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Getting health insurance is no longer a luxury but a must even for a business. It’s not only a way to cut costs and protect your employees but also a chance to strengthen a rapport with your team and boost its loyalty. While buying a corporate medical policy may seem expensive, you can always opt for small business health insurance that we will elaborate on in this article.
Small business health insurance is an insurance policy that provides access to private healthcare for small business owners and employees.
It implies that people who can apply for this kind of insurance are owners of businesses with a team usually not exceeding 250 employees.
Business health insurance can be seen as a tool to run a business in a more secure and efficient way.
Getting small business health insurance will help your company with the following:
With health insurance, your business can easily get the following benefits:
The exact list of healthcare services you will get covered by the insurance depends on the insurance plan you choose.
As for now, we offer three different insurance plans:
The cost of a small business health insurance can vary, depending on the number of different factors. The most important of them are:
Small business insurance costs also depend on the kind of insurance plan that is chosen. Plans with diagnosis and treatment would be more expensive than the basic ones guaranteeing access to a GP and physio along with health checks and support.
As mentioned above, the cost of health insurance for small business employees depends on a number of factors. To estimate it more closely, let's consider two examples.
First, let's think of a company based in London, with a team consisting of 8 employees. The company is looking for business health insurance to cover all the members of the team. They want to have full outpatient cover and psychiatric cover, moratorium underwriting, and £100 excess. In this case, total annual premiums for the major UK health insurance brokers for small businesses would vary from approximately £4,025.52 to 6,664.68. Therefore, the annual cost per employee will fall into the range between £805.10 to 1332.94.
Now, there is another company, based in Manchester and having 80 employees. They are looking for the same insurance coverage conditions as the company above. As most insurance companies have group discounts, the cost per employee will be reduced. With total annual premiums ranging approximately from £35,557.20 to 47,054.28, the cost per employee becomes £467.86 to 619.14.
Most of the health insurance plans in the UK do not cover pre-existing conditions. This applies to small business health insurance as well.
The main purpose of health insurance is to cover expenses for the health problems which can arise after the coverage period has begun. On the other hand, pre-existing conditions refer to the health problems one has had before applying for the insurance. Usually, those are chronic illnesses for which one has received treatment or professional consultation within five years before applying for the insurance.
However, suppose one has not consulted healthcare specialists or received any treatment for a pre-existing condition during the two years after the insurance coverage period started. In that case, future cases associated with that condition may be included in the coverage.
Health insurance for a small business implies that you have a company that qualifies as a small business, which usually means having up to 250 employees. However, it is suitable for sole traders as well.
As a small business owner, you can choose some particular employees from your company to be included in the insurance, as well as your partners and children. The start date of the coverage may differ depending on who is included in the plan. We can help you choose which format will be suitable for your case.
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