It is essential for businesses to ensure that the terms and conditions under which staff are employed are correctly aligned with the terms and conditions of cover offered by their insurers.
This is often overlooked and employers are left promising benefits that their insured policies may not fully deliver. This can be the result of misinterpretation or due to changes over time that have been left unchecked.
Setting the correct level of benefits and selecting appropriate conditions and definitions can have an enormous impact, not only on the premium cost, but also on the way that sickness, absence and disability are managed within the business.
A thorough benefit audit can help your organisation assess its risk exposure, marry its insured risk to its contractual obligations and ensure the efficiency of the employee benefits package.