How Business Medical Insurance Can Benefit Employers

How Business Medical Insurance Can Benefit Employers

Absence management is a key factor when it comes to improving productivity in the workplace. There are many ways in which you can reduce those costly absences that can put a lot of additional pressure on the workforce and increase overall costs. One critical way in which you can help to control sickness related absences in the workplace is through business medical insurance.

What is Business Medical Insurance?

Even small businesses can provide a health insurance policy for their workforce. This is a practical way to cover your business against the consequences of illness, injury or even fatalities in the workplace. Business medical insurance has two main purposes:


* Employer - this type of insurance can protect the employer against any profit losses caused by the temporary or permanent absence of an employee who is unable to work through ill health. This is very important for small businesses when even one illness can cause a significant impact on overall productivity.

* Employee - providing medical insurance for employees can make sure they have fast access to the treatment and medical care they need. This will help them to get better quickly and return to work fully fit as soon as possible.


Main Benefits of Business Medical Insurance

In a competitive jobs market offering medical insurance options to potential employees can be a good way of attracting the top level candidates. Medical insurance can be expensive to take out privately so many job seekers do consider this type of offer from employers as an additional selling point to a job offer. Business medical insurance can also have a number of other benefits including:


* Income Protection - as a small business you may not be able to afford to pay someone a regular wage whilst they are unable to work through illness or injury. Business medical insurance can provide financial support to ensure that your employees can continue to receive a wage during their absence.

* Private Medical Treatment - treatment in private hospitals is often quicker and more responsive than going through NHS channels. This may mean your staff will be able to access the care they need much more quickly and get back to work as soon as possible. This will help to minimize the impact of sickness absence on the workplace.

* Key Man Insurance - this is a combination of life insurance and critical illness insurance and provides an important form of cover should any of your employees fall seriously ill (such as from cancer, heart attack or stroke). Some medical policies will let you roll this type of cover in.

* Liability Insurance - in some cases it could be argued you are looking providing for the health needs of your staff better by providing medical insurance. Although it is unlikely to reduce your premium
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