small business and only wish to take out Life Insurance for one individual, then it’s more tax efficient than taking out a personal plan. However, businesses wishing to cover multiple employees are better off with a Group Life policy.

Read more about Relevant Life Insurance.

 

#7 Health Cash Plan

 

 

What does it do?

It provides coverage for more routine health needs such as physiotherapy, online GP services, eye tests, health screening, counselling and more. It’s much like Private Health Insurance but with a more restricted offering.

Why provide it?

Health Cash Plans have become increasingly popular, and the breadth of services offered have become wider in recent years. Because it’s less exhaustive compared to private health insurance, it’s also available at a lower price point.

The cost of a small business Health Cash Plan starts at £4.33 per employee, per month.

Read more about Health Cash Plans.

 

#8 Group Dental Insurance

 

 

What does it do?

While dental insurance can be included within a broader Health Insurance scheme, businesses can also opt for a standalone policy. Quite simply, with a Group Dental policy employees can claim back the cost of dental treatment.

Why provide it?

It covers both routine and emergency procedures. Unlike other forms of medical insurance, it doesn’t require “medical underwriting”. This means anyone can benefit from Group Dental coverage regardless of their medical history.

Costs start from £5.60 per employee, per month.

Read more about Group Dental Insurance.

 

#9 Employee Health Screening

 

 

What does it do?

It’s essentially a detailed check-up of an individual’s health, highlighting any areas requiring closer attention or, simply giving the reassurance of an all-clear. While not strictly an insurance scheme, they can be provided as part of a private health or Cash Plan policy. Alternatively, there are specialist providers offering standalone health screening services.

Why provide it?

Many employees will never have undergone a health check before, and so they will appreciate the opportunity to get a thorough health MOT. Also, prevention is better than cure – the results of a health check may notify an employee of a potential future health risk which they can avoid through lifestyle changes.

The most basic health checks begin from £30 -£40 per employee.

Read more about Employee Health Screening.

 

#10 Group Travel Insurance

 

 

What does it do?

If you have a group of employees travelling abroad, you can insure them against the cost of illness, accidents, travel cancellations and lost possessions.

Why provide it?

It’s ideal for teams traveling abroad on business. When employees get into trouble, a comprehensive policy provides rapid guidance and support for all the issues covered in the policy, thus reducing the burden on HR.

Read more about Group Travel Insurance.

 

#11 Employee Assistance Programmes

 

 

What does it do?

It provides practical support for any health or lifestyle issues an employee could be facing. Hosted on a digital platform, it includes stress support, health eating tips, counselling services, financial advi

Why provide it?

Features can vary widely, but the idea is that it empowers employees with the knowledge and tools to become healthier, happier individuals – and everyone benefits from that. Keep in mind that EAPs are usually offered within Group Health Insurance schemes, but specialist standalone products often have more features.

Read more about Employee Assistance Programmes.

 

#12 Online Benefits Platforms

 

 

What does it do?

It houses an organisation’s employee benefits offering. Employees can access their benefits via a simple digital platform, while HR can manage functionality.

Why provide it?

An online benefits platform simplifies the process of administering benefits. Features can vary greatly and even include payroll integration and staff communication tools.

Prices can start as low as £4/month per person for the most basic level of service.

Read more about Online Benefits Platforms.

 

Extra benefits to take into consideration

Why not get more creative with the benefits you offer?

Here are some other potentially attractive benefits to consider for your workforce:

• Flexible working arrangements
• Gym memberships
• Travel cost reimbursement
• Enhanced pension
• Extra holiday entitlement
• Person development and training days
• Team-building days
• Lunch provision

 

How much does Business Health Insurance cost? Freedom Health tells all…

With 20 years of experience in the market, Freedom Health Insurance provides private medical insurance to businesses of all sizes in the UK and abroad.

Freedom Health Insurance were kind enough to share indicative costs of corporate policies from the last three years:

• Average premium per employee/dependant is £515 a year (based on all group plans insured with Freedom Health).
• Standard premium increase for group policies during 2021 was 7.07%, staying relatively stable since 2022 when the increase rate was 7.01%.
• The average age of PMI policyholder is 37.
• Virtual GP is one of the most valuable add-on group benefits with 97% of patients feeling that the service helped them avoid waiting for their usual GP or was a more convenient method compared to seeing their usual GP.

