When it comes to attracting and recruiting the best in your field, good pension provisions can give the edge in a competitive labour market. As well as providing financial security, offering a pension, gives your workforce a sense that they have been recruited for a career, not just a job. In addition, creating pension provision within your company shows that you value your employees as individuals, even beyond their working lives.
When a key person in a business dies or suffers a critical illness, it can have a devasting financial effect to the firm.
Businesses would not think twice about insuring their important equipment, however for some reason do not think to insure the most important part of their company, 'The Key Persons’.
The benefit will be designed to cover the firm's expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.
In the interests of financial security, business stability and continuity, it is essential for partnerships to provide a safety net following the death of a partner. There should also be a partnership agreement in place that specifies that the business should continue on the death of a partner.
This type of Protection is usually put in place to ensure that, on the death of a partner, the partnership uses the available funds to purchase the deceased person’s interest.
A comprehensive benefits, package can be a useful aid to staff recruitment and retention, and in this respect, Group Life Assurance Cover (also known as Death in Service cover) can be a valuable and cost-effective component part of this package.
Group Life Assurance cover is usually designed to pay a lump sum benefit on the death of an employee of the sponsoring employer. The policy can, also include critical illness cover if so required.
These are policies which provide your employees with the option of Private Medical Care as an alternative or in addition to the care provided through the Gibraltar Health Authority (GHA).
The advantage of Private Medical Insurance (PMI) is that the place for treatment can be chosen from a list of international hospitals. As well as avoiding GHA waiting lists, the insured can usually choose a date and time for treatment which is convenient for both themselves and the company.
