However, with so many various policies out there promising different types of cover, protecting your businesses best interests can be quite an overwhelming challenge. While one of the most beneficial decisions you can make for your business and its employees is to opt for coverage that protects the financial elements, you should consider these types of cover as they are most suitable for business.

Cover for Your Employees

Caring for the health and wellbeing of your team can be implemented in various ways; from providing clean drinking water to encouraging healthy living habits. However, providing your employees with life insurance and disability insurance is a notably important decision.

You can compare deals with the help of an expert insurance broker or similar insurance comparison company near you. Protecting your employees with cover will automatically save your business in the unfortunate event that an employee is to become ill, temporarily disabled, permanently disabled, or worse.

Liability Protection Policies

Liability policies aim to protect businesses from the potential legal costs that can arise in the event of an injury within the workplace. The cover will apply to compensation payouts as well as any relevant legal fees.

As there are a few different types of liability policies out there, it is best to consider a policy that protects you from public liabilities as well as employee liabilities. Be sure to evaluate the terms and conditions of any policy before purchasing coverage as policy details usually vary substantially.

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Business Interruption Cover

If you can imagine the devastating possibility of your business being affected by unpredictable disasters such as a flood, a fire, and several others, the impacts can be daunting. However, you can consider business interruption cover that will protect your business from the loss of sales and profits that result from an unforeseen situation that is not within your realm of control.

Even though this type of cover is not legally essential, it can ultimately save your business from potential closure should a natural disaster or instance of theft take place.

Commercial Property Policies

Commercial property insurance is usually offered in two parts; one is covering the building itself and the other covering the contents within the building. This type of policy might be essential if you have a mortgage loan on the building. However, it is necessary for all business owners as it will be beneficial should damage or theft become a concerning reality. Commercial property policies will protect your business from accidental damage, theft, and other unfortunate instances.

While there are various other types of insurance policies out there that you may consider beneficial for your business, you should always evaluate the costs and the details of a policy before buying cover. Every business owner understands financial challenges and how unforeseen events can snowball quickly. Even if you are in the midst of getting your startup idea off the ground, insurance policies should be a priority right from the start.

One of the first firms to try paying its staff monthly, and not in cash, was a tech firm - Pye Radio - who planned it as a cost-cutting decision. It worked for the employer more than the employee, who used to be paid weekly, cash in hand, ready to spend or deposit. In fact, Pye Radio employees rejected their employer's change of payment type when they first tried it in 1954. So why has it stuck? James Herbert, CEO at Hastee, shares his perspective with Finance Monthly.

We no longer rely on other antiquated systems from 50 years ago - look at the evolution of communication as we've shifted from letters to fax, mobile phones, and beyond. Similarly, Apple Pay, Monzo, and PayPal have completely changed the way payments can happen, yet payroll still remains largely unchanged.

This outdated cycle leaves thousands of workers with financial stress. For example, when a bill or unexpected cost hits the middle of the month, a lack of access to the salary they are actively earning means that many are left with no choice but to opt for high-cost credit. Our 2019 Workplace Wellbeing Study found that as many as 82% of UK workers - across all levels, and all pay bands - resort to these measures to stay afloat, with 38% knowing they will struggle with the repayments.

This is a particularly big problem right now, as people need access to money to buy essentials exactly when their work schedules (and supermarket shelves) allow.

Financial stress can take a huge toll on overall wellbeing, permeating out into all aspects of life. In the same 2019 study, workers said it impacts their sleep (45%), social lives (38%), relationships (34%) and health (32%). Importantly, workers report that financial stress affects their performance at work (27%). All of these areas combined undoubtedly have an impact on how well people are able to function and concentrate at work.

Financial stress can take a huge toll on overall wellbeing, permeating out into all aspects of life.

This has a knock-on effect for employers, too.  Financial wellbeing is probably not something business leaders consider when they think about barriers to productivity, but it can be a huge contributing factor. Unexpected costs can mean the difference between an employee making it to work or not.

Flexibility of pay is also a key differentiator when it comes to workers choosing where they want to work. Over half (56%) of respondents in the same research stated that they were more likely to stay with a current employer if they were offered a flexible payment. It seems that what once worked for Pye Radio - even then, at a questionable degree - doesn’t fit today’s needs and expectations.

