The employees of any company are an essential part of a business and having employee benefits insurance can ensure that your employees are well looked after and not put in a difficult position in a time of need.
Many companies use employee benefits to attract highly qualified and desirable workers. In simple terms, this type of insurance protects you and your employees from clerical and administrative errors that create problems for employees who want to claim their benefits.
Although you would normally have checks and balances in place to make sure that all your employees are registered for their benefits, mistakes can happen and it is important to protect the company against them.
For instance, it might happen that one of your employees is injured in a car accident but they weren’t registered under the company’s medical aid because of an administrative error. Because of their mounting bills the situation becomes very difficult for them and they might be forced to sue the company in order to cover their medical expenses.
This type of insurance helps to protect not only your employees against these errors but it also makes sure that the company isn’t forced into a difficult position if this type of scenario were to happen. Employee benefits are important for attracting new workers and not being able to pay them out can damage a company’s reputation.
Because of the various types of benefits that companies often offer, you would also need to make sure that the cover you decide to have is flexible enough for your specific business. A broker can help you decide on both, whether your business needs employee benefits insurance and what range of cover you would need.
At Compendium we offer a highly flexible insurance policy for businesses. Our mission is to provide specialised, innovative and affordable financial solutions to select market segments, including individuals and businesses ranging from small enterprises to large corporations.
If you’d like to find out more about us, visit our webpage at www.cig.co.za, or contact one of our brokers on: 031 242 6800.