“But what are the benefits of pet insurance?”
On its surface, pet insurance may seem easy to dismiss. Some think it is a niche employee benefit that only a few employees would actually take advantage of. Still, much like the runt of any litter, do not be so hasty to avoid pet insurance.
Currently, there are a large number of Americans who not only own pets but spend significant amounts of money on their care. A 2017-2018 survey by the American Pet Products Association (APPA) found that 68 percent of American households now own at least one pet.
Furthermore, according to the APPA, Americans spent $15.42 billion dollars on veterinary care last year alone. Every six seconds a pet owner faces a vet bill of $3,000 or more.
What Does Pet Insurance Do?
Pet insurance protects your employees from these large charges and reduces any financial stress that may occur due to a hefty veterinary bill. Financial stress can have a huge impact on your company’s bottom line.
According to PwC’s 2016 Employee Financial Wellness Survey, employees are at the highest level of stress, due to finances, in five years. A Harris Poll conducted for Purchasing Power found that 80 percent of employees are under financial stress.
This stress has a negative impact on both employees and their employers. Stress costs businesses an average of $300 billion a year due to stress-related health care and missed work.
Pet insurance can safeguard your employees from the financial stress that results from pricey veterinary care. Additionally, pet insurance gives your company several benefits that strengthen your overall organization.
Here are the top four practical benefits of pet insurance for your business.
Benefits of Pet Insurance
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Learn more about pet insurance and its potential benefits to your company.