There are seemingly endless options for businesses seeking to protect and bolster the wellbeing of their employees. So where do you start?
We’ve gathered a comprehensive list of employee benefits currently available in the UK market to provide a quick view of all the options currently at your disposal.
As an award-winning employee benefits broker, we’ve helped many companies source and implement the ideal combination of benefits – and we’re sure this overview will provide plenty of inspiration as you plot your route forward.
For FREE one-to-one advice and quotes, simply contact our independent advisors on +44 (0)1273 974419 or via the chatbox on the right.
#1 Business Health Insurance
What does it do?
Provides Private Health Insurance coverage to however many people you wish to cover. Inclusions and exclusions vary widely depending on the policy but it’s worth remembering that ‘acute conditions’ can be covered (medical issues which respond well to treatment) but ‘chronic conditions’ cannot (conditions which don’t respond well to treatment and for which there is no cure).
Why provide it?
Always ranks amongst the most in-demand employee benefits in surveys. It can also include a variety of useful add-ons, such as Employee Assistance Programmes and gym discounts.
Read more about Business Health Insurance.
#2 Group Life Insurance
What does it do?
Ensures all employees in the workforce can get access to Life Insurance. In the sad event of a team member’s passing, their nearest and dearest will receive a pay out from the insurance policy.
Why provide it?
It assures employees that if anything happens to them, their loved ones are financially protected. It also happens to be the lowest cost health-related insurance that businesses can provide.
Read more about Group Life Insurance.
#3 Group Income Protection
What does it do?
It’s a form of sick pay for long-term absentees which can supplement statutory sick pay and/or continue after statutory sick pay comes to an end. The pay-out is calculated as a percentage of the employee’s income. The business receives the money so that they can continue to pay the staff member while they are sick.
Why provide it?
It’s costly to look after an employee who cannot work. Group Income Protection covers that cost thereby enabling you to pay a new staff member fulfilling the role. A key part of the scheme is that it also supports employees in their efforts to get better and return to work.
Read more about Group Income Protection.
#4 Group Critical Illness
What does it do?
Financially supports a worker if they become incapacitated by a serious illness or, in some policies, a disability. As with Life Insurance, coverage can be provided as a fixed amount or as a multiple of their salary.
Why provide it?
In today’s economic climate, many employees would be unable to support themselves should they become unable to earn. This type of insurance provides financial support when it’s needed most.
Read more about Group Critical Illness.
#5 Key Person Insurance
What does it do?
It provides financial support to businesses in the event of a key member of the team becoming unable to work, either due to ill health or death.
Why provide it?
Many businesses have an individual (or two) whose sudden absence would have major financial implications for the company. If you have someone irreplaceable in your team, it may be worth protecting your business with Key Person Insurance.
Read more about Key Person Insurance.
Need one-to-one advice from impartial experts? Arrange a FREE call or gather FREE quotes by emailing [email protected] or calling +44 (0)1273 974419.
#6 Relevant Life Insurance
What does it do?
It’s a form of Life Insurance which businesses can take out on one individual. As with regular life cover, it pays out to an employee’s family (or other designated persons) in the event of the employee passing away.
Why provide it?
If you’re a small business and only wish to take out Life Insurance for one individual, then it’s more tax efficient than taking out a personal plan. However, businesses wishing to cover multiple employees are better off with a Group Life policy.
Read more about Relevant Life Insurance.
#7 Health Cash Plan
What does it do?
It provides coverage for more routine health needs such as physiotherapy, online GP services, eye tests, health screening, counselling and more. It’s much like Private Health Insurance but with a more restricted offering.
Why provide it?
Health Cash Plans have become increasingly popular, and the breadth of services offered have become wider in recent years. Because it’s less exhaustive compared to private health insurance, it’s also available at a lower price point.
The cost of a small business Health Cash Plan starts at £4.33 per employee, per month.
Read more about Health Cash Plans.
#8 Group Dental Insurance
What does it do?
While dental insurance can be included within a broader Health Insurance scheme, businesses can also opt for a standalone policy. Quite simply, with a Group Dental policy employees can claim back the cost of dental treatment.
