Three Benefits of Executive Income Protection Insurance
Many businesses are in danger of losing their income because of the coronavirus pandemic. Small-time businesses all over the world have to minimize their income and even face profit loss to adhere to the government’s regulation to help curb the new COVID-19 spread cases. On the other hand, companies are not an exception; they can also lose income when their executives, like CEOs or CPOs, contracted the virus or were injured.
But luckily, there is something called executive income protection insurance that helps protect companies from the risk of income loss. Let’s check out the list of benefits that we’ve compiled for your edification below:
It Helps Keep Food on the Table
Senior executives of a company like the acting chairman, chief executive officer, chief operations officer, chief financial officer, etc., are humans too. Even though they are incapable of working due to their sickness or injury, that doesn’t mean they are relieved of their duties and responsibilities to provide for their families. So, the question that you might ask is, “But how will they be able to provide for their families when they are unfit for work?” well, the answer is simple. They don’t work, but they still receive their regular payment.
Companies understand that their high-ranking officers are of vital importance to the business’ success. Without their executive officers, their business could go south faster than the roadrunner running towards Chicago. So, to prevent these executive officers from ditching the company, the protection insurance can help cover their monthly payment to put food on the table even when they are recovering.
It Keeps Them Loyal
Now we already know how valuable executive officers are for a company, but what businesses don’t want is that they take advantage of their value and abuse it. Most corporations know this well, and they want to keep their executive officers loyal to the company, so they joined the executive protection insurance to help safeguard their executive officers’ expensive payment so that they stay loyal and come back to work when they’re fully recovered.
It Shows Employees that They Matter
Underappreciated is a real thing, and many employees of a large corporation felt that way which can spread like wildfire if it is not dealt with. When workers felt unappreciated, they tend to gossip and vent out to other workers, further encouraging other workers to feel the same way even though they are just projecting their own thought and putting words into other’s mouths. But when companies provide them with their regular monthly payment even when they’re off work, it can greatly boost morale and show that they matter.
Companies can greatly benefit from joining an executive income protection plan to cover the sick pay of their workers and retain their loyalty to the firm. That way, employees will feel appreciated and be motivated to generate more profit for the company.…
