Did you know that your employees' health directly affects your business's productivity and profitability? That's right. The reasons are, first, having many unhealthy individuals in your workforce leads to increased absenteeism due to sick days. And every absent employee compromises the organization's overall performance. Besides, healthy workers tend to be happier, energetic, and more willing to put in extra time and effort, positively impacting bottom-line results. If you want to ensure your team is in good shape, start by offering business health insurance. Keep reading to discover more about this policy and the reasons to provide it.
What is Business Health Insurance?
Business health insurance, otherwise known as group health insurance, is a policy that enables employers to cover a percentage of their employees' health coverage premiums. It's typically purchased by employers and business owners, who offer it to qualified members of their teams. In a nutshell, a worker covered by business health insurance receives help paying medical expenses in eligible circumstances. As the name suggests, group (business) health insurance is tailored for groups composed of a particular company's members or workers. Therefore, you need to be part of a group to enjoy this policy.
Why Offer Business Health Insurance?
Business health insurance is essential for the following reasons:
1. Low premiums
Most people prefer group health insurance because it caters to several group members rather than individuals. As a result, the risk is spread across a wider pool, meaning insured individuals pay lower premiums. Besides, since most employers that offer group health insurance help out with premium payments, individual employees incur lower costs. This insurance policy also comes with tax benefits since workers typically pay assigned premiums using pre-tax money, which saves money.
2. Attracting talent
Offering business health insurance shows you care for your employees' psychological and physical wellbeing. It also proves you value everyone on your team and not just for their work. That plays a vital role in helping your organization attract and retain top talent. The reason is, prospective employees nowadays scrutinize much more than the job description and salary offered. Therefore, if you want to gain the upper hand and recruit the best talent, provide better and unique packages such as business health insurance.
3. Low employee turnover
Employee turnover can undermine a firm's performance, especially if the business is budding. That is so because when your workers quit constantly, you are forced to interview and hire new talent frequently. And the hiring process is time-consuming and costly. But you can avoid that by purchasing business health insurance for your team. With this policy, workers feel valued and, therefore, happily continue working for your organization.
Contact an insurance company that offers business health insurance for more information.