Why provide it?
It covers both routine and emergency procedures. Unlike other forms of medical insurance, it doesn’t require “medical underwriting”. This means anyone can benefit from Group Dental coverage regardless of their medical history.
Costs start from £5.60 per employee, per month.
Read more about Group Dental Insurance.
#9 Employee Health Screening
What does it do?
It’s essentially a detailed check-up of an individual’s health, highlighting any areas requiring closer attention or, simply giving the reassurance of an all-clear. While not strictly an insurance scheme, they can be provided as part of a private health or Cash Plan policy. Alternatively, there are specialist providers offering standalone health screening services.
Why provide it?
Many employees will never have undergone a health check before, and so they will appreciate the opportunity to get a thorough health MOT. Also, prevention is better than cure – the results of a health check may notify an employee of a potential future health risk which they can avoid through lifestyle changes.
The most basic health checks begin from £30 -£40 per employee.
Read more about Employee Health Screening.
#10 Group Travel Insurance
What does it do?
If you have a group of employees travelling abroad, you can insure them against the cost of illness, accidents, travel cancellations and lost possessions.
Why provide it?
It’s ideal for teams traveling abroad on business. When employees get into trouble, a comprehensive policy provides rapid guidance and support for all the issues covered in the policy, thus reducing the burden on HR.
Read more about Group Travel Insurance.
#11 Employee Assistance Programmes
What does it do?
It provides practical support for any health or lifestyle issues an employee could be facing. Hosted on a digital platform, it includes stress support, health eating tips, counselling services, financial advi
Why provide it?
Features can vary widely, but the idea is that it empowers employees with the knowledge and tools to become healthier, happier individuals – and everyone benefits from that. Keep in mind that EAPs are usually offered within Group Health Insurance schemes, but specialist standalone products often have more features.
Read more about Employee Assistance Programmes.
#12 Online Benefits Platforms
What does it do?
It houses an organisation’s employee benefits offering. Employees can access their benefits via a simple digital platform, while HR can manage functionality.
Why provide it?
An online benefits platform simplifies the process of administering benefits. Features can vary greatly and even include payroll integration and staff communication tools.
Prices can start as low as £4/month per person for the most basic level of service.
Read more about Online Benefits Platforms.
Extra benefits to take into consideration
Why not get more creative with the benefits you offer?
Here are some other potentially attractive benefits to consider for your workforce:
- Flexible working arrangements
- Gym memberships
- Travel cost reimbursement
- Enhanced pension
- Extra holiday entitlement
- Person development and training days
- Team-building days
- Lunch provision
How much does Business Health Insurance cost? Freedom Health tells all…
With 20 years of experience in the market, Freedom Health Insurance provides private medical insurance to businesses of all sizes in the UK and abroad.
Freedom Health Insurance were kind enough to share indicative costs of corporate policies from the last three years:
- Average premium per employee/dependant is £515 a year (based on all group plans insured with Freedom Health).
- Standard premium increase for group policies during 2021 was 7.07%, staying relatively stable since 2022 when the increase rate was 7.01%.
- The average age of PMI policyholder is 37.
- Virtual GP is one of the most valuable add-on group benefits with 97% of patients feeling that the service helped them avoid waiting for their usual GP or was a more convenient method compared to seeing their usual GP.
Information accurate as of June 2022.
Sourcing the right support to help set up employee benefits
The first step to establishing the perfect blend of employee benefits is to assess the options you have available. What are they? And how do they match the needs of your employees and the objectives of your business? This article should help kickstart the process.
However, it’s also recommended to get expert advice to ensure you’re getting the right policies on the right terms. Too often, businesses fall for an attractive sales pitch, only to discover that the terms weren’t quite so dreamy after all. Enlisting a broker with expert knowledge of the industry will ensure you avoid any such problems.
At Engage Health Group Ltd, we offer expert support free of charge, sourcing quotes tailored to fit your specific business needs, and helping you implement your selected employee benefits across the workforce.
Contact us at [email protected] or call +44 (0)1273 974419 for FREE no-obligation advice and support.
