Health Insurance for Small Businesses: Your Top Questions Answered

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Are you a small business owner trying to decide to take out your team’s health insurance? You are not alone. Many small business owners have similar concerns and doubts regarding business health insurance. In this article, we will address the most common questions we get asked by clients at Winfield and Smith Insurance Brokers.

Can Small Businesses Take Out Health Insurance?

Many assume that only larger corporations can afford health insurance, but this is not true. Any business size can benefit from this type of policy, including small businesses. Smaller companies with fewer employees often feel the impact of ill health far more acutely than larger companies with more staff. Suppose you have a small business with around ten employees. In that case, you likely won’t have the spare capacity within your workforce, and as such, you would feel the effects of an employee’s long-term absence due to ill health more acutely.

Is Business Health Insurance Expensive?

One of business owners’ biggest concerns is the cost of health insurance. However, health insurance policies can be adapted to the needs of your business, meaning your coverage can be adjusted to your budget. There are several ways that your premium can be reduced to meet what you feel is affordable, such as raising the policy excess. The higher you set your policy excess, the lower your premiums will be. Any small to medium-sized business that takes out a policy will benefit from group pricing. The more people listed on your group health insurance policy within your organization, the less expensive the cost will be per person. It is also essential to consider that HMRC allows health insurance as a tax-deductible business expense, which makes this type of policy attractive to business owners.

Do Insurance Companies Always Try to Reject Any Health Insurance Claims?

Many people have the misconception that insurance companies always try to find something in the small print of their service to avoid paying out. However, this is different. At Winfield & Smith, we only recommend insurance companies with a strong track record of paying out against claims. Even if a case gets rejected, Winfield & Smith provides a free health insurance claims resolution service to all our clients.

How Do I Take Out a Health Insurance Policy?

Using a health insurance broker like Winfield & Smith allows you to take out a health insurance policy easily, giving you all the help you need when your coverage is in place. Instead of you having to trawl through search engines or market comparison sites, it makes sense to use a health insurance broker. Firstly, it takes the time and hassle away from you in arranging your policy, but also it makes sense because, at Anderson Health, we do not charge our clients to put their cover in place. The insurer pays for the service without impacting your monthly premium. We have extensive experience in the health insurance market, and our product knowledge is second to none.

Conclusion

Offering health insurance to your employees is becoming increasingly popular for many reasons, including securing higher staff retention rates and ensuring a healthier, more productive workforce. Small businesses can also benefit from health insurance policies, which can be adapted to meet your budget. At Winfield & Smith, we only recommend insurance companies with a strong track record of paying out against claims. Taking out a health insurance policy can be easy and hassle-free with a health insurance broker like Anderson Health. If you want to learn more about health insurance policies for your small business, fill out our website form, and a team member will contact you.

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