THE Electric Car Scheme has launched an insurance package for businesses taking on EV salary sacrifice.
Designed to ensure protection for the business from early termination fees should an employee leave, it’s called Complete Risk Protection.
The product launch follows research undertaken by the specialist salary sacrifice leasing broker which found that 90% of businesses believe that there is a significant risk in having an electric car scheme as an employee benefit.
One of the concerns we had was the liability the business would incur should an employee not be able to meet their financial commitments or leave the business, potentially risking in excess of £10,000 per car. As a result, we had decided not to progress with an electric car salary sacrifice scheme, until The Electric Car Scheme told us about their risk protection offered. This made us feel much more comfortable that these risks were mitigated.
The Electric Car Scheme says its new proposition differs from other market offerings, without complex terms and conditions. Instead, The Electric Car Scheme says its Complete Risk Protection Service protects the employer from any shortfall due to:
- employee resignation,
- redundancies,
- dismissals,
- long term sickness
- family friendly leave
- and protects employers if the employee doesn’t repay damage to their car.
In its recent survey, The Electric Car Scheme found that 83% of businesses planned to offer an electric car salary sacrifice scheme in 2024, but 90% believed there was significant risk to the company by having an electric car scheme.
We want to make it easy for companies to say ‘Yes’ to offering electric car salary sacrifice as a benefit to their employees. Financial risk is understandably a big deal for companies. By offering The Electric Car Scheme with Complete Risk Protection, we can create a ‘no brainer’ decision for companies and their employees to transition to net zero. This is a huge step for the scheme, one that will make it even more attractive to employers and employees alike.
The Electric Car Scheme is a partner company to leasing broker Gateway2Lease.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
