By Matt Haswell, Associate Director, Smith & Williamson Employee Benefits Consultants

Following the recent unrest in London and other parts of Britain, a number of businesses are reviewing their insurance policies to ensure they’re covered against similar unforeseen events. But while you’re reviewing your business insurance, it might be worth thinking about protecting your employees as well.

It may not be widely known, but businesses can save thousands of pounds by negotiating cuts in premiums for staff insurance schemes. This will involve shopping around to avoid missing out on attractive rates from insurers.

Many insurers offer competitive terms on bundles of popular employee benefits like income protection policies, healthcare, critical illness and other group risk insurance schemes.

The move towards flexible benefits platforms has increased competition in the group insurance market. More and more, group risk schemes are being administered on these platforms and insurers recognise the efficiencies that this can produce. Some are offering very competitive premium rates in order to increase their market share.

Businesses with relatively high-employment costs are particularly well-placed to benefit. The main point to remember is that it should not be necessary to cut staff benefits to achieve savings in premiums, so this is a win-win situation for both employers and employees. In some cases, employers can reduce premiums by as much as 30%, without cutting staff benefits, but most businesses are unaware of what's on offer.

Employers should make the most of the situation while they can. And since we don't know how long insurers' terms will remain competitive, it's a case of 'buy now while stocks last'.

To talk about how to make the most of this opportunity and reduce your insurance premiums, contact Matt Haswell on 020 7131 4459 or email matt.haswell@smith.williamson.co.uk

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