Group risk is the umbrella term for a collection of insurance policies that employers can take out for their business and staff. Group risk insurance products offer financial protection for employees and their families and protect against various risks.
What are group risk insurance products?
Group risk products are a type of employee benefit that includes group risk insurance products like life insurance, income protection, and critical illness cover. Group risk insurance offers a range of benefits to both the employer and employee.
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Benefits of group risk for the employer:
- Attract and retain talent: Offering group risk products can help you as an employer attract and retain top talent. If you offer group risk insurance, a highly valued benefit for employees, your staff are more likely to remain with your company as they feel safe, secure, and supported financially.
Benefits to the Employee:
- Financial security: Group risk products provide employees with financial security. Knowing that they are protected financially in the event they can’t work due to illness or injury allows your employees to focus on their workload, knowing they’ll be covered should they become too unwell to work for a long period. The life insurance benefit can also provide peace of mind for employees with dependents; they can go to work knowing their children and or families will be protected should the worst happen.
- Reduced financial stress: Income protection benefits, which come with having group risk insurance, can help to reduce financial stress for employees who are unable to work due to illness or injury. This can have a positive impact on their mental wellbeing.
If you’d like to find out more about our group risk insurance products and how they can help you, your business, and your employees, contact our team today.
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