Are you a small business owner looking for a head start in success in 2023?
Well, let us tell you, the key to beating out your competition isn’t just about having good marketing tactics or a dream sales pipeline; it’s about providing private medical insurance for yourself and your team!
That’s right; making sure that everyone on board is insured does more than just give peace of mind. It also strengthens workplace morale, creates happier customers, and improves your business’ bottom line too.
In other words– if you want to have a thriving small business this year, don’t underestimate the importance of getting quality coverage through private medical insurance. Keep reading to learn more!
- Private Medical Insurance Brings Peace of Mind
According to the British Medical Association, in October 2022 there were 7.21 million people in the UK awaiting NHS treatment. That’s 70% higher than at the start of the pandemic, and with further nursing strikes announced, the wait time doesn’t look like it will be coming down anytime soon.
So what does this mean for your employees? Well, if your employees aren’t happy because they are in pain themselves, or worried at the thought of them or a family member not receiving treatment for a serious, unexpected medical issue, they’re not going to be performing to their full capacity at work.
With additional financial burdens on families this year, this is just one stress that you can reduce for your team.
Employees with Private Medical Insurance have peace of mind that they can access medical care if required in a time efficient way, and in turn are happier and more productive at work. It’s a win-win-win situation (yes, there are meant to be 3 ‘wins’ there- have you read The Awakened Millionaire? I recommend it!) and a great way to contribute to your 2023 success.
- Attract Staff with Private Medical Insurance
Whilst Private Medical Insurance (PMI) used to be reserved for the wealthy, those in professional sectors and Directors of large businesses, it’s now becoming a necessity for all.
If you’re in one of the industries where employees are likely to already have some cover, you won’t be able to attract the great performers to make this a successful year without the incentive of PMI.
And if you’re in an industry where PMI cover hasn’t historically been offered by small businesses (think engineering, farming and haulage, for example), then lucky you; you’re now an industry leader. This is a quick, easy and cost-effective way to compete and attract the best employees and give your business a boost.
- Keep staff with Private Medical Insurance
Once you’ve attracted the staff, you need to keep them, right?
With the average cost of recruiting a new member to your team at £6,125 and rising to an eye-watering £19,000 for management, you’ll want to do everything you can to keep your team.
PMI is a great way of making sure your top talent stays put.
Without the right people in place, you’re stuck at square one. Show your staff that they are valuable and appreciated by providing them with Private Medical Insurance – because a motivated workforce is essential for creating an enjoyable working environment where everyone shines!
- Reduce Absenteeism with Private Medical Insurance
Imagine this: your top-performing employee slips a disc in their back whilst in the garden at the weekend. No matter if they’re desk-based or a manual worker, the pain alone is likely to keep them off work until the pain subsides, or in the worst-case scenario, surgery is carried out.
We’ve already looked at NHS waiting times and know that waiting to get an MRI, CT scan or X-ray can take weeks, if not months, nevermind waiting to see a spinal consultant for surgery.
With Private Medical Insurance, your employee could be seen quickly, by a specialist, and close to home in no time at all.
Not only will they be back to work far more quickly than if they’d relied on the NHS, they won’t have been suffering at home and in our experience, employees are usually extremely grateful to their employers for getting this coverage in place.
- Private Medical Insurance will help your business’ bottom line
How else does Private Medical Insurance improve your business’ books? In short, private medical insurance is an essential employee benefit that can make your business successful by attracting and retaining employees, reducing absenteeism and giving employees peace of mind so they perform at their best.
Did you know that Private Medical Insurance is an allowable expense against your Corporation Tax? Depending on the rate your business will pay come the introduction of the variable rate in April 2023, you could save 19-25% of the premium on your Corporation Tax alone.
What’s more, premiums are usually much lower than businesses expect, and PMI is a great way of giving employees more and providing a valuable benefit, rather than adding a very small amount to their annual pay rise.
It’s not hard to see why this is such an important benefit for businesses. If you’re interested in learning more about how private medical insurance could help your business, schedule a call with Sam today to talk through the options for your business, and make 2023 your best year yet!