ABSENCE OVERSPEND INSURANCE

ABSENCE OVERSPEND INSURANCE

Our NEW alternative to traditional Staff Absence Insurance and a complement to self-managing 

We appreciate that it can be difficult to identify how much to budget for supply staff costs. That’s why we have developed a specialist new cost control for schools and academies where you self-manage your absence costs, but a safety net is put in place in case your estimates turn out to not be enough.

Working with you, we calculate an average budget based on previous year’s absence costs and provide protection against overspending.

How does it work? Let's look at an example:

  • The insurers agree your absence budget based on the waiting period and daily benefit you have chosen. In this example, let's say a Retained Absence Budget of £42,500 to cover absence resulting from accident and illness from the fourth day onwards
  • Each month you submit a Claim Return detailing your staff absence - we make this easy for you
  • From the day after your agreed waiting period, these are deducted from your Retained Budget at your agreed daily benefit rate. For example, £160 per day
  • We'll send you a monthly statement showing how much of your budget remains 
  • If you exhaust your agreed Retained Budget, insurers will then pay the daily benefit for accident and illness claims until your policy expires

What are the benefits for you?

  • If your absences do not exhaust your Retained Budget, you keep the underspend
  • Absence Overspend Insurance premiums should be significantly lower than 'traditional' Staff Absence Insurance 
  • Our Wellbeing Service is included without charge 

To find out more about The Education Broker or to get a quote:

call: 0800 7833 500
email: info@theeducationbroker.co.uk

 

Disclaimer: This is a brief outline of the policy, please refer to the policy wording for full terms and conditions applicable. Our example should not be relied on to justify coverage in any situation.

 

Why choose The Education Broker?

★ We are a Preferred Supplier of NAHT and an Approved Partner of ISBL

★ We offer four different policies, each of which can provide extensive cover

★ Pre-existing illnesses and pre-planned operations can be covered

★ Cover available for chronic conditions

★ Receive our wellbeing service, free in the first year

 'Best Value' analysis in one step

To find out more about The Education Broker or to get a quote:

call: 0800 7833 500
email: info@theeducationbroker.co.uk

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