Offering insurance for your staff is smart for business | Protection Solutions

Offering insurance for your staff is smart for business

Offering insurance for your staff is smart for business

May 10th, 2022

The biggest asset you have in your business is your employees, without them daily operations wouldn’t run. It’s a no brainer that staff deserve to be rewarded in the right way. Offering your workforce subsidised insurance is not only a good way to attract and retain staff it is also good for the success of your business, here’s why.

You can protect your staff and business from loss of income

With workplace insurance, you can protect your staff from loss of income and your business from unexpected costs. Having a workplace health scheme in place gives staff the comfort of knowing they have prompt access to diagnosis and treatment early if they fall ill. The benefit to your business is that staff are less likely to take large chunks of leave as they have prompt treatment if they fall ill. According to Accuro “an absent employee typically costs an employer $600 to $1,000 a year due to sickness”.

Attract amazing employees

When choosing a job or accepting a position, the quality, or the mere fact you have health insurance could determine whether you attract the best talent that is out there. In New Zealand, eight out of ten employees rate medical insurance as an important company benefit. By offering staff insurance you can become an employer of choice and attract loyal and quality employees.  

You can expect less absenteeism

Even if an employee decides to continue to work when they are ill, they are not operating at full capability which in turn reduces productivity and results in a loss of income for your business. Employees that have undiagnosed health issues can experience more sick days and more unproductive workdays unless they are treated. Being unproductive at work is a factor of many things such as stress, illness, poor mental health, lack of sleep and financial challenges.

Offering insurance can take one burden away from employees and encourage them to get treated for health issues when they arise.

It’s more affordable than you think

Many business owners don’t see the benefit in workplace health insurance as they assume it will be too costly for the business – this is not the case! Subsidised health insurance for your staff can come to less than 1% of your total salary bill.

Workplace health insurance lets your employees know that you care about them and have their back – this can really benefit your business long term. It’s a no brainer! There are so many different cover options available. Contact us and speak to an adviser today to find the right employee insurance programme for your business.