Health Insurance :Hints to find Health insurance for your Small Business

Author: admin, May 19th, 2010

How to discover the appropriate health insurance for your Small Business
Health insurance is a good option for anyone looking to cover their small business and/or employees against the consequences of illness and injury. The advantages of private insurance are obvious to both employer

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Article Content:
How to discover the appropriate health insurance for your Small Business

Health insurance is a good option for anyone looking to cover their small business and/or employees against the consequences of illness and injury. The advantages of private insurance are obvious to both employer and employee for whom this might be a major incentive when added to your offer of a employment. From the employer’s point of viewhealth cover will prove invaluable in offsetting any losses should an employee be unable to work either on a temporary or permanent basis.

Small business health insurance comes in a number of basic models: 

Income protection – This effectively means your employees will be paid a regular wage when they are unable to work and earn the money due to illness or injury.

Private medical cover – Covers private as opposed to NHS medical care. This cover will be more expensive but means staff members will be treated quickly and conveniently thus minimising the disruption caused to their work and your business.

Critical illness insurance – can be combined with life insurance (below) or paid for separately. This type of cover is often expensive so it is a big commitment but it covers employees in the event of the diagnosis of a serious illness such as cancer, even if they can carry on working.

Life Insurance – This covers your business against the death of an employee. This pays out either a regular income or a lump sum and such cover is often charged at reasonable rates considering the potential value of the product.

Should you loose a key share holder or partner to illness or death you can pre-tailor your small business health insurance policy to protect you and your company against it. Such cover will provide both the business and the employee (or beneficiary in the event of death) with lump sums proportionate to the value of their share. This provides for the remaining partners/shareholders and allows them to buy out the share, as well as the family of the person no longer able to work for the company.

Employer’s Liability InsuranceIt is worth noting that small business health insurance is an extremely useful option but not a necessity, whereas you are required by law to take out employers liability insurance if you employ anyone other than a member of your immediate family. The only other occasion when limited companies are not required to take out employer’s liability insurance is when there is only one employee and he/she owns at least 50% of company shares.

Essentially Employer’s liability insurance covers your business for any legal fees or compensation payments that have to be paid out to a member of your staff as a result of damage caused by your company.

Key Man InsuranceWhen taking out health insurance for small businesses in particular, it is worth considering ‘key man insurance’ as your company could well be reliant on one or two crucial members of staff. This type of insurance recognises such a possibility and will pay out a (usually pre-determined) lump sum to the business should you loose one of these people to illness, death, or with some policies; serious disease.

 

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Categories: Health Insurance Information Tags: Business Medical Insurance, Health Insurance, Health Insurance Opinion, Medical Insurance, Small Business Health Insurance, Small Business Medical Insurance