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Protecting your staff and business

Written by MIAB’s Specialist Business Overheads Insurance Adviser, and Paula Storey, Specialist Protection Insurance Adviser.

Sickness and accidents are an unavoidable part of life. Sometimes you or your employees will need to take an extended period of leave from work.

If a member of staff should fall ill or have an accident, as an employer you want them to get back to full health and on their feet, not only out of concern for their wellbeing, but also because of the associated costs to the business in their absence.

At MIAB we know it’s important to get everything back on track as soon as possible for the business to return to running at full capacity, and that your staff don’t have to worry about taking too much time away from work because of a long-term absence.

As experts in insurance, we recommend combining two policies to ensure you’re in the best position to protect both:


Protecting your staff

Group Private Medical Insurance is a way for you to make sure that should a member of staff become unwell and need referring to a specialist, they will be seen, diagnosed and treated quickly and easily, getting them back to full health and back to work.

Many schemes offer flexible appointments that accommodate working schedules, as well as 24/7 access to medical experts over the phone or online, and programmes that include a range of support services, such as legal, debt and counselling advice*. A common feature that can be included in your policy is discounted access to gyms and health centres*, making it easier for your team to stay healthy.

Key features of Group PMI can include*:

  • Fast access to diagnosis and treatment
  • Expert, private care
  • A range of optional benefits*
  • A bespoke quote based on your business needs
  • Flexibility to suit your needs and budget, starting from ‘diagnosis only’ cover, to full diagnosis and treatment (including access to London-based hospitals)


Protecting your business

A Business Overheads Insurance policy is used while a member of staff is absent, to cover the costs associated with their absence – such as hiring temporary staff, paying for extra hours worked by existing staff, or the overheads of the practice (including your personal drawings).

The policy provides a vital safety net allowing the business to continue operating smoothly. For example, if you are a dental practice with an NHS contract, it will allow you the scope to fulfil your UDA commitments.

The policy pays the sum insured for as long as the insured person remains unable to work (up to a maximum of 52 weeks), and receipts are not always necessary for claims to be paid.

Key features of Business Overheads Insurance can include*:

  • £100k personal accident cover*
  • Group discount for three or more members on the policy
  • Cover for a variety of absences including accident, sickness, mental illness, jury service, suspension while under investigation, revalidation, compassionate leave and travel delay
  • Protection against variation in health*
  • Fit note cover
  • Phased return to work


Combining the benefits of both

Having both policies in place means that whilst the staff member is being diagnosed and treated under their PMI policy, your Business Overheads insurance will cover your fixed costs, extra hours worked by existing staff, or locum staff.

By having Business Overheads Insurance, you’re protecting your business from a drop in its income, without having to use your personal drawings to continue running the business as usual. Combined with a Group PMI policy, you’re giving your staff the support they need to be diagnosed and treated quickly. This means that you might not need to claim for as long a period, and they have the reassurance that they can recover.

For example, if you didn’t have a Group PMI or a Business Overheads Insurance policy in place, and a member of staff had to take six months away from work for diagnosis and treatment, you would be expected to cover the costs of hiring temporary staff, or the overheads for the whole period. However, if you had both policies in place, your staff member could be back to work within three months after private diagnosis and treatment, and you would only need to cover the costs for two weeks until your Business Overheads policy kicked in.

If you would like to know more, contact either our Specialist Protection Insurance Adviser, Paula Storey, who will be able to run through levels of cover with you, on paula.storey@miab.co.uk, or call 01438 730211. Alternatively, you contact our Specialist Business Overheads Insurance Adviser, Anmol Paul, on anmol.paul@miab.co.uk, or call 01438 870718 to discuss protecting your business.

*Subject to scheme