The UK’s health insurance market offers a wide range of policies for almost any kind of business. Whether it’s key person insurance (which protects the business against the absence of a vital team member) or a tailored business-wide private healthcare plan, there are plenty of options for entrepreneurs seeking to protect their business and their people.
However, making the decision of which policies to pursue for your business can prove to be difficult. Many insurance packages cover similar areas, with each offering unique price points and coverage terms.
This article explains what entrepreneurs can gain from pursuing health insurance for their business and breaks down three of the best avenues to consider, as well as the unique benefits that they offer.
How can entrepreneurs benefit from health insurance?
There are many ways in which health insurance can prove to be a worthy investment for entrepreneurs. One of the most relevant advantages is the financial security that can be provided by securing policies to protect the earnings of a business owner and their employees.
A similar level of security can also be provided by insuring key employees. This covers the business for the financial impact of their absence – and also assists them in returning to work as quickly as possible.
An attractive health insurance policy can also help your business attract more talented applicants to your job advertisements, while increasing the loyalty of your current team.
Income protection, as its title may suggest, is an insurance policy that is specifically focused on protecting the earnings of a business owner or an employee. If an individual ever becomes unable to work due to a serious accident or injury, a series of monthly compensation payments can be provided, which usually cover around 75% of pre-existing salaries.
These payments typically last until the individual can return to work, but for prolonged cases, the compensation can be covered for up to five years, with the option to cover even longer periods for an additional fee. A number of rehabilitation services such as physiotherapy can also be provided, to greatly improve the likelihood of a faster recovery.
Income protection provides a comprehensive form of financial security, along with peace of mind in the event that you sustain a serious injury or illness. This makes it a great option for entrepreneurs in any industry.
Key Person Insurance
Key person insurance covers businesses against potential loss of income due to the absence of a key individual. If that person becomes absent due to serious illness, injury or death, then you can receive a payment to soften the blow.
The compensation provided is intended to temporarily make up for the loss of earnings sustained and to cover the costs of replacing the employee. In some cases, providers also help in finding and hiring a suitable replacement to get your business back to working order as soon as possible.
Is there one individual that your business relies on (which can include YOU the business owner) and without whom your business would lose money? Then it’s certainly worth considering this type of insurance.
Business Health Insurance
Business health insurance can provide employees with extensive private medical coverage. It can offer a range of benefits which may be hard – or impossible – to access via the NHS.
These benefits can include shorter waiting times for appointments and more flexibility for bookings, as well as access to specialist prescriptions and treatments. Private hospital rooms and secondary coverage for dental, optical and mental health can also be included with most providers, along with many other perks.
Business health insurance is one of the most widely offered forms of employee benefit. This is because it’s a highly valued benefit which all employees will be happy to receive, if only for peace of mind. There are also a wide range of products on the market, so there’s likely to be one which provides for the needs of your business. Neat little added extras such as mental health apps and virtual appointments can also be included within a package.
If you need help shopping around, get in touch with our team of expert advisors. Tell us what you’re looking for & you’re preferred price point and we’ll get to work.
How to find help with health insurance
Finding the right insurer and the right deal is difficult. There are hundreds of different providers offering health insurance in the UK all with different terms and conditions. Though a lot of information is available to research online, there is a substantial portion of exclusive offerings and prices that can only be accessed through the aid of an insurance broker.
With unique connections and relationships with the providers, as well as in-depth knowledge and experience of the products, a good insurance broker is the most efficient and affordable way of getting what you need for your business at the best price.
If you need help with finding the perfect health insurance policies for your business, Hooray Health & Protection would be happy to help. We employ a team of talented insurance experts who are dedicated to providing the best possible service to the business community.
Whether you’re interested in hiring Hooray’s team to help with health insurance for your business, or you just have some questions on how the policies work, use the chatbot to the right or drop us an email.