Yurtle has launched a new insurance product to provide additional support employees who are parents and carers.
The product, Protect+, will provide cash support so parents and carers can find additional help if their usual care arrangements breakdown or are temporarily unavailable.
The insurance has even developed in partnership with insurance carrier Convex and brokers Price Forbes.
This policy will pay out if an dependent is discharged from hospital and needs care while waiting for an assessment or support from the local authority; regular social care is interrupted, for example due to staff shortages or illness of the carer; a child up to the age of 15 is ill and unable to attend nursery or school; a nursery is permanently closed and an alternative solution needs to be found.
Yurtle says this can help reduce absence in the workforce, as many parents and carers are forced to take leave at short notice in such situations. It says this is a growing problem for employers, with unplanned employee absence, on the rise. Its figures show that childcare-related absence alone rose by 183 per cent over the past 12 months.
The number of people working who also have caring responsibilities is also rising: 2m people take on care responsibilities for a relative every year and 44 per cent of the UK workforce cares for either a dependent child or adult. All these people can experience a breakdown of their care arrangements at any time.
It adds that this insurance solution offers a cost-effective, alternative to backup care — which some employees find limits choice and for which employers need to set aside significant funds on their balance sheet.
In these situations, a cash payout from an insurer can reduce the stress association with the situation, allow people to pay for alternative care and better manage both their work and care responsibilities.
Yurtle founder Antonio Ribeiro says: “This will allow employers to address absence while better supporting carers in their workforce when they need help the most.
“Care breakdowns are very common – four out of five people caring for an adult have experienced one that has impacted their ability to work. These unplanned absences can be extremely stressful for the carer and not only affect their work, but that of those they work with, impacting productivity and profitability.
With millions of employees taking on caring responsibilities every year, there is a growing need for employers to address this issue and take steps to mitigate the impact.”