Information accurate as of June 2022.

 

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Sourcing the right support to help set up employee benefits

The first step to establishing the perfect blend of employee benefits is to assess the options you have available. What are they? And how do they match the needs of your employees and the objectives of your business? This article should help kickstart the process.

However, it’s also recommended to get expert advice to ensure you’re getting the right policies on the right terms. Too often, businesses fall for an attractive sales pitch, only to discover that the terms weren’t quite so dreamy after all. Enlisting a broker with expert knowledge of the industry will ensure you avoid any such problems.

At Engage Health Group Ltd, we offer expert support free of charge, sourcing quotes tailored to fit your specific business needs, and helping you implement your selected employee benefits across the workforce.

Contact us at enquiries@engagehealthgroup.co.uk or call +44 (0)1273 974419 for FREE no-obligation advice and support.

Setting up an employee benefits scheme is a difficult task – especially for overworked HR teams. You’ve got to find the right mix of perks and insurance policies which match the needs of your employees, all within budget.

Unsurprisingly, mistakes are often made. Many companies end up with a scheme which goes unloved and underappreciated by teams and fails to achieve value for money.

In this article we explore the 6 most common mistakes UK businesses make with their employee benefits and detail the simple remedies to put them right.

Looking for help setting up or reviewing your employee benefits scheme? Contact our expert team at +44 (0)1273 974419 or click on the bottom right chat box for advice and FREE market-wide quotes.

 

#1 Uneven benefits – Balanced benefits

One of the most common problems we encounter is an employee benefits offering which is weighted too heavily in one area. Ideally, your benefits programme will be evenly spread across three main categories:

• Insurance: including Business Health Insurance, Critical Illness Cover, Income Protection, Life Insurance, Relevant Life Insurance and more.
• Wellbeing: including everyday wellbeing initiatives such as discounted gym memberships, dietary guidance, one-to-one counselling – often provided within an Employee Assistance Programme.
• Rewards: including leisure and retail discounts, company away days, extra holiday entitlement, flexi working arrangements and more.

Unfortunately, we often discover that businesses put all their eggs in one basket and neglect other areas. For example, a scheme which tilts too heavily towards insurance means that staff only get support when things go wrong and will be lacking the positive motivation provided by reward schemes or the practical daily support offered by wellbeing initiatives.

The answer of course, is to ensure benefits are carefully balanced – though demographics can certainly play a role in your decision-making. This ensures that the various needs of your team are most likely to be met.

 

#2 Hope for success – Monitor success

We understand why some HR teams would want to treat workplace perks as a one and done deal. But in truth, the success (or otherwise) of perks must be monitored on an ongoing basis. Clear goals or KPIs can be set for your system of perks. For example, if you have insurance schemes, are they receiving much use? If you have an employee benefits platform – how much engagement is it receiving? Do you know what success looks like?

Based on what you learn, the benefits you provide can be adapted along with the changing needs of your teams. And don’t forget to gather feedback from the team!

As a benefits broker and consultant, we help HR teams put in place user-friendly systems for monitoring success – and even perform these duties on their behalf should they so wish.

Looking for one-to-one assistance? Our team of independent brokers are happy to answer all your questions and fix any issues you have with your employee benefits. Use the chatbox in the bottom right or email enquiries@engagehealthgroup.co.uk.

 

#3 Unaware employees – Informed team members

The most attractive array of perks can go unloved if your team isn’t aware of them. We’ve visited the offices of many a client to introduce perks to their employees for just this reason. We frequently perform presentations to staff and allow time for a thorough Q&A.

The importance of communication cannot be underestimated. Your people won’t appreciate their perks if they don’t know they exist or are unsure how to use them.

 

#4 Ask the boardroom – Consult the whole team

In the rush to negotiate a scheme and provide it within budget, it’s too easy to forget those who matter most – the employees themselves. It’s not only the purse string holders and senior management who should be influencing the nature of the perks being provided.

It’s relatively straightforward to create questionnaires which allow employees to rank perks in order of importance. However you do it, getting feedback is essential before launching or revising a benefit scheme.

