One of the best aspects of working in small business is being your own boss and being in control of what happens when. That’s the idea, right?
No doubt it’s one of the main reasons you started your own small business in the first place. Of course, we all know that life never works out exactly as we expect. Despite our best intentions, there are lots of twists and turns along the way, and unexpected road blocks – most of them involving our health or money.
Whenever people ask me what I think the most important asset within a business is, they expect me to say something like healthy cash flow and a solid budget. But it’s not. We all know that having good cash flow is an integral aspect of running a company well. But by far the most important thing to take care of for the sake of your business is you.
“Yes, clients are very important and so are customers. But you are the most critical component of your small business.” – David Koch
You as the business owner must do what you can to stay healthy by eating well (most of the time) and fitting in some regular exercise. Your business needs you to drive it forward and keep the engine running. If an unexpected health issue comes up which isn’t dealt with quickly and properly, how is your business going to manage? You may end up having to take extended time off which could just stop your small business in its tracks.
Getting private health cover is worth seriously considering if you don’t have it. There could be serious implications for your personal life and small business if you aren’t able to get the health attention you need exactly when you need it. It’s at least worth looking into so you can weigh up your options. And if you already have health cover, then make sure you’re getting maximum value for your money. It doesn’t make sense to pay for coverage you just don’t need.
“You are the creative, cultural and sales driver of your business. However, if you are burnt out or sick your business will suffer.” – David Koch
Given that the average private health premium increases by around 5% every year, it’s also a good idea to review your health cover annually. Like most business or household expenses, you could find some serious savings by shopping around and adjusting based on your circumstances.
There are some key triggers in life which are a great point to look at tweaking your health cover to make sure you’re getting good value:
- You’re married now and would be better off with a couple’s cover instead of a single’s cover
- You’re planning to grow your family and need pregnancy cover – most people don’t realise that a waiting period of 12 months generally applies before you can claim any benefits for pregnancy related services
- You spent far too much on a sudden dental procedure because you didn’t have dental cover and now you want to include that in your plan
- Your working situation has changed or your small business has expanded
- You realised you don’t need some of those extras you signed up for anymore
“It’s important to regularly revisit your ongoing expenses such as energy bills, mobile phone plans and private health cover.” – David Koch
Don’t forget that it’s a competitive market and health insurers are constantly introducing new plans to suit the evolving needs of their customers. So for the sake of your business, and your own well-being, make sure you’re getting the best coverage. You might even save a few dollars along the way.
Small Business First are offering health cover checks with Australian Unity. It’s a great idea to do a check-up once a year to make sure you have cover that best meets your needs.