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Aviva
& NGI announce New Corporate Product Range
(30/07/2006)
National General Insurance
Company (NGI) and Aviva Ltd (formerly Norwich Union) have teamed
up to provide companies and their employees with the best
international employee benefits available.
Regardless of the size of a
business, it has long been known that investing in the welfare
of employees will help the business in the long run. Showing
employees that they are cared about motivates them to work
better and will make them more valuable to the company in the
long-term.
To this end, the new range of
employee benefits is designed for both MNC’s and SME’s. The
exclusive plan is available with as few as three employees and
may be customised with 30 or more employees; providing a
flexible and cost-effective plan that protects employees (and
their families) both at work and leisure.
There is no minimum premium for
the policy and companies can mix and match the benefits required
including:
* Group term life assurance &
total permanent disability
* Group personal accident
insurance
* Group critical illness cover
* Group disability income
* Group health insurance
The benefits can be used for
numerous purposes, some of which we have highlighted below:
Attracting and Retaining Staff
Members
Many industries in the Middle
East are expanding rapidly and have a shortage of professionals
with regional experience. Take construction as an example, with
the current property boom in the Middle East, construction
companies are winning more and more lucrative contracts and have
to resort to head-hunting qualified professionals from their
competitors to fill the created roles.
Imagine how much easier this
would be to attract the right people if you could offer a
cost-effect range of benefits. It is not just the construction
industry this applies to; aviation, media, IT and shipping are
all booming in the Middle East with companies desperately trying
to find qualified staff.
Additionally, in a market where
qualified professionals with regional experience are like
gold-dust, an employee is far less likely to move away from a
company who provides them with a benefits package. Why risk
losing a key-employee to a competitor (and incurring the time
and cost of finding and training a replacement) when you can
secure their loyalty simply by offering cost-effective benefits
that none of your competitors provide.
Shareholder Protection
Whether you are a Sole Trader,
Partner, or Director of a Limited Company, your death or that of
a co-Director/Partner may cause significant disruption to the
business.
Often problems occur because the deceased’s Will leaves
interests in a partnership, or a share in a limited company, to
someone who may not have the interest or ability to play an
active part in the business (e.g. a spouse).
Various insurance based
solutions are available to buy the deceased’s family out, but it
is essential that such arrangements do not conflict with the
companies Articles of Association, or the Partnership agreement
in the case of a Partnership.
The group life assurance and total disability benefit can
provide the funds to buy-out an ex-partners share of the company
should the worst happen. Candour Consultancy offer a complete
service to assess the need for assurance and put in place
arrangements which are both tax-efficient and appropriate to the
Company or Partnership (with the co-operation of a solicitor
where required).
Key Employee Protection
Most businesses insure themselves against such eventualities as
fire, theft, or catastrophes. However, the death or long term
absence of a key employee such as an IT Manager or a Sales
Director can be far more costly.
The death of such an individual would generate recruitment costs
and there may be a substantial loss of profit. Similar
expenditure would be incurred if a key individual were unable to
fulfil their function within the business due to accident or
illness.
Again, the group term life assurance and total disability could
provide the company with funds to cover these expenses whilst the
disability income option could pay their salary and retain their
services should they be unable to work for an extended period.
Working with your business,
Candour will design and implement an insurance based solution to
deliver funds to replace lost profits, should the worst happen
to one of your business’ key employees.
Loan Protection
When business partners take a
loan to further the business, it is usual that the loan is in
all the partner’s names. If one partner dies, the remaining
partners inherit the full responsibility for the loan.
The group life assurance
benefit would protect the business and surviving partners should
a partner die unexpectedly.
For further information on any
of the benefits or a free, no-obligation quotation, just
click
here
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