How Industry-Specific
Risks Impact Your Small
Business Insurance

Health insurance for small businesses is rarely a one-size-fits all solution. Just as no two companies are the same, each small business’ insurance coverage should reflect the everyday experiences, conditions and, most importantly, risks unique to their workforce.
For small businesses, the importance of tailoring health insurance to specific industry and associated risks can’t be understated. Offering mismatched or inadequate coverage to your employees can lead to less-than-ideal conditions, especially in the event of an emergency. To help you determine the right health insurance for your small business, we’ve put together a quick guide to help you better understand industry-specific risks.

Understanding Industry-Specific Risks

“Industry-specific risks” include any challenges that may result in negative physical, mental or emotional conditions for employees. While some risks may seem obvious, there are other conditions that may require preventive care, mental health resources or other services offered through small business insurance.
These risks should be a determining factor as you decide which coverage options would be the best fit for employees. Despite a wealth of coverage options and plan tiers, understanding how these risks impact your required services is vital when choosing the right health insurance for your small business.

What Are Some Examples of Industry-Specific Risks?

Let’s examine a handful of industry-specific risks to better consider the sort of industry-specific risks that can impact small business employees’ well-being. Please note that this is not a comprehensive list, but merely a sampling of possible risks.

• Construction: According to the Bureau of Labor Statistics , construction sites saw about 33% more injuries involving slips, trips and falls compared to all other types of private industry. Still, even the safest construction sites can create conditions that lead to potential workplace accidents, to say nothing of the long-term wear and tear on muscles and joints that come with vigorous physical labor. 
• Education: Considering their proximity to large crowds of young students, educators may have an increased risk of contracting communicable diseases (flu, cold, etc.). These education-focused professions can also experience increased psychological strain given the long hours and stresses of their day-to-day work.
• Manufacturing: Warehouse or factory jobs may create conditions that expose workers to not just physical risks, but also increased long-term issues related to particulates, microplastics and respiratory issues, among others. While preventive on-site measures can be taken to reduce these risks (proper ventilation, personal protective equipment, etc.), employers should still take care to monitor these conditions and ensure that employees are adequately protected.
• Administrative: Despite fewer obvious physical risks, desk jobs can also lead to unique workplace conditions that can have a detrimental effect on health. Low blood circulation, increased stress during busy seasons and ergonomic conditions such as poor posture or carpal tunnel syndrome can negatively impact an employee’s well-being. Mental or behavioral health risks are also a concern.

Tailoring Small Business Health Insurance to Your Industry

While these industry-specific risks by no means guarantee outright unsafe working conditions, small business employers will no doubt want to ensure that their employees are covered in the event of an accident or as a response to long-term health impacts.
Using our examples of industry-specific risks above, let’s find out how specific health insurance coverage options and services can be tailored to a wide variety of small business industries and working conditions:

• Construction: Anything can happen when you combine strenuous physical labor with heavy equipment. Ensuring that employees are covered by emergency and ambulatory care can give physical laborers a layer of financial security in the event of a workplace accident, while physical therapy and preventive care provides employees with the long-term care they need to maintain their physical health.
• Education: Mental health support, regular physicals and wellness programs can assist educators through the trials and tribulations of the average school year. Preventive care and telehealth resources can also ensure that their busy schedules won’t get in the way of ongoing health issues.
• Manufacturing: Close quarters and industrial machinery present their own set of risks to small business employees, but preventive care and chronic condition management through regular physicals and specialty care services means that these risks can be addressed accordingly.
• Administrative: Employee assistance programs, preventive care and telehealth services can give office workers peace of mind and adequate resources to maintain their health outside of emergency or ambulatory situations.

In addition to these examples, small business employers should consider including dental, vision, life and disability insurance as part of comprehensive insurance coverage. While not specific to any one industry or set of workplace conditions, these coverage options give your employees the resources to address every facet of their health and well-being inside and out of the workplace.

Conclusion

Knowing how to respond to your small business’ industry-specific risks is vital when shopping for health insurance. Every workplace comes with its own set of risks, but by selecting the right coverage for your employees you can bolster their health, happiness and productivity while ensuring their physical and financial well-being.

To start looking for the ideal insurance for your small business, reach out to a BCBSIL representative by calling 1-833-923-1784 or fill out the form here to receive a personalized quote .

Material discussed is meant for informational purposes only, and it is not to be construed as medical, financial, tax or legal advice. BCBSIL does not offer medical, financial, tax or legal advice. You are strongly encouraged to seek individualized advice from qualified medical, financial, tax and/or legal experts regarding the best options for your particular circumstances.