Group Income Protection is a form of insurance that insulates a company from the long-term financial effects of having an employee or employees absent, either due to illness or injury, for an extended period of time.
Without Group Income Protection, the cost of that employee falls on the employer alone. With it, that burden falls on the insurance company, which in turn allows the employer to cut back costs during the absence, and perhaps seek a temporary hire in the meantime.
Group Income Protection is unique in that it insures both the employer and the employees. In most cases, this form of insurance, when used in conjunction with the standard health and life insurance, will draw in highly talented and dedicated individuals to your company. It may even pay for the costs of rehabilitating the injured or ill employee, allowing them to get back to work as soon as possible.
A long-term employee absence is something that we as employers are understandably nervous about, as it can have adverse effects on our bottom line for an extensive period of time. With Group Income Protection, the employer is no longer on the hook for these costs, making it a very useful type of insurance to have, indeed.
If you’d like to learn more about this essential type of insurance policy, or perhaps receive a quote, simply fill out the form below, and one of the specialists at the UAE Money Expert will be happy to assist you.