Private Health cover for small business owners
Will employee absence hurt your profits?
If you’re a small business, having just one of your employees off work can seriously impact your company and your profits. Especially if that employee is a key member of the team or they’re off for a prolonged period of time and have to wait for the medical treatment they need.
Private health cover is designed to cover the costs of private medical treatment for curable, short-term illnesses or injuries, generally covering in-patient and day-patient treatment as well as eligible out-patient treatment. This could help your employees to return to work quicker.
The cost without private health cover
Official statistics* show that employees are absent due to sickness for around 4.6 days each year. With average full-time earnings at £611 per week** this equates to £514.80 in ‘lost’ salaries.
For a team of 50, this means 230 days lost and £28,106 in salaries. This shows just how important it is to manage absence within your business.
* https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/labourproductivity/articles/sicknessabsenceinthelabourmarket/2021** https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/annualsurveyofhoursandearnings/2021
The key benefits of private health cover
- Quicker treatment
- Your employees will be assured of prompt access to treatment when they need it, without having to worry about NHS waiting lists.
- Crucial to your business
- Employees are probably the most important asset a company has, so looking after their health is crucial to your business.
- A valuable employee benefit
- Private health cover is a highly valued employee benefit. Arranging cover for your employees, and possibly their families, will help you attract and retain the best staff for your business.
Get in touch today to discuss organising private healthcare for your small business