Flexibility in payment is the future. Given the technology innovations that have sped up the pace of life across all areas, it will grow increasingly hard for businesses to justify keeping hold of employee wages until the end of an arbitrary pay cycle.

‘Earnings on Demand’ is a concept that is gaining huge traction as more and more realise its benefits. It enables workers to take a portion of their earned pay, on-demand, increasing choice and financial flexibility and wellbeing.

This feeds into the basic human evolutionary wiring of the brain: when we expend effort, we desire to see the reward. After hard work, we want to see the results. People value money today as worth more now than it is later. The ‘time value’ is higher in the present, not in the future.

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And it doesn’t need to stop with the monthly payroll - UK fintech is some of the most innovative and forward-moving in the world. It has the potential to bring greater agility to many other legacy systems and processes.

If we look at the current challenge of rolling out payments to a large portion of the population - specifically when it comes to Universal Credit, SSP and furlough payments - the technology that is changing up the payroll system could quite easily be applied to other areas where a lack of liquidity right now is causing huge financial strain.

It seems clear, then, that the current system is largely broken. Workers have a right to their pay when they need it, and ‘Earnings on Demand’ could have the potential to invigorate it with huge benefits to all. It is time that we challenge the way we think about payroll in the same way we have done many other facets of life.

A business’s success comes down to the employees that power the operation which means that it is essential that you keep hold of your best workers. This can be challenging as the top performers will usually be looking to progress and earn more money. Here are a few tips:

Career Development Opportunities

As mentioned, the top performers will usually want to advance their career whether this is within the company or by making a move. Therefore, you need to try and keep them at your company by offering options for promotion and development in the form of training.

Additional Responsibilities

Leading on from this, the top performers can easily become bored if they are excelling in their responsibilities. This means that you need to keep them active and engaged so additional responsibilities can be an effective way of doing this while helping them to develop their abilities and find areas of the business that interest them. This could involve leading a project, managing a small team, giving a presentation etc.

Positive Feedback

Positive feedback is incredibly important yet often overlooked by business owners. Additionally, the top performers often do not get positive feedback as sometimes owners will believe that they do not require it. This is not the case as it is important that all hard work is recognized, appreciated and celebrated.

Financial Wellbeing Resources

A good salary is, of course, crucial for retaining employees, but it is also important that you can provide financial wellbeing resources for workers. Personal money matters can have a huge impact on employee wellbeing, so if you are able to help your staff to improve their money management then it could have a huge impact on retention, as well as morale, productivity and absenteeism.

Mentors

It can also be helpful for those that are performing well to have a mentor who can help them with career advice and to further engage them with the company. These mentors should be senior employees who are good at engaging with younger staff and are able to provide valuable support.

In order to grow and succeed, it is essential that a business is able to keep hold of its top performers. If the best workers left, then you will constantly have voids to fill which will result in dips in performance. The above are the best strategies to use to keep hold of your top performers and help them to enjoy their work and maximize their abilities. Retaining employees is all about recognizing their talent, providing them with opportunities to grow and develop within the company and creating a positive working atmosphere. This should then inspire your entire workforce to work hard each and every day.

72% of UK consumers are opting for better food choices in supermarkets while spending on health and fitness in the country is on the rise despite increasing pressure on income. A healthy lifestyle can improve your fitness, lower the risk of cardiovascular disease and even boost your mental health. However, can being health conscious help your wallet? Evidence says it can. Here are four ways healthy habits can impact your financial goals, including your plans for getting on the property ladder and your retirement future.

Better Food Decisions = Less Spending

Consumers in the UK spent over £49 billion on eating and drinking out in 2017. This equates to £1,000 per person. In fact, Brits spend more on lunch than utilities. However, healthier eating means savings on the food front. One tip for eating healthy is to choose a packed homecooked lunch where you are aware of all the ingredients and that it is free of preservatives. Doing this can add at least £245 to your bank balance each year. Shopping and cooking at home also saves money in the supermarket, further reducing your monthly food bills. The recommended diet is full of fruit, vegetables, and whole grains; all of which you can consumer for £3 a day. The cost of one meal out can be enough to provide food for 3 or more days.

