Business Health Insurance

To financially safeguard your business and/or employees against the implications of illness, injury and death, business health insurance is the ideal option. Naturally, there are benefits to both the business and the employer.

Business health insurance comes in a variety of different models. They include…

1. …Income Protection – This means your employees will receive their regular wage should they be unable to work as a result of illness or injury.
2. …Private Medical Cover – This model offers private medical care, as opposed to NHS care. This cover will be more expensive but also could save you money in the long run: Your members of staff will be treated quickly as they will not be at the bottom of a NHS waiting list, therefore they will be back to work sooner. This minimises the disruption their absence causes your business.
3. …Critical Illness Cover - This type of policy is expensive, but it covers your employees should they be diagnosed with a serious illness, whether they carry on working or not. Critical illnesses which are included vary from company to company, but usually includes cancer and heart disease.
4. …Life Insurance - This covers your business against the death of an employee and pays out either a lump sum or a regular income. There is also the option to insure your business against the loss of a partner/key shareholder to death or illness. The business will then be paid the value of the share.
5. …Employer’s Liability Insurance – Unlike business health insurance, this cover is required by law if you employ anyone who is not a member of your immediate family. This covers your business for any legal costs or compensation payments that are due to a member of staff as a result of damages caused by your company.
6. …Key Man Insurance – This cover pays a lump sum to your business should you lose a crucial member of staff to illness, death, or with some policies; serious disease.