What is business health insurance?
A healthy and reliable workforce is the cornerstone of any successful business. However, none of us knows what tomorrow may bring, and any employee can be struck with an illness that can transform that person’s life. Health issues can be life-changing not only on a personal level but also for a business. While healthy employees can often be taken for granted, changes in their wellbeing can significantly impact their performance and even the long-term viability of a business. This is particularly crucial when the economic landscape makes recruiting ever more challenging, and finding a replacement for your workforce is far from easy. In such situations, business health insurance is a crucial element of contingency planning and can be a key mechanism shielding your company from potential risks related to the health challenges of your team.
There is a prevalent misconception that business health insurance is something only large corporations would consider. In reality, this is far from the truth – personnel availability loss threatens all types of businesses, big and small. The turbulence that is created by a staff member falling ill is very often much more impactful to a small business rather than a large corporation. This is because each individual in a small organisation makes up a more significant percentage of the workforce and tends to have more versatile duties, meaning that the changes in performance or even an absence of such a person can paralyse your business operation. That is why business health insurance is relevant and well worth considering for a business of size, where commercial activities are vulnerable to potential changes to the health of the staff members.
What are the benefits of health insurance for your business?
Business health insurance also provides substantial benefits to both employer and employee. For your business, this type of insurance offers access to private healthcare, meaning much faster waiting times, enabling your workforce to recover and get back to work much quicker. Also, looking after the health of your employees makes them feel looked after by their employer, increasing the productivity and loyalty of your staff and securing high employee retention rates. Business health insurance is highly flexible, too, allowing you and your employees to find the best protection package. Some products would also include family members in the cover plan, meaning that your employee’s family members will be covered. This means your staff absences due to family leave will be much less. This type of insurance can offer not only cover related to recovery but prevention, such as by using health apps, gym membership deals, regular screening programmes, mental health counselling and more. For a business, preventative health cover measures are particularly relevant since avoiding the illness in the first place can save costs associated with finding a temporary staff replacement and the recovery of the individual unable to work. The list of benefits depends on the cover type and provider, but you are possibly wondering how to find out which product suits your requirements the best and which provider you should choose.
How do you take out a business health insurance policy?
The insurance market is vast and keeps expanding with new products reflecting the changing way we live our lives and do our work. This is even more true in the post-Covid world, where the lines of work and home have been blurred more than ever before, introducing innovative ways the business can function. Therefore, it’s unsurprising that carrying out market research to choose the right cover can be daunting and stressful. Some business owners are often left overwhelmed and put the whole business health insurance task aside to be done later, exposing themselves to potential risks along the way. But finding the best cover for you doesn’t have to be stressful. Instead of spending hours unpicking the intricacies of various products, you can talk with a professional insurance broker who will transform your experience of this process, allowing you to be confident that your business needs are well looked after. Our team at Anderson Health is always ready to help you choose the most suitable product for your company. We will find the best cover packages on the market that suit your unique requirements, doing the tedious part of the process for you and allowing you to focus on your main job, running your business. Our knowledgeable and approachable team will have all your questions answered swiftly, and the best part of the service is that free of charge, with our costs reclaimed via the insurer and not our clients.
Anderson Health is an insurance broker that guides you through choosing the right business health insurance for your company, allowing you to feel secure and prepared for all eventualities related to the health of your workforce. This process consists of three main stages. Firstly, we start by conducting a business fact-find analysis to understand the requirements and needs of your business and your employees. This allows us to understand the unique nature of your business, which informs our efforts to narrow down the best available products on the market and adapt them to your circumstances, leading to the second step – market analysis. At this point, we will conduct an overview of the available business health insurance offers which suit your requirements the most. This exercise includes the comparison of the insurance premiums, pay-out rating, service scores and claims. We will help you understand these offers’ differences, ensuring that you can make an informed decision. And lastly, once the prospective insurer is chosen, we will work with you to adapt the parameters of the cover package to the needs of your business. Finding the best business health insurance coverage while guided by Anderson Health will be a smooth process and give your business the necessary protection it deserves.
The importance of looking after the health and wellbeing of your employees is hard to overstate. It not just ensures that your staff members are always able and prepared to perform their duties and drive your business forward, but also demonstrates the appreciation of their role as family members of your organisation. This helps to ensure constructive working relationships within the company and sustainably high workforce retention rates. Contact Anderson Health today and allow us to find you the best-suited business health insurance offer for your company and protect your employees as well as your business.