How Private Medical Insurance can benefit small businesses

When you own a small company, your team and their skill set is vital to the success of your business. A lot of time can be spent when recruiting new staff members, to ensure that you find the right person that not only brings valuable skills and expertise but is also a good fit into your team and business.

When one of your members of staff are off work due to ill have, this can have a huge impact on your business. In 2018, according to Office for National Statistics 141.4 million working days were lost due to sickness or injury in the UK. Of these days, 27.2% were attributed to minor illnesses such as coughs or colds, 19.7% were due to musculoskeletal problems and 12.4% were due to mental health conditions, all in which could cost your business a lot of time and money.

With private medical insurance the aim is to get your employees back to work as quickly as possible through access to diagnosis and eligible treatment. There are several ways that private medical insurance can benefit you as a small business and your employees.

Reduced time out of work

One of the key benefits of private medical insurance is to help reduce the amount of time that you and your employees need to take time off work due to ill health. Medical appointments can be inconvenient for your team to get to, especially if they are during the idle of the working day and far from the office or home. With private medical insurance, your team can be in more control of their appointments and can be arranged around both work and home life. Should they need to see a specialist, they are able to avoid waiting time and can get an appointment with a specialist quickly.

Employee recruitment and retention

Owning a small business and offering private medical insurance to your employees can be beneficial in both aiding staff retention and reducing the turnover in your team. Not only is it a highly attractive benefits package to have for your team, but it shows that you are investing in them too, and that you care about their health and wellbeing which can be a great way to boost morale.

Offering health insurance can also make your business look more attractive to new recruits. When your business means so much to you, it is important that you are able to hire the best candidates with the right skill set to help your business grow, therefore offering private medical insurance as an employee benefit can be a highly attractive incentive for potential recruits.

Enhanced productivity

When employees feel as though their work is making a difference to the organisation, and that they feel cared for and supported by their employer, they are more incline to work harder and dedicate themselves to the role. Not only can you boost staff moral by having employee benefits in place, but it can also reduce both absenteeism and presenteeism. Presenteeism occurs when employees turn up to work despite being unwell or whether they are suffering from other medical conditions. According to a recent CIPD survey, 86% of respondents said they had observed presenteeism in their organisation over the last 12 months (4). This can be just as damaging to a business as absenteeism, as it can result in a big reduction in productivity for the employee in question.

Looking after yourself

With so much to consider as a small business owner it is really easy to forget about the importance of your own health and wellbeing. But, as the owner of the company, you pay a key role in not just the day to day running of the business but the future strategy and the direction. Ensuring that you have private medical insurance, you can rest assure that you have a plan in place if things take a turn for the worst. You are able to skip waiting lists and get prompt access to eligible treatment which means you are able to get back to work sooner, having minimum impact on your business.

Here at Health matters, we are able to tailor make your packages to suit your business needs. Find out more about or health insurance today.