Bupa has launched an extensive mental health cover for businesses and their employers, which will help provide employees with support and treatment to manage all long-term mental health issues.
Dubbed Business Mental Health Advantage, the new policy will provide cover for mental health conditions, such as depression, bipolar and anxiety.
The policy comes following an increasing demand from businesses for mental health support.
Over the last decade Bupa has seen the number of employees claiming for mental health treatment double, and research suggests that poor mental health costs employers between £33 billion and £42 billion a year, or over £1,000 per employee per year.
“Mental health is one of the biggest people issues that businesses – big and small – face today,” said Alex Perry, CEO of Bupa Insurance UK.
“This launch makes it possible for business leaders to provide better support for their colleagues.”
In addition to Bupa’s new policy, the company’s existing mental health benefits and services includes a self-referral service that allows employees to speak to a specialist consultant without needing a GP referral.
Plus, the firm also offers digital tools to help line managers and employees manage their stress and boost their resilience at work.
Perry added: “We have been at the forefront of supporting mental health and wellbeing in the workplace. Our new business mental health advantage offers leading cover and ease of access, and businesses that go with Bupa can be confident that their people can have access to the right support and care when they need it.”
The Government is calling on businesses to provide more support to employees facing mental health issues, as industry figures demonstrate that mental health is now the most common reason for someone to be signed off, with 70 million working days lost each year as a result.