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Despite their rising demand, good freelancers are hard to come by. Hiring and retaining freelancers remains a challenge for most businesses. But with one small initiative companies can not only hire the best talent but also ensure a fruitful collaboration with freelancers and contract workers: health insurance.
Offering health insurance to freelancers is a strategic business move. In this blog, we’ll find how it’s more than a gesture of goodwill and how businesses can thrive in an increasingly competitive market by offering health insurance to freelancers.
The Concept Of Gig Economy And Freelancing Explained
Part-time workers and freelancers enjoy the flexibility and freedom to work remotely and as per their schedules. However, gig workers experience more financial instability as their roles are short-lived and often subject to renewability.
However, the gig economy is constantly evolving and rules are still being written. The competition to source the best freelancing talent is stiff, which is why businesses need to rethink their approach to hiring and engaging with freelancers.
By providing health insurance to gig workers, businesses can make a pivotal difference. Health insurance can effectively bridge the financial security gap for freelancers, making it an exciting benefit for them and a critical factor in picking projects.
Why Health Insurance Matters To Freelancers?
Although it may appear as a personal challenge, it is also a business risk. Freelancers that don’t have health insurance or have inadequate coverage can impact your business in the following ways:
- Reduced Productivity
- Higher Attrition
- Inconsistent Availability
By helping freelancers get judicious coverage, businesses can foster a more efficient and productive relationship with them and ensure project continuity.
Also read: Group Health Insurance for Small Business
Benefits Of Providing Health Insurance To Freelancers
1. Attract Top Talent
2. Boost Retention and Loyalty
For businesses seeking fast growth, this benefit can make a significant difference. Continued collaboration with highly skilled professionals can reduce onboarding efforts, ensure business continuity, and foster value creation.
3. Enhance Productivity
Furthermore, when gig workers are given benefits they tend to go above and beyond for their clients. This boost in morale can improve creativity, productivity, and overall project success.
4. Build Reputation And Brand Advocacy
A positive company branding can bring more credibility and trust to your business making it a valuable proposition.
4. Build Reputation And Brand Advocacy
Which Businesses Should Consider Providing Health Insurance To Freelancers Or Independent Contractors?
1. Creative Agencies and Marketing Firms
Benefit: Incentivises freelancers to prioritise your projects over others and builds loyalty.
2. Tech Companies
Benefit: Attract highly-skilled professionals who prefer working full-time roles for better benefits.
3. Gig Platforms
Benefit: By offering health insurance benefits to independent contractors these platforms can set a positive precedence of their work culture and attain better brand advocacy.
4. Consulting Firms
Benefit: Offering health and wellness benefits can improve your consulting business’s reputation as a contractor-friendly company and keep skilled workers coming back for collaborations.
5. Media and Entertainment
Benefit: Promote well-being by offering health benefits to freelancers and ensure project continuity. Build goodwill with them for future collaborations.
Suggested read: Group Health Insurance for Startups
How To Customise Health Insurance For Freelance Teams?
1. Partner with Insurance Providers
2. Leverage Freelance Platforms
3. Offer Health Stipends
This can act as a motivator for freelancers to continue their collaboration with your business.
4. Sponsor Preventive Care With Just Wellness Benefits
Quick read: Why To Invest in Customised Healthcare Plans for Employees?
The Future of Work: A Collaborative Workforce
Offering health insurance to freelancers is more than a trend or a branding exercise. It is a strategic investment in your business and your most valuable asset: the people. Not only will you get to attract new levels of talent and productivity but your business will also pave the way for a new and improved way of collaborating with independent contractors and freelancers.
Introducing Onsurity Health And Wellness Benefits For Flexible Teams
Furthermore, Onsurity benefits are comprehensive and can help foster a culture of holistic well-being at work. While it may seem like an upfront cost to your business the long-term benefits far outweigh the immediate cost. When your team is healthy they are twice as likely to be productive and dedicated to their roles. This can reduce your attrition and recruitment costs.
Managing group health insurance plans with Onsurity’s smart Teamsure dashboard is super simple and effective. With the help of this dashboard, you can easily manage claims, track billing, add/remove team members, and get 24*7 support. More than 8,000 businesses are already enrolled with Onsurity. You can also provide Onsurity’s holistic healthcare plan to your employees and freelancers and avail tax reliefs.