You probably have insurance cover in place to protect your business assets such as your premises, vehicles, products and liabilities. But what about the people that make your company successful?
What makes every company unique is its people – and without them, could your business still operate as it does today?
There are two main areas to look at when it comes to people risk – the individuals that the business could not function without and the wellbeing and engagement of your staff.
| Key Person
The loss of an essential colleague can wreak havoc on a business, from redistribution of duties, loss of contacts, payments becoming due or simply the breakdown of the company continuing to function as a well-oiled machine.
Key Person cover is a life insurance policy arranged that can provide the company with a lump sum payment to enable the business to continue trading, maintain profit, fund a replacement, pay off a bank loan or repay directors’ loan accounts.
Cover can be arranged to include critical illness conditions such as heart attack and cancer, so that if a key individual becomes unable to work due to a serious illness (subject to the conditions covered by the plan), the policy will pay out.
Consider the key people in your business:
- The business owners who set the strategic direction and run the business
- A salesperson or director who has a major impact or influence on profit
- Specialist individuals whose skills are hard to replace
- People who hold vital relationships with third parties (banks, suppliers or key clients)
Key Person Insurance should form part of your overall risk management programme– and is just as important as insuring your premises and products.
| Employee Wellbeing, Engagement & Benefits
Attracting and retaining talent is now a top priority for business owners. The impact of COVID-19 and Brexit on the employment market means attracting and retaining quality talent is a struggle. In fact, with signs pointing toward recovery in many economic sectors, a survey estimates that 1 in 4 workers* will look for opportunities with a new employer once the threat of the pandemic has subsided.
( *https://www.forbes.com/sites/carolinecastrillon/2021/05/16/why-millions-of-employees-plan-to-switch-jobs-post-covid/?sh=73f6973411e7 )
The wants and needs of employees have changed significantly over the years. Today, employees are concerned with purpose, company culture and benefits as well as the salary being offered.
| Mental & Physical wellbeing
We’ve all been through a lot during the last eighteen months or so and many of us have suffered with mental health issues. Circumstances can include feeling depressed, lonely or anxious – situations that may have arisen or been compounded by working remotely.
Another major impact of Covid is the significant increase on NHS waiting lists for routine treatments and operations – as well as GP surgeries being overwhelmed and, in some cases, hard to access.
Over the last year, it’s reported that almost a third of all employees rated their physical health as poor or worse.** Whether it’s a cold or flu that just won’t go away, chronic back pain or other musculoskeletal issues, or something even more serious, many individuals have disregarded or ignored their physical heath during the pandemic.
Organisations should now be putting the wellbeing of their employees as a key pillar on their agenda. What might come as a surprise however is that it doesn’t take big budgets to do so.
Health and wellbeing solutions are no longer reserved for huge organisations, nor are they reserved for the C-suite or senior management. Technology has truly revolutionised access to modern healthcare – through remote consultations and digital GPs, it can provide support for physical health issues virtually for entire workforces and help employers tackle big pain points like absenteeism and presenteeism.
Whilst it’s important to note that online services such as this are not an emergency service, the GPs supporting them – many of whom are also working to support the NHS – are able to provide sound advice to help alleviate concerns and anxiety about an individual’s healthcare, or if needed make the right referrals more speedily to escalate an issue.
As well as providing access to private treatment options to alleviate NHS waiting times, employee benefit programmes can also include technology-based solutions such as 24/7 access to a GP. For example, Doctor Care Anywhere not only provides a virtual GP service, they also provide mental health services in an integrated fashion to improve the health outcomes for members.
Now is the time for employers to show employees and prospective talent that they’re willing to invest in their well-being.
| Solving your People Risk challenges
The combined strength of FOCUS and Partners& are here to stand shoulder to shoulder with you, providing quality, seamless advice across insurance, employee benefits and risk management.
Nick Jones Cert CII, Managing Director – FOCUS
Leigh Dauncey, Wellbeing, Engagement & Benefits Director – Partners&
Helping you look after the people that look after your business.
Putting people risk at the top of your company’s risk management agenda has never been more important. Whether you need to protect your business against the loss of a key person or attracting and retaining talented staff with the right blend of employee benefits, we’re here to help.
We can provide solutions to your insurance & risk management needs including:
Key Person & Shareholder protection
Business Loan Protection
Relevant Life Insurance
Employee Wellbeing, Engagement & Benefi ts
Directors and O cers Liability
Specialist insurance for life science & technology industries
Property Damage/Business Interruption including
Public and Employers Liability
Products and Services Liability
Cyber and Privacy Risks
Talk to us to find out more, speak to our team on 01865 953 111 or visit www.focusorm.co.uk
Delivering insurance advice that makes a difference to you and your business
For more information, visit www.focusorm.co.uk
FOCUS Oxford Risk Management Ltd, Seacourt Tower, West Way, Oxford OX2 0JJ
FOCUS Oxford Risk Management Ltd is authorised and regulated by the Financial Conduct Authority, FCA Registered No 773843.