Small Business, Big Benefits Why Group Health Insurance is a Must Have

1. Small Business, Big Benefits Why Group Health Insurance is a Must Have Small-scale businesses, which constitute over 99% of businesses in India, face unique challenges in providing employee benefits. However, offering group health insurance is crucial for these firms, as highlighted by Ethika Insurance Broking. Group health insurance helps small businesses attract and retain top talent by offering benefits beyond salary, particularly appealing to younger employees who value workplace appreciation. It also proves cost-effective, as insurers often provide discounts for group policies, and can reduce employee sick days by promoting preventive care. Ethika Insurance Broking emphasizes that group health coverage boosts employee morale by demonstrating employer care and alleviating financial stress related to medical expenses. This leads to increased job satisfaction, productivity, and loyalty. While the Affordable Care Act mandates health insurance for companies with over 50 employees, smaller businesses can benefit from tax credits by offering coverage. Ethika Insurance Broking notes that

2. this helps companies comply with regulations and avoid turnover costs associated with inadequate benefits. Perhaps most importantly, group health insurance improves employee health and wellness. Many policies include wellness programs offering gym access, nutrition counseling, and smoking cessation support. This focus on health leads to reduced absenteeism and increased productivity. Ethika Insurance Broking concludes that despite the challenges faced by small businesses, offering group health insurance is one of the most impactful decisions they can make. It not only benefits employees but also contributes to the overall success and growth of the company by creating a healthier, more satisfied, and more productive workforce. Source: Ethika Insurance Broking