 

#5 Carry the burden – Outsource to the experts

Every HR team wants advice they can trust. The world of insurance and employee benefits is full of people with a vested interest in advising you according to their own needs rather than the needs of your business. Even some brokers have mutually beneficial relationships with just one or two insurance providers which means their advice is not truly impartial and they won’t cast their eye across the whole marketplace for better deals or improved policy terms.

To find a broker or consultant you can trust, it’s worth checking if they’re members of the Association of Medical Insurance Intermediaries (AMII). Membership proves that a broker is committed to providing excellent service and impartial advice.

At Engage Health Group we are proud members and are passionate about providing our clients with the best possible advice and support. Furthermore, we provide our advice free of charge.

It’s also worth pointing out that outsourcing to a benefits broker will reduce the burden on HR. All the most complex and infuriating aspects of employee benefits administration can be handed over to people who perform these duties day in, day out.

 

#6 Stick to the same benefit – Review yearly

Annually reviewing your benefits scheme is essential. It’s not just a case of evaluating their usage and popularity (though important), it’s also to review their cost. You might discover a better deal elsewhere – and avoid a nasty price hike.

We’ve worked with many clients who let their benefits drift from one year to the next, not realising they could massively reduce the cost of their coverage while improving the terms and conditions offered.

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The Engage team can help!

Setting up and managing employee benefits is too often a stressful process for business owners and HR teams. Enlisting a broker can help alleviate the strain by ensuring you have expert guidance on hand whenever you need it.

At Engage Health Group Ltd, we offer expert support free of charge, advising on any issue within the employee benefits and health insurance market. We source FREE quotes tailored to fit your business needs, and help you implement your selected employee benefits and health insurance schemes to your staff.

Contact us at enquiries@engagehealthgroup.co.uk or call +44 (0)1273 974419 for FREE no-obligation advice and support.

Employee benefits are an essential tool for any business serious about supporting the wellbeing of their workforce and boosting staff recruitment and retention. The basic idea is to ensure your whole team is happy, healthy and productive – a recipe for ongoing success for business and employee alike.

In this blog post, we look in more detail at the key employee benefits objectives and how different perks support them.

 

Need help finding the perfect blend of employee benefits for your business and staff? Contact our independent team at +44 (0)1273 974419 or click on the bottom right chat box for advice and FREE market-wide quotes.

 

What are the main employee benefits objectives?

A QuickBooks survey revealed how almost half of workers feel benefits would make them stay at their job even if another company offered a raise. So, it’s unsurprising that recruitment and retention are the key reasons why businesses invest in employee benefits – getting it right can make a big difference.

However, there are a range of other motivations at play – for employer and employee alike. Below we have listed a handful – many of which are interconnected.

Employer objectives:

• To attract the best talent out there
• To hold onto your best people and keep staff turnover low
• To boost employee productivity
• To protect the wellbeing of staff, fulfilling the employer duty of care
• To respond to current industry demands and remain a leading employer in the eyes of current and prospective employees
• To match or better other competitors

 

Employee needs:

• To protect their health and wellbeing, as well as their family’s health – 9 in 10 employees place ‘health’ as their top life priority.
• To improve their motivation towards company and work
• To improve their wellbeing on all fronts – boosting productivity and giving a sense of control in their lives
• To feel valued and rewarded by their company beyond the wage structure
• To improve financial security

 

 

Employee benefits to get things started

After establishing your business objectives, it’s time to create a benefits package to support it! It’s never a case of one type of benefits versus another. It’s how they blend together to provide holistic support which really matters.

 

Health and wellbeing

Including a selection of health and wellbeing employee benefits is vital to a successful benefits plan, helping to address employee engagement, sickness absence, productivity levels, and employee loyalty.

• Business Health Insurance: a form of private health insurance which covers groups of employees via a range of proactive and reactive medical interventions. Read more about Business Health Insurance and what it typically includes.
• Health Cash Plan: supports everyday health and wellbeing, such as physiotherapy, osteopathy, diagnostic scans and counselling. Learn more about what’s included in a Business Health Cash Plan.
• Group Dental Insurance: Can also be included within a health insurance scheme, but otherwise purchasable as a standalone policy. Learn more about Group Dental Insurance here.
• Employee Assistance Programmes (EAP): Created for the purpose of helping employees deal with emotional and psychological stresses whether big or small. Often included with health insurance or health cash plans. Discover more about how EAPs work and what they can do for employees.
• Corporate eyecare: Often delivered alongside dental plans or within Health Insurance and Cash Plan schemes. In growing demand for many office-centred businesses.
• Employee Benefits Platforms: As well as housing a company’s employee benefits in one easy-to-access portal, benefits platforms give employees the ability to access the benefits and support they most need – creating a more personalised experience. Read our guidance on Online Benefits Platforms.

