Taking care of your employees should be included in your list of priorities as a good business owner, even if you are just new and starting. Your employees are the ones who are keeping your business operations running after all, and keeping them happy and satisfied by providing the right support will also reflect in their boosted productivity and quality performance.
One of the ways to keep employee satisfaction up is by having them secured with a good insurance policy. If you are managing a startup business, here 5 reasons why a self-funded insurance plan is good and ideal for you.
- Flexibility – Compared to traditional insurance plans, self-funded insurance policies give you more flexibility and reign over the terms of the plan. This means you can freely choose what benefits are covered without the need to follow state-mandated coverage requirements, especially in strict and demanding places. You can create an insurance package that is adequate to the overall population of your company without the unnecessary add-ons befitting only large corporations.
- Save More – Self-funded insurance policies save you from the expensive premiums of third-party insurance companies if you opt to go the traditional way. With self-funded insurance, you will be spending exactly only according to what is needed and claimed by your employees.
- Employee Preferences – One of the good things with self-funded insurance is that it is also flexible with where your employees plan to get a medical check-up. Traditional insurance companies usually have partner hospitals and doctors, thus limiting your options and disabling you from consulting your preferred medical expert. So if your employees already have a trusted medical doctor, even if their clinics are on the other side of the continent, it is easy to arrange an appointment with them through the self-funded insurance that they are secured in.
- Lower Risks – This type of insurance is especially fitting for small and start-up companies that do not have a big population yet and another reason for this is that it has lower risks of overspending. Because self-funded insurance can only be claimed when used, you do not have to worry about the extra and unused budget that you would have spent in a prepaid insurance plan that most insurance companies offer. You get to spend only what is due.
- Manually Manage Insurance Plans – Because you are the one in control over the insurance policy and coverage, you get to see and observe what benefits your employees mostly claim and use. By having this data, you can better build your coverage policies and only include benefits that are really going to be useful for your employees. As such, you can also see what else you can improve.
Getting insurance coverage needs a lot of time and thinking as this also part of your company’s growth strategy. You can learn more about self-funded insurance and other policies by visiting National Insurance Partners and sending us a message.