Benefits & Wellbeing for small and medium sized businesses

Insurance for small and medium sized businesses (SME)

Absenteeism, presentism, hiring and firing – all these things can cost SME’s time, money and momentum.

To attract, retain and reward top talent it’s important to provide a benefits package that ticks as many boxes as possible.

You may want to include benefits and wellbeing programmes to help people stay healthy and minimise the chances of needing treatment in the first place.

We’re on hand to support you with a tailored benefits programme that adapts and evolves as your business develops.

Covid-19 has shone a spotlight on health and wellbeing. We understand that people are your foundations for success and it has never been so important to build a package that is right for you and your business, to include:

  • Employee health
  • Protection
  • Pensions and financial education
  • Employee wellbeing

We advise thousands of SMEs and have won several awards for our creative and innovative approach to benefit design. So you know you’re in safe hands.

Employee benefits for SMEs

Employee benefits for SMEs

Download our brochure

 

We can help you with:
Employee health

Private Medical Insurance
Talent is the backbone of most businesses, which is why prolonged absences can have such a negative impact. But as an SME you’re likely to be impacted more acutely by long-term poor health than a large corporate. Big companies can usually reallocate workloads. SMEs are less likely to have the resources.

So offering private medical insurance, promoting healthy and rapid returns to work, is in everyone’s interest.

Health Cash Plans
Health Cash plans differ from medical insurance because they are designed purely to reduce your employees’ out-of-pocket everyday health expenses.

Your employees, and often their family members too, can typically get back between 50% and 100% of the cost of routine healthcare appointments, up to a predefined limit. Workers simply pay the bill on the day and claim the cash back.

Cover can include:

  • Maternity or adoption cash benefits
  • Dental and optical care
  • Physiotherapy and Chiropractic treatments
  • Osteopathy
  • Health Screening
  • Hospital day admissions
  • Hearing aids
  • Podiatry

Private GP App
Quick, easy access to an NHS GP is difficult in many parts of the UK. A virtual service means your employees and family members can speak to a GP by phone or face-to-face via a webcam, 7 days a week, 365 days a year, from anywhere in the world.

The GP can write a private prescription or open referral letter if necessary. Simple and user friendly, apps like Med24* allow employees to speak confidentially to a GP at the touch of a button, whether at work, at home, or on the move.

Dental Insurance
Dental pain can put employees out of action overnight. And prolonged discomfort and anxiety around dental care can have a serious negative impact on individual performance.

No surprise then, that many SMEs now offer their employees dental insurance. Cover usually works like this:

  • Employees visit either a private or NHS dentist for routine or emergency treatment
  • They pay their bill as usual and then claim the cost back via their organisation’s corporate dental plan
     
Benefits of a broker - SME

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Group Employee Protection & Business Protection

Life Assurance
Group Life Assurance is also widely known as ‘Death in Service’ benefit. Thankfully, for the vast majority of your employees, the overwhelming benefit is simply peace of mind. And with less than a third of adults in the UK having any form of life insurance, you’ll be offering a very valuable benefit.

However, should the worst happen, your employees can rest assured that their beneficiaries will receive a tax-free lump sum cushioning them from serious money worries.

Income Protection
When someone’s unwell, the last thing they need is anxiety over financial security. It’s a prospect that can cause concern among healthy employees. While the reality can hamper recovery for employees who are absent long term.

By offering Group Income Protection you provide your employees a replacement income if they can’t work for a long time because of illness or injury. Simple to administer and cost-effective, it’s regarded as a core component of any successful benefits package. Premiums aren’t treated as a benefit in kind for your employees, and you can usually offset these against corporation tax.

Critical Illness
Group critical illness cover provides your employees with a tax-free cash lump sum if they are diagnosed with a specified serious illness or condition (subject to the policy terms and conditions).

For example, a heart attack, cancer, stroke, or multiple sclerosis. Policies aim to pay out within a month of the diagnosis for most conditions, so employees and their families receive help when they need it most.

Key Person Insurance
Key Person Insurance is a type of life insurance that protects your business from the financial fallout caused by the unexpected death or serious illness (when Critical Illness Protection is included in the policy) of an indispensable employee.

Usually, business owners choose to cover those with particular skills, expertise or responsibilities, so if you are the owner, founder or managing director, you’re likely to be a key person. In addition we may be able to help you identify those key employees who are less visible but vital to a business.

Pensions and financial education

Pensions Auto-enrolment
Pensions are an integral part of today’s benefits packages and can help your employees to prepare for their financial future. And the introduction of auto-enrolment means that pensions are an important responsibility for employers too.

Financial education
Money worries are one of the main causes of stress amongst employees. Financial education can help your workforce to:

• Take control over their finances
• Give them the tools to respond to financial unpredictability and unexpected expenses
• Manage debt and plan for their financial future

Our financial education programmes are aimed at creating confidence for your employees to make well-informed financial decisions and eliminate stress so they can focus on the job in hand.

We can develop and deliver educational programmes specific to your employees’ needs.

Employee wellbeing

Employee Assistance Programme (EAP)
An EAP provides confidential 24-hour information, support and counselling to staff with personal or work-related issues. The hub of the service is a free confidential 24-hour phone line.

Your employees can call for advice and information on anything from mental health, relationship problems and stress issues, to childcare, debt and legal worries. All programmes offer phone and online support. Budget programmes mainly signpost callers to relevant sources whereas comprehensive EAPs also offer face-to-face counselling if required.

EAPs are extremely easy to set up and can help to combat absence rates and boost engagement levels. Your line managers can use the service to answer concerns they might have about employment issues or employee health.

EAP’s are often included as no cost additional benefits to Income Protection policies.

Wellbeing strategy
Wellbeing is now firmly on the agenda in the UK workplace. Yet without a strategic approach, company wellbeing initiatives can be ad hoc and hard to measure.

By contrast, employers can monitor the success of a tailored programme in terms of:

• Improved productivity
• Enhanced culture
• Success in attracting and retaining skills
• Increased engagement

Mental health support
Safeguarding your employee’s mental health is socially responsible and demonstrates your commitment to their wellbeing. It also means you’re safeguarding your business; poor mental health costs UK employers more than £33 billion a year and accounts for 15.8 million lost working days.
 
Adding Havensrock Thrive*, the only NHS approved mental health app on the market, to your benefits strategy provides employees with a tool that they can use proactively to benefit their own mental health.

 

*The Havensrock Thrive app and Med24 service are not regulated by the Financial Conduct Authority

If you already have benefits in place

We can review your existing benefit arrangements and work with you to evaluate whether they: remain fit for purpose, continue to meet your business needs, provide you with value for money.

If you’re new to employee benefits

We can assess your specific needs and help you think about the right benefits for: your business, your workforce, your budget.

Whether you’re reviewing your current reward offering, or looking to introduce one, there are three key areas to consider:

1.Your organisational goals
2.Your people’s wants and needs
3.Your buying power

We're here to help

Let's talk...

020 3327 5700

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Richard Gould – Director of Commercial

Richard is an experienced senior executive with over 20 years’ experience in both the insurance and health services sectors. He specialises in business development and leads our SME and Consumer multi-disciplined teams.

Contact

Richard Gould - Howden Employee Benefits

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