From Darwin to Melbourne and Brisbane to Perth, hundreds of new businesses open their doors every month. Some will grow slowly, taking on employees over the course of a year or so; others will expand rapidly with a bold recruitment strategy.
There's no shortage of opinion that now is a good time to be a startup in Australia, though these new enterprises have a wealth of important decisions to make. Not least of all is how they will protect the health and wellbeing of their employees, clients and members.
A growing number of new businesses in Australia will consider a corporate health insurance policy essential. What's more, it can offer small startups big benefits.
What is corporate health insurance?
Healthcare is on everyone's mind. Many believe the public system is under-resourced and overworked, leaving hospitals and GPs stretched for time. Popular opinion suggests this is having a negative effect on the standard of care that can be provided by the public healthcare system.
Some people have health priorities that are not covered by Medicare – such as dentistry, physiotherapy, optical or other similar services- so they seek to upgrade to a healthcare system that caters for these extras.
However, the stumbling block is that some people can either not afford private health insurance or are at least put off by the cost of upgrading. This is where an employer can help.
Corporate health insurance is designed to cover all or part of the cost of an individual's access to private healthcare. The benefits to the employee are obvious, though there are distinct advantages for the company, too.
Many Aussie employers are attracting the best new talent by offering healthcare as part of their company policy.
With hiring intentions up across many industries and unemployment gradually falling, it is up to the company to remain competitive in the jobs market if they want to appeal to, and retain, the staff members that can make a difference.
By offering a high level of care through a corporate health insurance structure, a startup can compete with larger enterprises and find the employees to help their enterprise grow.
With more people understanding the benefit of this, it is even becoming a point of difference for many jobseekers, and is therefore growing more important for businesses when beginning their recruitment strategies.
Working on a budget
A startup is likely to be operating on funds provided by investors and from small amounts of initial revenue. This makes it important for a small business to get all the benefits of a corporate health plan without breaking the bank.
An insurance plan for a startup can cover against the most pressing concerns, helping to attract staff and keep employees satisfied and engaged in the long term, but keeping premiums under control.
Fortunately, the insurance market in Australia is a strong one. With 35 health funds all competing for the signatures of policyholders, comparing health insurance is a great way to lower your initial costs.
It is important to remember that help is at hand for establishing a corporate health insurance policy and making sure it benefits your company in the right way.
Your health insurance broker can help you identify which parts of your policy are essential and which can be limited to keep your budget intact. From there, a broker will use their professional networks to find the most suitable insurer for you.
HICA's team of experienced brokers are able to do all this on your behalf. To make sure your policy is hitting the mark, we can even consult with your employees on what they consider are the most pressing and attractive options in terms of their healthcare.
In this way, we can use our expert knowledge accrued from 30 years of experience to create a policy on your behalf, allowing you to focus on growing your core business.
To discuss more, call HICA today on 1300 44 22 01 for impartial advice.