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What Can Happen If You Don’t Buy Employee Health Insurance?

What Can Happen If You Don’t Buy Employee Health Insurance?

Most successful businessmen consider their office as their second home. By that logic, employees become their extended family. You celebrate success together, make plans to perform better, and when facing failure you empathize with them when they feel bad. You do all this to show you care for them.

But what about their health? What are the measures you take in your company to ensure the good health of your employees?

The toll of diseases is on the rise in India. Stroke, asthma and diabetes are some of the leading causes of death in our country (as per this source) Buying an employee insurance scheme is a safe bet if there is no formal arrangement already in place. A group insurance scheme that can offer coverage for healthcare facilities to all your employees.

You might assume that there is no huge risk in managing health and safety in your workplace, but this is not true. Whether it is about tripping on the floor or suffering an injury while handling machines, there’s always a risk, even though it might be small. An employee insurance scheme will work as a safety net against this risk factor to ensure the overall well-being of all your employees.

Still not sure if you should buy an employee insurance scheme? Here are possible outcomes that could arise if you don’t buy it:

  1. Productivity at Work May Fall

Frequent absence of employees in your office can be the direct result of simple or perhaps even critical health issues. Not everyone can afford to pay for expensive medical treatment. Many people resort to taking leaves from work till the time their health is back on track. Those who force themselves to work even if they are not well, pose a higher risk of spreading illness to other employees too. Else their productivity at work suffers. Either way, health issues ultimately lead to loss of work productivity, which may result in financial losses to the company.

An employee insurance scheme is a simple solution to avoid such situations. With the benefits of this scheme, your employees will find it easier to access quality healthcare facilities without worrying about the cost.

  1. You Might Need to Pay for the Required Treatment

Workplace hazards can occur unexpectedly and may lead to severe injuries to your employees. It is your responsibility to deal with such situations and offer the required medical treatment, both morally and as per law. Lack of an employee insurance scheme could mean that you have to pay for the cost of treatment, no matter how high or low it is. In some cases, it may also result in legal proceedings to add more worries for you as a business owner.

  1. You May Find It Hard to Attract New Employees

People, especially young individuals, love to work for companies that care for them. Unlike in the past, pursuing a job is not just about earning a salary every month these days. It is the overall work experience and additional benefits that push people to continue working for a firm for a long tenure.

An employee insurance scheme is a perk that many companies offer to attract new employees as well as to retain the existing ones. It is advantageous for employees as they need not buy a standalone health insurance policy to avoid financial worries during medical emergencies. Not purchasing an employee insurance scheme simply means you might lag behind your peers in attracting the best talent for your company.

There is not one, but several benefits of choosing a good employee insurance scheme. It ensures that your employees stay healthy and feel motivated to work for your business. You can even ask for help from the leading insurance broking firms, like SecureNow. They work with leading insurers to offer the most comprehensive schemes at the best rates. Irrespective of the number of employees in your firm, do prioritize buying group health insurance for ensuring long term benefits all round!