15 November 2024
Workplace Health Insurance – Is Your Business Underinsured?
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:-
Does your cover account for the impact of sickness?
-
Are you protected against employee injury or accidents?
-
Does your policy support physical rehabilitation and mental health?
-
Is your business prepared for the financial impact of losing a key team member?
-
Does your lack of coverage lead to a reluctance to take time off?
-
Do you wish to increase employee morale and retention?
-
Would you like to reap the benefits from protecting your business continuity and reputation?
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 insuranceAny questions? Contact Kristian.Breeze@ascendhealth.co.uk or call 01245 929129 today.
Kristian Breeze - Healthcare Director
Recent Posts
Ascend Broking
Have Yourself a Merry Insured Christmas
Ascend Broking