Sickness policies

It can sometimes be very tricky for employers to find the right balance between a stringent sickness policy and one that is too lenient.

However, it is important not to underestimate the importance of this decision on many factors of a business - including employee engagement, attendance levels and ultimately a company's bottom line.

Most companies which employ staff on a contractual basis will offer their staff some sort of sick leave. However, when these payments begin, how much is paid and for how long is usually down to the employer.

Some companies will choose to offer their staff a better deal than is typically offered via statutory sick pay, although there are both pros and cons to doing this.

Employers which offer generous sick leave may find that employees are happier and healthier as a result. Employees won't feel pressured to come back to work too early after an illness, meaning they will be less likely to infect other staff or harm themselves further.

On the other hand, firms risk losing out on significant amounts of money in comparison to those with more stringent sickness policies.

Conversely, those who are self employed with little or no sickness cover provision may find the prospect of being injured or sick very daunting.  At such times, the individual may struggle to pay bills and to continue to live in the way they have become accustomed.  All this during a period of illness would be far from ideal.

No matter how generous their employer's sickness policy is, or if they have little or no sickness cover due to being self employed, a lot of individuals might find they benefit from arranging their own sickness cover via a sickness and accident insurance policy. For an affordable monthly premium, the individual can have the peace of mind of knowing that if they become injured or sick and unable to work they won’t have the pressure of not receiving an income to top it all off.

There are various Sickness and Accident insurance policies available on the market, so you must ensure you do your homework and read the key features of the policy to ensure it is right for you.  The level of cover you receive when you are unable to work will be determined by the monthly premium you choose and other factors like your age.

It’s difficult to put a price on protecting the future of you and your family. It is worth remembering that many of these policies will need to be in place for a determined period before they will pay out. Those who get ill a few days after investing in a sickness policy are unlikely to be able to claim immediately. It is certainly worth having a good read through the terms and conditions of any policy before agreeing to take it out.

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