How private health insurance can help your small business
October 4, 2019
It is a truth universally acknowledged that people get sick from time to time. If you are running a small business, you will already know that every time an employee takes time off sick it will impact your numbers at the end of the month. But how much does sickness absence actually cost?
In the past years, small businesses of ten employees showed an average of 63 days lost due to sickness absence. Every day an employee calls in sick could cost you around £125, considering only their wages, which translates to a cost of £7,875 per annum. Quite a lot, isn’t it? The fun part is, if your employees decide to show up to work being sick (which is known as presenteeism) it could cost you even more: an average of £605 per person per year.
As a small business owner, you may not be able to afford these high costs. So how could private health insurance help you and your business?
Reducing time off due to sickness
We all know the frustrating feeling of calling NHS to book an appointment with our GP, just to be told the next date available is in a week time. This doesn’t only lead to a more extensive sickness, but it also means that your employee will need to request some time off in order to see their doctor – especially if the general practice is far from work.
Private health insurance can’t stop your employees from getting sick, but it allows them to be more in control of their medical appointments, giving your employees the chance to choose where and when seeing a doctor. This is especially useful should they need to see a specialist, as they will be able to choose the best specialist clinic in their area, skipping waiting lists.
A small company offering health insurance will surely outstand others in the recruitment process. New employees are not only attracted by good salaries and private health care has shown to be one important advantage for companies looking to increase their staff. It shows how much you care for the people who work for you.
This undoubtedly good benefit for all – including yourself – could also make a new reason for your existing employees to stay within your company.
Furthermore, most private health insurance companies cover mental health, which has proven to be one of the most dangerous allies to absenteeism. Stress and anxiety, commonly found in any kind of workplace all around the world, often lead to depression, a long term mental illness affecting one in four adults in the UK. If you think someone in your team is experiencing any kind of mental illness, private health insurance could be a way of giving them access to mental care services.