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Published by on Friday, September 9, 2011 at 11:09:00 AM

Issues to Consider for Setting Up Group Insurance Policies

Issues to Consider for Group Insurance PoliciesGroup insurance policies can be an excellent way to provide a benefits package to your staff. Attracting and retaining the right people is an issue for every business.

There will be a time when your company grows enough to introduce a more formal benefits package for your employees. Hotels and other accommodation business can grow to have many more employees than when they started. Introducing an income protection insurance and a group health insurance plan for staff is one of the most popular ways to bring extra benefits to your people. If you are going to start a group insurance plan, there are a number of issues you should consider.

Health and Lifestyle. As with all insurance programs related to health, the health and lifestyle of your people will also play an important role in the cost of such programs. Before you leap into the health and income insurance campaign, it is highly suggested you start a campaign of healthy living and lifestyle among your people. You might even want to consider an exercise regime as a part of being employed in your hotel.

Who Will Pay? If you are opening a group insurance policy, ultimately it will be you and your company who is responsible for the premiums. Essentially there are two ways you can go about this. You can have your people contribute as a deduction of their salary, or you could be paying it as a benefits package of working with you. As an employer, you will have a considerable amount of administration and other issues to deal. Workers will probably be subject to some form of health assessment. Paying for insurance for employees who are not around for long can cause more trouble than it is worth. You should consider these options carefully.

Serious Advantages. By having a group income insurance policy, for example, the individual cost to each person can be greatly reduced. Some of the larger hotels and accommodation chains that have many thousands of staff have actually reduced the individual costs by 50%. Even if you are not paying for the insurance premiums yourself, the fact that you are arranging this type of insurance will still bring considerable advantages to your people.

Staff Retention and Goodwill. It can be hard to find a good job, but as any employer knows, it is hard to find good people. Keeping good people can be even harder. Having a health insurance and other group insurance strategy as a part of your benefits package is a very good way to get the best people working for you.

Setting Up Administration. Other than the costs associated with such a group insurance strategy, it is important you plan ahead with the administration of your benefits package project. There will be a lot of forms to fill out for each staff member, and you might have to manage health and other checks as a part of them signing on. Preparation is extremely important. Work with your insurer to minimise the workload and have smooth transitions for newly employed people.

Everyone should have income protection insurance. Workcover and other governmental type accident and work related coverage will never be enough. Set your company apart from the rest with a strategy of protection for your employees.
Published by IzajAhmed Shaikh.
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I am, Mr. IzajAhmed Shaikh, Computer Professional, and Pro. Blogger, who belongs to Shahabad, Karnataka India. My basic Qualifications are B.Sc., and M.C.M. done from University of Pune, formerly known as, Poona University, also like to write articles based on my personal experiences.