You may have insured your hardworking business against premises damage,
fire and
theft. You may have cover for
equipment breakdown,
business interruption and even
cyberattack, but are you sufficiently insured against accident and illness amongst your staff?
Workplace health insurance, accident protection and keyman insurance can be essential for businesses that heavily rely on a small team or key personnel. If a critical member of your team were suddenly unable to work due to illness, injury or worse, would your business be able to sustain the impact?
Research indicates that many businesses are underinsured in this area, exposing themselves to significant risks. Some businesses believe themselves to be covered, when they put in a claim for sickness, but are denied a payout because they do not have the right insurance product. Other businesses go under in a mere matter of months after losing a key member of staff to accident or illness.
Don’t let this be you!
Medical and rehabilitation expenses, lost revenue and even potential legal costs in the event of workplace injury or illness can place tremendous financial strain on businesses, but by securing adequate cover with workplace health insurance, you not only protect against financial loss but also improve resilience and peace of mind.
Here are the key questions you need to ask when considering adequate and vital accident, health and protection cover for your business:
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Does your cover account for the impact of sickness?
While you might have planned for equipment failure or physical damage to
your premises, few businesses prepare for the impact of long-term employee absence. When illness strikes, the absence of even one person can strain a small team and disrupt essential operations.
Key employees are often integral to daily processes, and their absence can slow productivity, delay client work and cause a dent in revenue. Comprehensive health insurance coverage can offer financial support and help ensure that you can afford temporary replacement or other solutions to keep
business continuity on track.
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Are you protected against employee injury or accidents?
Accidents can happen, even in low-risk environments, and are a significant source of unexpected absence. Many small businesses overlook accident/sickness insurance, assuming it’s only necessary for high-risk professions, however, even a simple injury can result in extended time off. Accident/sickness insurance ensures that employees can access the best treatment and recover without added financial stress, and the business can maintain operations in their absence.
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Does your policy support physical rehabilitation and mental health?
Physical rehabilitation and mental health support are crucial elements of a modern employee benefits package. Insurance policies that include physical and mental health support services allow employees to access necessary care early, reducing recovery times and helping your team bounce back faster. Keyman insurance and comprehensive health cover can provide the resources for such support, bringing staff back to productivity sooner while fostering a supportive work environment.
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Is your business prepared for the financial impact of losing a key team member?
For many businesses, the loss of a central team member due to illness, injury or death - someone who holds unique skills or client relationships - could destabilise the entire business. Keyman cover provides funds to help offset lost revenue, cover recruitment costs or even train other employees to fill the gap temporarily, buffering your business from the financial impact of losing a crucial member of staff.
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Does your lack of coverage lead to a reluctance to take time off?
Employees who fear the consequences of being out sick may delay essential time off, which can lead to longer recovery times and even burnout. This reluctance can be particularly acute in micro-workforces where each role is vital. By ensuring your employees have proper health and accident coverage, you create an environment where they can address health issues promptly without fear, enabling them to return to work healthier and more productive.
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Do you wish to increase employee morale and retention?
Offering accident and health insurance, including keyman cover, demonstrates to your workforce that you value their well-being and future. This commitment boosts morale, fosters loyalty and supports employee retention. High employee turnover can be especially disruptive for businesses, so showing you’ve invested in your employees’ health and security can create a supportive work environment that encourages team stability.
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Would you like to reap the benefits from protecting your business continuity and reputation?
Workplace health insurance and keyman cover aren’t just about financial protection; they also support your business reputation. When an employee has to leave suddenly due to illness, injury or other circumstance, the delay or disruption can impact client relationships and overall customer satisfaction. The right insurance plan will provide the support needed to mitigate these disruptions, helping maintain client confidence and ensuring the stability of your brand.
For businesses, ensuring comprehensive coverage in areas like accident, health and keyman insurance can be a powerful step toward building long-term resilience. Addressing these far too often-overlooked areas not only provides essential financial protection in the face of the unexpected but also helps to create a supportive, secure work environment where employees feel valued. By proactively investing in these coverages, you strengthen your business’s foundation, supporting both continuity and growth, and fostering a workplace that prioritises well-being and future success.
Other blogs which may be of interest:
Understanding the taxation of group medical insurance in 2024
Navigating the impact of increased employer national insurance contributions on group health insurance
Kristian Breeze - Healthcare Director
