A new type of insurance cover has been developed by market leaders Medex Protect that gives employers the option to take out insurance against the cost of Statutory Sick Pay (SSP), giving businesses more financial freedom and greater peace of mind.
Insurance expert Medex Protect has created a groundbreaking new integrated product that effectively manages absence to improve productivity, while providing reimbursement of SSP payments.
The Directors of Medex Protect have been at the forefront of medical insurance development for 40 years. As such they are well positioned to create a unique policy specifically designed to integrate the benefits of effective Absence Management and Employee engagement with the financial protection associated with the reimbursement of Sick Pay Costs.
Jason Dunks, Commercial Director says: "We have responded to the needs of employers and adapted to market forces, as well as changes in legislation. The product delivers integrated Absence Management and Occupational Health benefits. Very simply, if the employee does not return to work by day seven of an absence then the policy will refund the SSP contributions to the employer for up to 28 weeks."
Sick Pay Protect includes effective risk management via embedded pre-commencement screening, online risk assessments and Occupational Health provision, along with access to a compassionate and effective Employee Assistance Programme and a private GP service, delivered by Dr.Now, the leading and accredited provider of GP appointments delivered face to face over the web, via a secure app "Jason Dunks says "the access to private GP appointments on a same day basis, will not only be a valued benefit to the scheme members, it will reduce absence costs for the employer associated with the positive benefits derived from prompt access to primary care support at the outset of an illness".
Following the legislative changes that meant employers could no longer reclaim the cost of SSP the government introduced the option for businesses to apply for a refund of up to £2000 in National Insurance contributions.
This NI rebate can then be re-invested by SMEs to increase productivity, reduce absence and insure statutory sick pay.
The Sick Pay Protect policy also qualifies as a legitimate business expense, and therefore the cost of SSP Protection from Medex Protect can be offset against corporation tax, making it even more of an attractive financial investment for any business.
Jason Dunks, Commercial Director of Medex Protect explains how the system can provide a lifeline for employers: "Employers can often struggle to find effective Occupational Health and Absence Management provision. The Sick Pay protect plan both integrates and simplifies the process, and then adds the financial protection as a completely natural and logical extension to this service delivery.