Corporate Health Insurance is one way to fulfil your duty of care to your employees. It helps to increase employee engagement and makes them feel more valued.
With this type of cover, as an employer you will be offering a peace of mind for both yourself and your employee - it can ensure your employee returns to work quickly by helping them to overcome any issues that may be limiting their ability to perform.
Why Corporate Health Insurance is so important
Statistics indicate employees cost their employer an average of £522 each year due to absence.
Your employees are your most important asset, so regardless of the size of your business, a Corporate Health Insurance scheme is a key business tool to help look after your employees. It may also reduce business costs and absenteeism whilst increasing staff engagement and productivity.
What Corporate Health Insurance can cover
Corporate Health Insurance can cover a whole range of health issues. A good Corporate Health Insurance plan will include an Employee Assistance Programme (EAP) offering counselling, information and support.
Cover can range from a full Private Medical Insurance policy giving benefits for hospital stays, cancer care and outpatient treatment to a basic cash plan for employees that allow them to claim for consultations, eye tests, glasses and therapies.
What to look out for with Corporate Health Insurance
When considering this type of cover, make sure you are aware of the underwriting terms and how it can affect cover.
Whether the policy you are looking at is claims-related, you may be enticed by a large no claims discount that could affect the renewal premium as and when the policy is used.
Look out for the opportunity to switch providers, some insurance companies may be able to review your current policy and advise if they are able to offer similar or a better policy at a competitive price.