Pet Insurance Helps Improve Employee Retention and Health
For some business owners, adding pet insurance to their employee benefits may be a bit out there.
But with 15% of employers in the U.S. now offering pet insurance benefits, many employees may be wondering why it’s taken so doggone long to have their fur babies factored in by their employers.
In fact, the list of companies that already offer employees pet insurance packs plenty of big-name bark (but hopefully no biting): Microsoft, T-Mobile, Levi-Strauss, Hewlett-Packard, Xerox, and Yahoo are all among a list of Forbes Best Companies in part for their prioritization of veterinary support.
Pet Insurance Industry Expected to Grow to $10 Billion
And even though 85% of businesses currently don’t offer pet insurance employee benefits, the global pet insurance market is projected to grow to $10 billion by 2025 – making it clear that the number of businesses not offering pet insurance to its employees is expected to fall drastically (not as fast as this dog fell in love with its own adorable picture, but pretty darn close).
But from a purely economic standpoint, why should small business owners consider pet insurance?
Pets Are Family – And Family Is Often Covered by Benefits
A 2016 Pets Best survey revealed that 82% of customers believed they were also pet parents, not just pet owners. On top of this, a Harris Poll revealed that 95% of U.S. pet owners consider their pets family.
As the relationship between pets and people has changed, so, too, has the necessity to increase the level of care given to them – which can often come at a hefty cost. With many, if not most, employee benefits plans providing coverage for not only the employee but their family as well, it would be imprudent to not include pet insurance as part of the overall family benefits coverage.
At a basic level, employee benefits help an employer show they care about their employees beyond the work being provided and into their overall life and future, helping differentiate from other companies.
Helps Improve Employee Recruitment and Retention
Outside of showing a company cares, pet insurance also helps improve recruitment and retention.
According to Mars Petcare’s 2019 annual report, 87% of employers said promoting dog-friendly policies helps attract and retain more talent. With millennials more vocal about the type of benefits and work environment they’d like to be a part of, employers willing to shoulder the cost of taking care of pets better position themselves to attract and keep the best young talent, which should come as no surprise.
Pet-Friendly Work Cultures Report Better Wellness, Productivity
Along with pet insurance providing financial assistance to employees faced with expensive vet bills, employees in pet-friendly work cultures are also happier, healthier, and more productive.
In places like Germany and Australia, for example, research conducted pointed to pet owners visiting the doctor about 15% less than those who didn’t own an animal. There’s even a word for the idea that pets can be good for human health: zooeyia (pronounced zoo-AY-uh).
Furthermore, owning a pet can decrease the risk of coronary artery disease, reduce stress levels, and increase physical activity from an active lifestyle of walking or playing with pets – factoring in to help improve not also health and energy, but also employee performance, engagement, and attendance.
With an employer making it more affordable to own a pet through pet insurance converage, the positive positive impact it can have on employees and their business makes it a worthwhile investment.
Ensure Your Pet Insurance Is a Good Fit for Your Company
Above all, it’s important to ensure the pet insurance employee benefits offered fit your needs.
While you may see the best engagement in pet insurance benefits with payroll deduct, giving employees a set amount that you’ll cover can be the next-best option.
Aside from this, it’s also recommended to select an insurance carrier that offers 24/7 access to veterinary care as part of your policy, as well as to have access to a 24/7 pet-health information hotline, if possible, to reduce employee absenteeism and stress caused by unnecessary visits to a veterinary clinic during regular work hours that otherwise could have been avoided.
Add Benefits Now
Looking to build a benefits plan that includes pet insurance to attract and retain the best employees? PaymentEvolution’s benefits platform offers custom, affordable options from Canada’s top carriers.
Don’t have a PaymentEvolution account? Get started in under 5 minutes.