Many more do not understand its benefits
A quarter of small firms have never heard of group income protection (IP) products, shows research conducted on behalf of Legal & General.
The survey also found that a further two fifths of small companies had heard of the term but could not explain what group IP products offer.
L&G is warning that a continued lack of awareness of group IP could be holding back absence management in small firms.
Diane Buckley, managing director of group IP at L&G, said it is concerning that over half of small firms are unaware of the benefits of group IP products.
She said: “These figures show that many small employers are struggling to ensure that good quality support is in place to help employees.
“To reduce sickness absence it is vitally important that small employers consider group IP products: L&G has developed an effective group IP package that offers support to small firms with as few as 50 employees.”