Business health insurance may seem like an unnecessary expense for your company especially in financially difficult times, but can in fact bring a number of benefits to both you and your employees.
Many businesses already provide life insurance cover, giving employees peace of mind that should they pass away unexpectedly beneficiaries will receive either a lump sum pay out or an income. Health cover can provide that bit of extra protection to provide in the event of unexpected illness.
How can providing business medical insurance benefit an employer?
1) Health insurance cover can provide more prompt care for employees than they would more normally receive, ensuring that absence from the workplace is kept to a minimum.
2) Providing cover will often attract a better standard of applicants, which may mean that your company has the pick of the job market when recruiting.
3) Business medical insurance can encourage greater company loyalty, in turn leading to greater staff retention.
4) Lastly, offering health insurance can boost staff morale, and more satisfied employees will often lead to higher working standards.
All of these benefits can prove economical in the long run. You may also choose to offer options such as life insurance cover or income protection.
How does it work?
A business health insurance plan operates in a similar way to conventional private policies, except that it is often taken out on a group policy basis. A group policy will usually work out as cheaper than individual cover, but the cover will not be tailored in the same way as individual plans are.
Insurance providers will usually offer a flexible range of options according to the amount of cover you wish to provide for your employees, from basic or mid range to fully comprehensive. The cost of your group policy will depend on the amount employees included as well as other factors such as company demographic.
Business medical insurance can be suitable for both large and small companies alike, with providers often offering tailored policies according to your needs. Shopping around will help you get the best available deal.
Whether offering business medical insurance is right for your company will depend on individual circumstances, but it is worth considering the benefits it can bring as well as focusing on the cost that your company will incur in the process of providing such insurance. Speaking to an independent medical insurance advisor can help you to choose the most suitable plan for your company.
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