As an entrepreneur, your small business was born out of your own passion to offer something new to your customers, and the motivation to be successful at what you do. But no one can reach success on their own — in order to get the best from your employees you’ll want to look at offering a few benefits such as company life insurance or critical illness insurance, to ensure your employees are protected should they fall ill, become injured, or die whilst employed.
Why Should My Small Business Offer Company Life Insurance?
Company life insurance has a whole host of benefits that your employees will appreciate, and in turn you as their employer will see the results of these positive effects in the workplace. These include:
Peace of mind
Offering benefits to your employees is a great thing, and life insurance is one of those that really makes a difference. It’s not just your employees you’re looking after, but their families and loved ones, too. Peace of mind is a powerful thing, and studies show that employees who feel happy and cared for at work can be up to 12% more productive and use their time more efficiently!
Stand out as an employer
According to data presented by Employee Benefits, around 96% of small businesses in the UK are not covered by group life policies thanks to overestimating the cost. This is almost unthinkable when life insurance is the second most sought-after workplace benefit for employees in the UK, so make sure you’re in that 4% that’s protected!
Why Should My Small Business Offer Disability Insurance?
Life is unpredictable — sometimes things take a turn for the worst, whether that be from long-term illness, injury or disability. Critical illness cover protects your employees not only for today but for that potential future, and unlocks a myriad of benefits for your business and your team. These include:
Showing employees they are valued
Plenty of workplaces tell their employees they’re appreciated, but there’s a big difference between telling and showing. Trust is one of the most valuable things you could have between yourself and your employees — showing your staff that you care not only about their work, but also their personhood will shape their morale and their loyalty to your company. Meanwhile a team that feels stressed due to their health or the uncertainty of their financial future will have their work performance and productivity impacted.
Being better for business
Employees worried about job security in the case that they are affected by serious illness or injury will not only be going through physical difficulties, but also a level of mental health concerns. Critical illness cover provides not only financial support but emotional support, making a real difference. According to the Society of Insurance Broking, only 0.2% of small businesses in the UK offer this type of protection to their employees, so it can be a real advantage in attracting and retaining a talented and dedicated team.
As you can see, there are many benefits to offering life and disability insurance, even if you are a small business. You will be able to optimise satisfaction and productivity, allowing you to grow your business for many years to come.