Recent research has revealed that less working days are being lost due to sickness since surveys began, yet a third of organisations have reported an increase in stress-related problems.
In our past post 'Shocking H&S Statistics Show Importance of Business Insurance' we wrote about how the correct cover can protect you from absenteeism, but what about mistakes or accidents brought about by stress?
11.7m Days Lost to Stress
According to the Chartered Institute of Personnel Development (CIPD) Absence Management Survey 2016, 6.3 work days have been lost per employee - the lowest since the survey began. However, the Health and Safety Executive (HSE) reports 11.7mllion working days have been lost due to stress - an average of 23.9 days per case.
Findings state 37% of work related ill health and 45% of working days lost are due to stress, with public service industries the worst affected. Reports of increased stress-related issues have come from a third of organisations, whereas insurers are seeing a significant rise in consequent claims.
The Association of British Insurers (ABI) comments on these findings on it site saying:
"The growth in resources offered by insurance companies to support firms and workers experiencing mental health difficulties is testimony to the seriousness with which these issues are being taken by the industry. Processes and tools to develop a broader sense of 'workforce wellness' that encompasses both physical and mental health can be partnered with more specific training in mental health first aid, web based support and hands on rehabilitation to help prevent and manage mental health concerns."
Insurance is especially important for people who are self-employed or work for small firms where support offered in larger organisations may not be available and time off can have a crippling effect on business.
The ABI continues:
"For insurers there are challenges for claim prevention and management, developing resources to support companies and individuals to get the best outcomes. In this evolving climate of openness about mental health problems, developing easily understood, meaningful products with underwriting philosophies to match is vital to give confidence to developing businesses and individuals that insurance can meet their needs. This surely must help grow the protection market."
Ensure You’re Prepared with Appropriate Cover
If you require insurance to cover loss of income due to mental health-related absenteeism or any other reason, we can help build and locate a policy that suits your needs. Please get in touch today on 0333 202 6240 to discuss your options.
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