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The more people you have working for you in your business, the higher the risk that employees will need to take time off due to illness or injuries, which can result in lost work hours and can have an especially large impact in the case of small firms, where every worker counts.
Providing health insurance to your employees through benefit packages or salary sacrifice arrangements is the best way to ensure they receive the right treatments and prescriptions when they need them, as well as gain access to a higher standard of care. Because private healthcare providers can usually treat patients at preferred times, this will also mean your workers don’t have to wait to be seen by NHS consultants, and can lead to them returning to work and their duties faster.
As a business owner, you will usually be able to take advantage of discounts when buying multiple health insurance policies to cover your workers, whether these policies are all identical or tailored to meet individual requirements. There are different levels of cover available, from basic health insurance that covers most in-patient treatments for non-preexisting conditions to more comprehensive policies that may include pregnancy care, dental and ophthalmic treatments and psychological care.
Providing a higher level of cover to your workers can improve employee satisfaction levels and show that you care about the people in your organisation, but this could prove costly, especially if your business is small and relatively young. However, there are various ways to save money on the cost of small business health insurance policies, even when taking out comprehensive insurance.
Comparing insurance products offered by several providers should make it easier to find policies and packages that suit your budget and other requirements, being especially vigilant for limited offers, such as a number of free months of cover if you apply before a specific time. You should also consider the likely needs of individual workers when covering them against a wide range of situations - for example, if someone who works for you is pregnant, they may need a higher level of cover, while older workers may require more medical care at a higher cost in monthly premiums, compared to younger workers.
The type of business you operate could also inform the level of health cover you require, with firms that operate potentially hazardous machinery and vehicles, such as forklift trucks, generally being advised to take out more comprehensive business health insurance.
The author of this article is a part of a digital marketing agency that works with brands like Bupa. The views and opinions expressed within this article belong to the writer and any reference or summary of Bupa Health Information Factsheets is that of the writers and does not represent Bupa or the information contained within the Bupa website. The contents of this article are of a general nature only and do not constitute specific advice. This article does not take into account your circumstances or needs and must not be relied upon in place of appropriate professional advice.
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