To lower Workers’ Compensation Insurance costs for your business, you may want to consider a wellness program. Wellness programs offer many benefits and aren’t just for big companies. Statistics show that 58% of small to medium-sized businesses (3-199 employees) provide wellness programs. The return on investment (ROI) for employee wellness programs is $6 for every $1 spent.
SHRM states, “Wellness programs are provided to employees as a preventive measure to help avoid illness while improving and maintaining the general health of the employees. This can be accomplished through education, communication, and a supportive work environment.”
Wellness programs may address physical health, mental health, substance abuse, or chronic pain. They may or may not include incentives - such as health insurance premium discounts, contributions to health savings accounts, cash or gift cards, etc. - to participate in the program. SHRM cautions, “Employers should make sure their wellness incentives are designed, so they do not inadvertently lead to unhealthy behaviors. For example, a per-pound weight loss incentive with no limits may encourage unhealthy weight loss practices. Or an incentive for attending a fitness center that expires after one year may result in employees ending their regimens.”
Wellness programs may include one or more of the following:
Employees spend a substantial amount of time at work, and unfortunately, workplaces often lead to ill health. For example, desk jobs can lead to inactivity and weight gain, and work stress has been shown to cause many health issues. So, it’s no surprise that wellness programs provide many benefits for employers and employees alike:
*Statistics from Zippia.
SHRM suggests the following steps to establish and design a wellness program:
The independent agents at American Insuring Group will work hard to get you the best price on quality insurance to protect your employees and your business.
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