The importance of providing insurance for SMEs
Looking after our employees is vital. We need to make sure they are in the best possible shape so that they are working to their full potential, but also because an unhealthy employee is an unhappy one. Sick employees can also have a negative impact on you, the employer, and it tends to be a stressful time for everyone involved. However, there are ways you can keep everyone protected for a stress-free experience and one that benefits you both.
What is health insurance?
This is a great bonus that more and more SMEs are looking to offer. It offers Business Health Insurance to employees, and sometimes their immediate family, so that they have peace of mind if they become sick as well as top of the line care. Previously, it was something that large corporations looked at, but small businesses want these incentives too.
Health Insurance can include things like cancer treatment, mental health support, as well as treatment for injuries to parts of the body such as the back and muscles. It’s quite extensive, and many policies will also include handy bonuses like gym memberships as an extra incentive. It allows employees to relax in the knowledge that if they do fall sick, they have fast, expert help at hand.
What is group income protection?
This covers a wide range of situations, and it is vital to the survival of an SME business if an employee needs to go on long-term sick leave. You see, many of these smaller companies simply cannot afford to pay for sick leave; especially if they need to hire temporary help while their staff is away. Having a Group Income Protection policy that covers this means that the employer is able to cover wages, and the employee can focus on recovering.
Many of these policies also include outside help and support for those who are off sick. This can include rehabilitation, support networks, and therapy. Some even make sure that there is a dedicated service for when they are ready to go back to work. Additionally, if the worst happens and an employee passes away, this form of cover will lend support to the family so that they can grieve in peace and remain financially stable.
Why do small businesses need to consider these?
Small businesses need these forms of coverage because employees deserve them. We can’t expect people to work without the security of good health or financial safety if they find themselves in need of time off. They provide peace of mind at a low price for companies, but it also makes these businesses stand out as ones that take care of their worker’s wellbeing.
Providing benefits such as Group Life Insurance show your employees you care about their personal situation and provide them peace of mind if the worse was to happen their family would be provided with financial support when needed the most. Health & Protection insurances offer fantastic benefits and ones that will offer peace of mind to everyone involved.
About the author
Charlie Cousins is the Director at Hooray Health & Protection, the team of UK based health and protection experts.