For small businesses, employee health insurance is a clever investment. Not only can it foster the good health of your workforce, it can also improve productivity, reduce outgoings and help drive long-term business growth.
Here is a guide to employee medical insurance and all the potential benefits of workforce health insurance for a small business in KSA.
What Is Health Insurance for SMEs?
Health insurance for small businesses is usually tailored to provide the optimum experience for businesses that have fewer than 250 employees. Employers can purchase plans that cover various medical costs for their workforce.
What is covered can vary. Businesses can select basic to comprehensive policies from their chosen insurer. In KSA, basic cover usually provides general and emergency medicine as in-patient or outpatient, maternity cover, and dental treatments up to a limit of around 500,000 SAR. Paying for more comprehensive cover can extend the cost limit and provide better access to private facilities and the hospital network.
The Benefits of Offering Health Insurance to Your Employees
Reap the following rewards when you ensure your employees are covered by high-quality health insurance.
Boost Employee Well-Being
Health insurance ensures your employees have access to suitable healthcare when needed, including being able to see family doctors and attend minor injury units. Access to preventative care and early intervention will help your workforce stay in good general health and seek help quickly as problems arise. Businesses reap the benefits when they take a proactive approach to employee well-being and their employees feel well and energized.
Grow Productivity
Fit and healthy employees take fewer sick days. Data from the US-based Medical Expenditure Panel Survey (MEPS) has demonstrated that employees with health insurance take over 75% fewer sick days than those without.
What’s more, when employees have access to great healthcare and emergency medicine, they will return to work quicker, even when they need time away from work to heal and recuperate.
Increase Loyalty
Investing in your employees’ well-being will build their trust in your company. This will be rewarded by greater commitment and loyalty from your staff.
Surveys by global insurance providers have consistently shown that employees satisfied with their company-provided health insurance are happier at work and around 70% more likely to remain loyal to their employer.
Lower staff turnover reduces outgoings and results in a more stable, cohesive team in the long term.
Enhance Job Satisfaction
If your staff come to work knowing their health is covered, they will feel a greater sense of security, less stress, and more job satisfaction. Research by LinkedIn suggests that employees are three times more likely to be happy at work when they feel taken care of by their employer.
Covering medical costs through insurance protects employees from unexpected expenses, showing them you care about their financial stability.
Support Mental Health Needs
Providing mental health coverage can foster a supportive work environment and help reduce the risk of workplace burnout. Across the planet, more than a billion people have mental health difficulties. The economic toll of this is vast due to lost work days and lower productivity.
Investing in your employee’s mental health can lead to better outcomes for your business. Research has shown that the financial return of investing in mental health in the workplace can be fourfold.
Strengthen Your Business Culture
Insurance industry research shows that employees trust their employers more when a clear and comprehensive health insurance program is in place. Offering comprehensive benefits communicates that your company values its employees, fostering a positive and inclusive workplace culture.
How Health Insurance Can Help Your Small Business Stay Competitive
KSA SMEs that have already invested in health insurance for their employees are enjoying these benefits right now. This proves that health insurance:
Attracts Top Talent
Even if your business is small, you can still attract highly skilled and qualified professionals and tempt them away from much larger businesses. Excellent benefits are very attractive to top talent, who often prioritize benefits such as paid time off and health insurance over salary when choosing an employer.
Health insurance can position you as an excellent employer and attract more people to your job openings, meaning you can be more selective during recruitment.
Increases Employee Retention Rates
Turnover can be costly for small businesses. Health insurance helps reduce this by building employee loyalty and satisfaction. When you offer great health insurance benefits, that can be a perk that is very hard to leave behind.
Improving employee loyalty will save you time and resources on frequent hiring, and help you establish an experienced workforce.
Improves Public Perception of Your Business
Companies that care for their employees are viewed more highly and often enjoy a better reputation amongst the public. A positive public image can help you attract both customers and potential employees.
Reduces Short and Long-Term Business Risk
Having healthier employees is likely to mean fewer sick days taken and fewer day-to-day disruptions to business operations. Access to company health insurance promotes stability and continuity.
Fosters a Strong Team Culture
When employees feel cared for, they’re more likely to collaborate effectively and stay motivated to help the business grow. With excellent benefits, including health insurance, you can grow your team and your business from strong foundations.
Why not start today by taking the first step towards securing excellent health insurance for your workforce with an insurance company that can meet the needs of your small business in KSA?
