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Employee benefits

Deliver your employees benefits that benefit you too

Employers naturally focus a lot on remuneration – but this can be something of a missed trick. Why? Because often, pound for pound, employee benefits can be fantastic value, delivering a true employer/employee win-win.

But how do I choose the right employee benefits package?

At CLEAR, we can help you create the right recipe of benefits to suit your budget and employee strategy, including:

  • Dental insurance
  • Employee assistance programme
  • Group critical illness
  • Group income protection
  • Group life assurance, both registered and excepted
  • Group personal accident
  • Health cash plan
  • Key man insurance
  • Private medical insurance, UK only or international

And if a flexible benefits scheme is what you’re looking for, we’re big fans and have implemented many with success.

What our customers have to say

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What you need to know

Here are some of the most frequently asked questions we receive about employee benefits.

What are employee benefits?
Employee benefits is the over-arching description for a range of benefits designed to recruit and retain employees, whilst also improving wellbeing, morale and productivity.
What is a flexible benefits scheme?
Flexible benefits schemes enable extended benefit personalisation, including, for example, holiday entitlement and chosen working hours.
Do insurers require the employee’s medical history?
Requirements vary depending on the benefit;

Group risk insurers apply a “free cover level” based on a benefit amount. All eligible employees with benefit levels below this figure will be included without the need to declare medical history.

Private medical insurers vary, some providers may request employee medical history.

Keyman insurers require full medical and financial underwriting of each member before they can agree cover.

Why is it cheaper to insure as a group rather than individually?
By insuring the policy as a group of individuals the risk to the insurer of incurring a claim is minimal due to the number of people covered. It’s like bulk-buying office stationery, the more you buy the cheaper it is per pen! Of course there is more to pricing the policy than number of employees, with other considerations including employee demographics and claims experience.
How do I calculate the benefit level for keyman insurance?
There are a number of methods you can use to calculate the level of protection you need:

  • Multiple of key person’s remuneration (i.e. between 5-10 times)
  • Multiple of profits (i.e. up to 5x net profit or 2x gross profit averaged over last 2/3 years)
  • Contribution to profitability (only helpful if the key persons salary and payroll have been stable)
  • Key persons remuneration ÷ Total salary roll period (in years) x Averaged annual gross profit x Expected recovery

Related Information

 

Design an employee benefits package that works for you

No two firms are the same, and no two employee benefits packages should be either.

CLEAR can offer you a valuable employee benefits consultation, informed by employee research, industry benchmarking and extensive knowledge of the best solutions to fit your needs. We pride ourselves in delivering customised solutions that really work.

Speak to our specialist, Madeleine Swain, to arrange your insurance cover:

Call 020 8329 4977 or email