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Research by insurance provider Unum has found that a lack of insurance protection amongst UK workers is having a major financial impact on UK businesses, with two in three companies saying they have suffered from the effects of long-term sickness absence. Unum has found that the main reason behind this discovery is that half of UK companies say they still have to pay their employees’ full salaries for six months or more if they are off work due to illness or injury. This means that UK employers are putting themselves and employees at risk, if they don’t offer protection such as income protection or critical illness cover, as part of their employee benefits package. Long-term sickness absence affects both large and small businesses, with 69% of companies with 500 or more employees saying they had seen a financial impact on their business and 40% of companies with fewer than 500 employees. Unum’s research also uncovered that long-term sickness absence also affected one-third of UK workers, claiming that they have taken off one month or more as a result of illness or injury. A further 2 million said that they had taken off half a year or more due to illness or injury. Marco Forato of Unum says, “Employee long-term absence as a result of illness or injury is a real financial burden for UK businesses. Companies are not taking steps to protect themselves or their employees.”
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Businesses risk loss of profits, due to employees not having insurance protection
