There are many different options available for Business Health Insurance here in the UK. As a business owner, employee benefits for your staff can reduce absenteeism.
Business Health Insurance policies are available for 1 or more members. Commonly, policies are set up with 3 or more main members.
To be eligible for cover on a company scheme, you must be employed by the company. You can add employees dependents to your membership if you want to.
Employee membership status on a Business Health Insurance policy can be one of the following:
- Single
- Couple
- Family
- Single Parent
Employee’s can be added and removed from a Company health insurance policy at any time within the policy year.
When you add an employee mid-term you will be charged a pro-rata premium because you only pay for the time that staff member is on risk. If you remove a member mid-term, you will receive a pro-rata refund.
There are a number of Business Health Insurance options available to you.
You can choose from a number of products depending on your requirements and budget.
Company Health Insurance options include:
- Private medical insurance
- Health Cash Plans
- Employee Assistance Programmes
- Dental Insurance
- Optical Insurance
- Occupational Health
- Health Screening
- Travel Insurance
Once you have your policy is in place it will run for a 12 month period. About 4 weeks prior to your renewal you will receive notification of the renewal offer. As soon as you have this you should obtain a market review because this will ensure your policy is in line with the market.
There are new Business Health Insurance products developed frequently because of the ever changing technical advancement. Therefore, reviewing your policy will mean that you are aware of what new options are available.
When you buy a new Business Health Insurance policy, the premium will depend on a number of factors. Underwriters will price your policy based on the age profile of your members, the postcode of your business and the benefits and underwriting you have chosen whereas if you are renewing your policy they will include an element of claims related adjustment where applicable.
In order for you to obtain the best premiums for your company scheme, working with a specialist broker can help you understand the market and the benefits you have chosen, with this in mind SMP Healthcare can help you with your Business Health Insurance policy.