Your Earning Capacity Improves

Living a healthier lifestyle improves productivity. Eating healthier foods increases your energy and leads to better sleep. A diet rich in whole foods including fruits, lean protein and vegetables will boost energy levels. Multiple studies have linked eating a nutritious breakfast to productivity levels throughout the day. Thanks to increasing convenience in the kitchen, fueling your body with healthy breakfast beverages or meals are now much easier. When you are feeling more rested, you are then able to concentrate and retain information better. All of these positive changes equates to better productivity in the workplace, boosting your earning potential.

It can also boost creativity; spurring ideas and motivation to launch side businesses and pursue other sources of income (and have the energy to keep up with them). This is part of the reasoning behind the growth of corporate wellness programs in workplaces today. Happier, healthier employees are good for business.

Living Healthy Improves Life Expectancy- And Your Credit

Some habits that are a part of living a healthier life include avoiding smoking, monitoring alcohol and sugar intake and exercising. All of these also impact your life expectancy. Living longer can not only mean saving on health insurance but also influence your approval for longer life mortgages, if needed. Longer term mortgages are proving to be a popular way to help people buy a home and also save up to £30,000 on their mortgage overall. Increasing the term of your home loan can decrease your chances of defaulting on payments, falling into debt, damaging your credit scores and simply making your bills more affordable.

Opting For A Healthier Lifestyle Could Protect Your Retirement Funds

The fear of outliving their retirement savings is very real for British consumers, particularly with the younger workforce. It is estimated that you will need to set aside at least £260,000 for their retirement needs in addition to their state pension. Financial firm Key Research puts basic living costs to be approximately £10,830 a year. However, the benefits of being health conscious means fewer healthcare bills, and lower health and life insurance premiums in retirement. Savings like these can be put back into your retirement funds.

Choosing to live a healthier lifestyle is about more than making the healthier choices. It is about improving your present and protecting your future. Better health means a better standard of life, including financially.

Employee wellness is all about ensuring staff are happy and healthy in and out of work. Mental health-related presenteeism costs employers up to three times the cost of mental health-related absence so it’s more important than ever for businesses to take action and take greater responsibility for the wellbeing of employees.

It’s undoubtedly a win-win for both parties as employees are more likely to work longer and be more productive when they are happy and healthy.

Alongside this, it is emerging that employees are calling out for greater support at work, with 8 in 10 saying they do not believe their employer does enough to support their physical and mental wellbeing.

Richard Holmes, Director of Wellbeing at Westfield Health, advises what actions you can take in your business to improve wellness.

1. Encourage staff to get out the office

“Not only is eating at your desk bad for your body, it’s bad for your work and your mental health. Getting fresh air and a change of scenery will mean employees return to their desks feeling recharged and less stressed. It is also a good way to encourage employees to get out the office and exercise. You can also help decrease the risk of depression and poor mental health by suggesting a walking meeting every now and again.”

2. Approachable line managers

“The first point of call sits with line managers. As well as helping employees achieve their work-related goals, a key part of a line manager’s role is to be an approachable mentor, a good listener and to be understanding. This communication between an employee and their line manager can play a massive part in their mental wellbeing at work and therefore reduce mental health related absences.”

3. Destigmatise mental health

“In 2016/17, there were over half a million (526,000) cases of work related stress, depression or anxiety, and this accounted for 40% of all work-related ill health¹. A ‘mental health day’ gives staff the ability to treat a mental health absence with the same approach as a physical sickness day. This will reduce the stigma around mental health and encourage staff to talk openly about their mental wellbeing. It is also a good way to monitor how people are feeling, for instance if someone is absent as a result of their mental health, something can be put in place to monitor and support them.”

4. Keep it fun

“Implement schemes and competitions in the workplace as an incentive for staff to get involved. Competitions can include sports days, quizzes or a step challenge and can either be judged individually or in teams. Introduce prizes to build competitiveness such as a free massage, healthy food vouchers or a gym subscription, resulting in a happier, healthier lifestyle.”

5. Flexible working

“The traditional 9 to 5 hours may not fit in with everyone’s lifestyle, so offering a flexible schedule may make a lot of employee’s lives easier. Businesses can also offer the option to work from home a few days a week. If an employee has a long commute, this can have a big impact on energy levels and general wellbeing.

With a rise in workplace-related stress, illnesses and mental health issues, half (50%) of working adults in the banking and financial services industries believe that businesses are not doing enough to support the physical and mental wellbeing of their employees, according to a new study.

