If you’re looking to attract top talent to your business while also prioritising the physical and mental health of your employees, a business health insurance plan is one of the most efficient ways to do so.
Not only does a business insurance policy help companies retain and attract some of the top talent in their fields, having a healthier workplace also leads to increased revenue, reduced losses due to employee absences, while also allowing leaders to cultivate future-proof workplaces that demonstrably value the health and mental wellbeing of their employees.
So, why is health insurance important for your business? Let’s take a look.
What is business health insurance?
Business health insurance is a form of medical coverage that companies and employers can offer as a perk to their staff members. While the UK already has a subsidised healthcare system in the form of the NHS, private medical care is increasingly popular as NHS waiting times grow, and the number of people on waiting list for treatment recently reached 7 million.
What does business health insurance include?
There’s no one-size-fits-all when it comes to business health insurance; you can opt for a plan that best suits the needs of your workforce, whether that be a basic plan or a comprehensive coverage.
Most basic plans will include in-patient and limited out-patient care, digital GP consultations, as well as cancer cover. Comprehensive plans will vary from provider to provider, but most will offer full in-patient and out-patient care, meaning that employees will be diagnosed, consulted, and treated in a private medical facility. Comprehensive plans may also include optical cover, dental cover, and other forms of alternative therapy - but do note that the full spectrum of treatments covered will vary depending on your chosen provider.
How does business health insurance work?
If an employer decides to offer business health insurance to their employees, this means that the company will decide to pay a collective monthly premium to a chosen insurance provider. In turn, this covers all staff members in the event of an unexpected illness. Business health insurance won’t cover emergency care, any chronic or long-term conditions, and when it comes to pre-existing conditions, (depending on the underwriting), some business plans will disregard medical history.
It’s important to note that at Usay Compare, we don’t directly deal with enquires for business insurance; however we will pass the information over to our parent company, the Ardonagh Group.
What are the benefits of health insurance for business?
Offering health insurance for business employees can be a great way to increase office productivity, attract talent to your team, and even minimise lost revenue due to employee absences - all while showing your employees that you care about their physical and mental well-being:
Attract top talent
Businesses run efficiently when you’re working with a talented and skilled staff, so how can your business compete with rivals when it comes to securing the best and brightest in the job pool? It’s simple - offering generous compensation. Aside from offering competitive rates of pay, a generous perks package can go a long way in helping your business stand out from competitors, while also demonstrating that your company values and prioritises your employees’ health and wellbeing.
Minimise employee absences
Anyone can end up falling ill and needing to take time off work, whether it’s due to a serious illness - such as cancer - or a severe fall. With NHS waiting times longer than ever - even for cancer treatment - employees can end up out of the office for weeks or even months at a time. This can mean lost revenue for the company, as well as the additional costs associated with hiring a temporary replacement.
By offering business health insurance to your employees, you’ll be able to ensure that every member of your team has access to the highest quality medical treatment in the country, and won’t have to spend months on a waiting list for treatment. As of March 2023, there are currently 7,213,436 people in England on an official waiting list for medical treatment.
Plus, employees do their best work when they’re healthy both physically and mentally, so having access to digital GP consultations will ensure that your team is always on top form.
Prioritise wellness and health
In a recent study by Perkbox, over 3/4 of Gen Z employees stated that they’d considered a job move in the last six months, stating that they were looking for more comprehensive mental health and wellbeing support in the workplace. As Gen Z represents over 20% of the UK workforce (a figure that will continue to increase year on year) it’s imperative for managers to consider the question of the “employee experience” and employee wellbeing, especially as many companies now take their operations remote. By offering comprehensive healthcare coverage for your business (including mental health cover) you’re likely to attract - and retain - highly skilled professionals from the UK’s growing young talent pool.
Increased office productivity
A healthy office is a productive office, and studies have consistently shown the link between regular exercise and enhanced cognitive capacities. So, what does this have to do with health insurance? It’s simple - certain UK health insurance providers, such as Vitality and Bupa, now include gym discounts (up to 50%) as part of their business insurance plans, so your employees will have access to regular exercise at more affordable rates. Some providers will even include discounts on FitBits or other tracking gadgets, so your staff members can truly invest in their health journey.
The bottom line
Business health insurance isn’t just beneficial for your employees; it’s a cost-effective investment both in your company’s finances and in your team members themselves. The most successful workforces in the world prioritise health, wellbeing and employee support, and as the modern workplace diversifies and evolves with technological advances, you’ll want to be sure that you’re offering your employees as much support as possible.
