Running a company can undoubtedly be a very exciting time for you, your family and your employees. Simultaneously, however, it can be a stressful experience, one that holds a momentous responsibility.
As the owner of the company, there are numerous policies that you will be required to implement, these will range from income protection to public liability insurance, both of which are essential in safeguarding your employees, yourself and your new venture.
According to the Health and Safety Executive (HSE) in 2017/2018, 30.7 million working days were lost due to ill health and non-fatal work accidents. Furthermore, the average employee away from the workplace, owing to anxiety and depression, actually missed a staggering 26 working days.
Below are five reasons to consider taking Private Medical Insurance (PMI) for your business. The benefits it can provide to you, your family and your employees are vast.
1. Downtime - Can you afford not to work whilst waiting for treatment on the NHS?
Despite the NHS being a world-renowned institution, it is under significant pressure, and so waiting lists for treatment are much longer than most people expect.
When having to receive diagnostic or treatment services in the NHS, you essentially have less autonomy in your own patient pathway and are at the mercy of a very over-stretched service. When it comes to consultant-led care, there are significantly fewer options available, and typically, appointments tend to fall during normal working hours. This is challenging for those running a busy company or organisation, to have employees away from the workplace during the essential periods. Moreover, if it is you that has to seek medical intervention, then considering private medical insurance could be an invaluable asset to your business.
By having a Private Medical Insurance policy, you will have the flexibility to arrange care around your working day and even over the weekend. This ensures you can maximise productiveness and limit disruption to your business and personal life.
2. Denial of the Facts – Are you likely to put off visiting a doctor because “it’s nothing serious”?
A recent AIG Life study revealed that 54% of people believe they will not suffer a serious medical condition during their lifetime.
In reality, however, cancer will alarmingly affect one in two people. This statistic does not include common acute conditions such as heart-related ailments. As part of an overall strategy, you should ensure your PMI is a priority because one day, it may not be a case of ‘if’ care will be needed but ‘when’.
3. Mental Health Work Burnout – Are you coping to the best of your ability?
As an entrepreneur, you will be more than familiar with the stress and pressure building your company can bring. The stark reality is that in this position, you could be at a high risk of mental health issues, which unlike a physical problem that you can see or feel, a mental health problem can often go undetected or ignored until a ‘burn out’ occurs.
In 2018, the NatWest Great British Entrepreneur Awards conducted a study and found: -
- 58% of entrepreneurs experienced mental health issues
- Mental health conditions included anxiety (21%), depression (19%) and stress (41%)
- 55% of business owners reported that running a business had indeed had a negative effect on their mental health.
Healthcare insurance providers are aware of this growing mental health epidemic, and as with any condition, prevention is always better than the cure.
PMI providers also offer mental health support. Surprisingly, this can be quite comprehensive, including digital, platform-based, low-intensity Cognitive Behavioural Therapy and can even encompass more intensive consultant-led care.
4. Family Worry - Stress and worry about family and home affects your working life more than you realise.
Behind most successful entrepreneurs is a strong family support network. You cannot prevent your loved ones from falling ill, but PMI can provide the comfort of a solution that will offer the best level and quality of care available, care which can be accessed in a timely manner. Having this knowledge will help to alleviate distress to you and disruption to your company. Allowing you to keep focused on the success of your business.
5. People Power - The greatest resource in your company isn't machinery or hardware but your team.
For a growing company, there always exists the threat of disruption to the smooth running of the business. These disruptions can come at the most inopportune times, such as a staff member being unwell at the last minute and having to take time for medical appointments.
PMI providers offer access to primary care in the form of a virtual GP appointment. Meaning your staff may not even need to leave the office. In many cases, a referral will not require a GP appointment.
This approach to care is more flexible, allowing employees to access care when they need it and enabling them to access it faster, thus enabling your company-increased productivity.
The provision of healthcare insurance within your company is far greater than the sum of its parts. The cost is often much less than anticipated, even a basic PMI policy will cover:
- In-patient care,
- Day-patient care,
- Full cancer cover
- And treatment in a private hospital.
Private Medical Insurance will enable you, your family and your employees to access the treatment and care they need, at the time they need it, benefiting both you and your business.
Samuel Townsend - Healthcare Consultant, Independent Healthcare solutions
If you would like to speak to Capital about building this expense into your financial plan, contact us today.