 

Lifestyle and rewards

Health and wellbeing isn’t the only issue high on an employee’s agenda. To boost retention levels even more, businesses must go beyond simply providing healthcare benefits and investigate what it is their employees prioritise in their everyday lives. Including some workplace perks that target staff’s lifestyles whilst rewarding them for their efforts at work will help attract top talent to the business.

Lifestyle and rewards to consider include:

• Remote working options
• Flexible working hours
• Extra holiday entitlement
• Parental and care leave / support options
• Retirement benefits e.g., pension contributions, financial planning support / services
• Travel expenses covered
• Cycle-to-work scheme
• Gym discounts / fitness classes
• Free counselling sessions / mindfulness classes / access to private mental health services
• Employee discounts / voucher schemes
• Bonuses e.g., positive contributions / hitting predefined targets

 

Financial protection

Financial protection is another important area to address, perhaps now more than ever. The following policies are variously designed to protect employees and their families against a loss of earnings from illnesses, injuries, and death:

• Group Life Insurance: provides financial support to an employee’s loved ones in the vent of their death. Read our guidance to Business Life Insurance here.
• Group Income Protection / Sick Pay Insurance: Not only does it provide financial support to employees laid low by illness (beyond statutory sick pay), it also provides practical support to help employees get better sooner. Learn more about Group Income Protection.
• Group Critical Illness: Provides financial support for employees suffering from a critical illness as defined by the policy. Find out how Group Critical Illness works in more detail.
• Relevant Life Insurance: Essentially, a Life Insurance policy designed for a single employee or company director. More tax efficient than taking out a personal policy. Learn more about Relevant Life cover here.
• Key Person Insurance: Protects the business against losses incurred due to the absence of a business-critical employee. Learn more about Key Person Insurance in our detailed guide.

 

Training and development

The last section to target is career progression and personal development. Most people want the opportunity to progress – they don’t like standing still with no hope of moving forward. Providing training opportunities proves that you want them to reach the best of their abilities.

Training and development can include:

• Free educational courses
• Personal development days
• Networking events
• Team events
• 1-2-1 coaching and meetings
• External training courses
• Group discussions / meetings
• Opportunity to shadow colleagues

 

 

5 ways to achieve your employee benefits objectives

Every industry has its own set of challenges, and each business its own unique structure and financial heft. However, there are some golden rules that businesses can follow to help them achieve their employee benefits objectives and ensure their benefits venture is as successful as possible.

 

1. Always take a blended approach: we often see companies make the mistake of leaning too heavily on one area. But providing a balanced mix of health and wellbeing support, financial protection, rewards and personal development opportunities gives you the best chance of reaching your objectives.

 

2. Promote and communicate employee benefits after investing: how else are your staff members going to know what is available to them? Yet this is too often overlooked. A broker like Engage can help introduce benefits to your teams and understand how they can use them.

 

3.  Manage benefits under one plan: particularly important for businesses with an international footprint. Often we see companies separately managing benefits for different business units when they could be brought together in one place, reducing paperwork and driving efficiencies in the process.

 

4.  Constantly measure success: stay up to date with staff feedback, review usage statistics and absentee rates, always review current insurance schemes before renewing (again, we can do that for you!)

 

5.  Get some extra help: speak to an independent employee benefits and insurance broker to help manage employee benefits and achieve superior value for money.

 

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Get extra support at no extra cost

Finding the right employee benefits for your business is a process that takes careful consideration. Receiving help from a specialist employee benefits and health insurance broker can ease the burden on overworked HR teams at no extra cost to your business.

Engage Health Group Ltd offer expert assistance free of charge, advising on issues surrounding employee benefits and health insurance schemes. We will source FREE quotes tailored to your business, help implement your chosen benefits schemes and provide assistance with claims.

 

Contact us at enquiries@engagehealthgroup.co.uk or call +44 (0)1273 974419 for FREE no-obligation advice and support.