Running a small business can certainly be a big task: there’s payroll to manage, employees to oversee, staff to hire, and customers to keep happy. With so many responsibilities, it’s understandable that small business owners might find it challenging to also worry about their employees’ health. However, investing in small business health insurance can be a smart move for several reasons.
If you’re new to the business sector or just want to learn more about this type of insurance, the team from Desjardins Financial Security Independent Network (DFSIN Toronto West) has collected ten reasons below to consider it!
1. Lower Premiums
Group health insurance plans, like those for small businesses, often offer lower premiums per person. This is because the costs are typically shared between the employer and the employees, making it more affordable for your staff to have coverage. Compared to individual private insurance plans, a group plan can significantly reduce the financial burden on employees, making healthcare more accessible.
2. Employee Retention
Offering comprehensive health insurance can greatly enhance employee retention. Employees value benefits like health insurance, and a competitive benefits package can make your business more attractive to both current and prospective employees. When staff members feel cared for and supported, they are more likely to remain loyal and committed to your business.
3. Healthier Employees
Access to quality health insurance means your employees can receive timely medical care, leading to fewer sick days and higher productivity. Preventive care and regular check-ups can help keep your workforce healthy, minimizing disruptions caused by illness. Healthy employees are essential for the smooth operation of any small business, as each team member plays a critical role.
4. Your Family can Receive Coverage
Many small business health insurance plans allow business owners to extend coverage to their family members. This means that as a business owner, you can often include your family as dependents or even as employees, ensuring they receive the same quality benefits as your staff. This added benefit can provide peace of mind, knowing that your loved ones are also protected.
5. You Can Receive Tax Incentives
Small business owners in Canada can benefit from various tax incentives when offering health insurance. The government provides tax breaks and incentives to businesses that offer healthcare coverage, helping to offset the costs. These incentives can ease the financial burden of providing health insurance, making it a more feasible option for growing companies.
6. Attracting Top Talent
A comprehensive small business health insurance plan can make your small business attractive to high-calibre job candidates. In a competitive job market, top talent often looks for employers who provide robust benefits packages. By offering health insurance, you can differentiate your business and attract skilled professionals who might otherwise choose larger companies with more extensive benefits.
7. Enhanced Employee Satisfaction and Morale
Providing health insurance demonstrates that you care about your employees’ well-being. This can significantly boost employee satisfaction and morale. Employees who feel valued and supported are more likely to be engaged, motivated, and productive. A positive work environment can lead to higher job satisfaction and better performance.
8. Reduced Absenteeism
Small business health insurance can improve your employee’s overall health, resulting in fewer sick days and reduced absenteeism. Employees with access to regular medical care and preventive services are less likely to suffer from serious illnesses requiring extended time off work. This can help maintain productivity and reduce the disruption caused by unexpected absences.
9. Legal and Compliance Benefits
In some regions and under certain conditions, offering health insurance can help small businesses comply with local laws and regulations. While health insurance is not always mandated for small businesses in Canada, staying informed about any regional requirements or incentives can help you avoid potential legal issues and take advantage of available benefits.
10. Improved Business Reputation
Health insurance can enhance your business’s reputation within the community and industry. It shows that you are a responsible and caring employer, which can improve your standing with customers, partners, and other stakeholders. A strong reputation can lead to increased customer loyalty, better business relationships, and positive word-of-mouth, all of which can contribute to your business’s success.
Beyond the well-known benefits of lower premiums, improved employee retention, and tax incentives, offering health insurance can also help attract top talent, boost employee morale, reduce absenteeism, ensure legal compliance, and enhance your business’s reputation. Providing health insurance is an investment in your employees’ well-being that can pay dividends in terms of productivity, loyalty, and overall business success.
Also Read: Why Critical Illness Executive Health Plan is Essential for Your Small Business and How to Avoid Life Insurance Mistakes When Struggling With a Critical Illness
Contact us to learn more about small business health insurance today!
If you’re a small business owner considering investing in small business health insurance, the team of experts from Desjardins Financial Security Independent Network would love to tell you more about the process. Contact us online for a quote or call (416) 695-1433.
