You have the choice of subsidised or voluntary insurance plans for your employees.
Insurance plans provided by an employer can be seen as a valuable benefit by employees. While the cost can be around 0.8% to 2.0% of payroll, the perceived value can be much greater.
How it works
- Membership is compulsory for eligible employees
- The employer pays the premiums
- A minimum of 10 employees is required. In many cases eligible employees are automatically accepted for cover with no forms to complete
- With subsidised plans, Sovereign can provide voluntary plan options so that employees can take advantage of reduced premium rates for additional insurance needs
- Sovereign can help you to promote the value and benefits of insurance plans with specific intranet content, employee brochures and certificates detailing the benefits of your plan.
With this workplace option, your employees select and pay for the insurance themselves, through your company’s own group scheme. This way they benefit from your ‘bulk buying power’.
How it works
- Joining is voluntary and employees are responsible for paying their own premiums
- Your buying power enables you to offer workplace insurance to your people at reduced premium rates
- Employees may also enjoy preferential terms, such as fewer health questions, at application time
- Sovereign can help you to promote the insurance plans with posters and intranet content.