Current treatments such as health check-ups, cognitive behavioural therapy and chiropractic treatment are provided by the NHS, through National Insurance contributions, but 70% of those surveyed by Westfield Health stated that the NHS does not have the budget to provide wellbeing services like these.

So is National Insurance becoming unfit for purpose? Employees in the banking and financial industries don’t seem to know, with 17% of employees knowing how much National Insurance they pay and 35% saying they do not know how much of the contribution goes where, be it the NHS, social security or their state pension.

With an ageing workforce and more hours spent in the office than ever, should the NHS’s frontline resources continue to be used for wellbeing services? The research found that over half (59%) of workers in the banking and financial services industries would like to see the Government do more to promote their physical and mental wellbeing. And the vast majority (74%) believe their employer is specifically not doing enough to help employees deal with work-related stress, anxiety and other mental health issues.

Similar to the recent rollout of the workplace pension opt-out, could a government-backed auto-enrolment scheme for wellbeing programmes - funded by employers and by a portion of employees’ National Insurance contributions – be one of the solutions to address the NHS’s long-term financial needs?

Certainly the appetite is there in the banking and financial services industries with employees particularly prone to sedentary behaviour, poor nutrition and sleep deprivation, impacting on their overall health and productivity. As a result, over two thirds (68%) of employees stated they’d use wellbeing services if their employer provided them.

The top things they would like to be offered are:

1. Health check-ups (45%)
2. Emotional wellness (42%)
3. Exercise (35%)

David Capper, Commercial Director of Westfield Health, said: “The total number of UK working days lost to stress, anxiety and depression resulting from long working hours is 12.5million days. Therefore, it makes sense for employers to relieve some of the pressure through wellbeing initiatives. Not only would they be supporting our economy, they’ll make huge cost savings by looking after their staff’s health, with presenteeism now costing businesses up to three times more than absenteeism**.

“From sleep to nutrition and mental health to physical fitness, there are so many elements that contribute to your overall wellness, happiness and healthiness. In the banking and financial services industries, staff are particularly prone to being sedentary for long periods of time without a break at work, which puts them at serious risk of developing health problems such as heart problems, diabetes, cancer and weight gain.

“It’s more than free fruit in the office and discounted gym memberships. As business leaders, we need to create a culture where our people’s health and wellbeing is prioritised to drive confidence, capability, inspiration and ultimately prosperity.”

(Source: Westfield Health)

More than a quarter (27%) of small financial business owners in the UK have had a health scare since starting their business according to research from Ultimate Finance, which explores the pressure British SMEs are under in the UK.

79% of financial business owners and managers worry their current work / life balance is having a negative impact on their health.

Two fifths (40%) have found it hard to eat healthily since starting a business, while a further 21% struggle to go to the gym and maintain their health regime.

81% worry about the future and their health due to their work habits.

Steve Noble, ‎Chief Operating Officer at Ultimate Finance commented: “While it is common knowledge that running your own business is stressful, we were shocked it has triggered health scares in so many entrepreneurs in the banking and finance sector. It can be isolating spearheading a business, particularly in uncertain economic and political times and clearly the strain is taking its toll in terms of personal health and wellbeing. Many SMEs operating in the financial sector are simply not finding the time to eat well or exercise.

“When you consider that over five million businesses are SMEs, we could be heading towards a bit of a crisis. We need to start talking seriously about the importance of prioritising physical health, not just for the sake of entrepreneurs’ personal health but to ensure the long-term success of their business.”

Business psychologist Robert Stewart added: “Many SME owners focus on the needs of the business and their employees but fail to address their own personal needs. At the start of a new year, I would urge the UK’s financial SME community to take this research seriously and establish their own process for looking after themselves. This may be in the form of a personal wellbeing advocate who can ask them difficult questions about their work / life balance or simply by taking a more honest look at the way they work and creating boundaries and new habits of eating well and exercising.”

The independent survey, carried out by 3Gem on behalf of SME funding partner Ultimate Finance, questioned hundreds of managing directors, across a range of sectors, about the impact that running their business was having on their lives.

Ultimate Finance conducted the research as part of a bigger SME wellbeing campaign, with the aim of highlighting the need for small business owners to consider their own health, as well as their employees. To help SMEs who need support with their wellbeing, the leading UK funding ally has created an information hub with insight and guidance on a range of business wellbeing topics.

(Source: Ultimate Finance)