Employers have cut back on the cost of income protection insurance and other benefits, according to market researchers BDRC Continental.
New research shows only 7% of small businesses offer their employees group income protection if they are unable to continue working. The retail distribution sector is least likely to offer perks to employees, the study shows.
Shiona Davies at BDRC Continental says, "Consumers may be starting to take more responsibility for their financial needs, with an increase in the sale of critical illness and life insurance, but this survey is clear evidence that the vast majority of small businesses are failing to protect employees."
Income protection insurance news: 11 January 2011