Health and Insurance - Insuring employees and key man insurance

There is another side to accident and long-term sickness - the employers side. Most insurance companies offer group insurance to employers.

In this way, a company can get cheap cover for a number of employees and this can be particularly helpful for small companies which don't have a great deal of liquidity.

The annual premium can cover:

1The payment of an employees full weekly contributions less any National Insurance benefits.

Fixed sum benefits, say 0.

0 a week.

Compensation for death, loss of limbs or eyes or permanent disablement generally up to about two months salary, or a fixed amount.

The usual exclusions apply such as dangerous sports, certain disabilities, suicide, drug or alcohol effects and such policies rarely include air travel, which must be separately insured.

The premium on these is not particularly high for a few flights.

Tax credits Premiums on personal accident and permanent health insurance policies are not eligible for tax relief.

Benefits are treated as unearned income for income tax purposes.

This is a disadvantage for married women who only get personal tax relief on their earnings.

At present the Inland Revenue don't make their assessment until the benefit has been received for the whole of an income tax year. This means in some cases a proportion or even the whole benefit can be effectively tax-free.


Insuring employees and key man insurance

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

Cheaper Insurance for Salons, Freelance Hair and Beauty, and Mobile Businesses - click here

read on: Women and insurance

There is another side to accident and long-term sickness - the employers side. Most insurance companies offer group insurance to employers.

In this way, a company can get cheap cover for a number of employees and this can be particularly helpful for small companies which don't have a great deal of liquidity.

The annual premium can cover:

1The payment of an employees full weekly contributions less any National Insurance benefits.

Fixed sum benefits, say 0.

0 a week.

Compensation for death, loss of limbs or eyes or permanent disablement... see: Women and insurance