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The Employee Benefits Experts
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57% of SME's have no business protection

Posted by admin on June 25, 2013

In a recent survey released by Legal & General it was identified that the vast majority of small and medium sized enterprises (SMEs) have no key worker protection in place, despite the death bupa_20.pngof a business owner emerging as the most disruptive potential scenario a business can face.

An investigation into the protection habits of 500 UK businesses commissioned by Legal & General found that the death of a business owner was identified as the most disruptive possible scenario by 43%, compared with 23% who specified fire damage and 14% who cited critical illness.

Despite this, 57% of SME’s do not have any form of protection to safeguard the business against the risks associated with losing the owner.

Staggeringly the results show 12% of SMEs owners predict their business would cease trading immediately as a result of the death or critical illness of a key worker or business owner.

A further 42% said their business would ultimately cease trading as a result but possibly over a longer period of time. Of these, 25% per cent would expect to cease trading within the first year, 6% within the second year, and 11% after two years.

The cost has to be a consideration for businesses given the current financial climate, but you have to weigh up the consequences of doing nothing and the financial burden that could bring. Losing a key worker can have a huge impact on any business, whether from the aspect of sales, turnover or recruitment.

With this in mind Healthwise has teamed up with BUPA, the UK’s largest health insurance provider to offer its clients a 20% discount off the price of a BUPA Health Screen – that’s £150 off the Advanced Health Check.

Do you ever wonder if those little aches and pains hide any greater problems? A BUPA Health Screen can help. Providing you with an in-depth profile of your health, it tells you how your body is really doing.

Why do you need to screen staff?

Your  staff are the greatest asset to your business, if you rely upon them you need to consider what the implications would be if they were not around due to illness, or at worse death as identified by Legal & General.

A Health Screen will ensure business owners and employees remain in good health by identifying issues which often go unnoticed but then come to light at a later date. Conditions such as Diabetes, Cholesterol, Thyroid and High blood pressure are easily treatable and could be easily identified as part of a Health Screen. However if left untreated, they could have long term implications, such as Heart attack, the third most common cause of death in the UK.

Prevention is better than cure

If you screen employees you will ensure that any illnesses are identified as early as possible so that they can start to make lifestyle changes now or if of a more serious nature, obtain a referral to see a specialist and establish more information about their medical condition.

Know the facts and know the risks

To put this into context a BUPA Health Screen can cost no more than the service cost of a company car each year.

The BUPA Complete Health screen is the most popular at a cost of £462 per employee. The company is able to pay the cost of the screen and it’s not classed as a taxable benefit, so it has no tax implication to the employer or the employee.

Want to know more

For further information about the BUPA Health Screening options and locations please contact our offices or visit our web site by clicking on the link