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.
Let’s run through a scenario. You’re a benefits broker. Your phone rings. Or maybe it’s an email. It’s your client, perhaps the CEO of a small business or an HR Director at a small to mid-size employer. They want your advice.
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.
Health and wellness is a focus for millions of people and countless companies. And if it wasn’t before 2020, it sure is now. A healthy workforce is not only a happy workforce, but a productive one, too. Throughout the United States, companies are looking for ways to keep their most important employees at peak productivity.
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. Another negative scenario your business should prepare for is key person risk (sometimes known as key man risk).
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.
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.