Your company ran through the scenarios and analyzed the potential outcomes. And you committed to figuring out how to manage your key person risk. One option on the table? Executive health.
As a business leader, you exert a lot of effort planning. You plan for positive things like financial growth, new products, hiring new employees, and moving into better offices. But you also plan for negative things like employee conflicts, economic downturns, and unexpected emergencies.
Executive physicals are increasingly popular at companies of all sizes. And for good reason. Companies know how valuable their top employees are and are willing to invest the resources to protect them — both from potential health risks and the possibility of getting poached by a competitor. One of the biggest reasons companies add executive physicals is to reduce their key person risk.
As an employee benefits broker and advisor, one important part of your job is keeping up with the vendors and products on the market. Identify the products and programs you trust and believe in, so you can strategically and efficiently recommend them to your clients when the time comes.
As a benefits broker, your clients rely on you for your knowledge of the world of employee benefits. They ask about health insurance, executive compensation, paid leave, compliance, administration, and anything in between. You are their subject matter expert.
Almost every company has some level of key person risk (sometimes known as key man risk). And during COVID-19, the definition of key person risk changed, so if you didn’t have it before, you almost certainly do now. This means, as a business leader, you should be thinking about what you can do right now to manage your company’s key person risk.
COVID-19 has affected every business. Some have managed to operate reasonably well. Others have just been trying to keep the door open. The virus has changed the world as a whole, but it’s also changed the business world enormously, from switching to remote work to creating an entirely new set of priorities.
Top employers around the country offer executive physicals as a benefit for their most critical employees, from the C-Suite to the top salespeople to anyone with an indispensable skillset. Executive physicals are offered by two primary providers – hospitals and boutique concierge medical practices.