Health Insurance

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What Health Insurance Is All About:

Health Insurance for Businesses is about investing in your employees and providing them with the coverage they need to live and work well. In doing so, you can ensure your employees feel taken care of and ensure you are able to not only recruit top talent but make them stay.

Insurance means that employees have access to medical and surgical treatment they may not have had otherwise. Protection for ourselves and our families against the many uncertainties of life is important and therefore finding work that provides us with coverage is important.

Read on to see if Medical Protective Insurance is right for your business.

What Is Health Insurance?

Health insurance for businesses is coverage that business owners acquire to provide their employees with access to medical and surgical treatment. For business owners contemplating implementing insurance for employees, understanding how coverage works is important. Depending on the scale of your business, investing in insurance may or may not be a good financial decision. On the surface level, insurance enables employees to access treatment. Providing employees with insurance is an investment into their well being and also the future of your business.

Depending on the scale of your business, health insurance for your employees may be necessary to obtain. If you are a small business owner with few employees whose salaries are below $50k annually, investing in insurance may not be necessary. However, if the salaries of your employees are higher, investing in insurance for them may help you to ensure you are able to keep top talent around. Larger businesses with several employees may be more established and therefore, insurance normative. For larger businesses, premiums may not be as high given the extent to which insurance has been integrated. The unique circumstances of your business are important to consider when determining if you need to be insured. A business may have several employees whose salaries are low. In this case, providing your employees with insurance may not be a good return on investment.

While there are many negligence examples in healthcare, this should not dissuade a business from purchasing a healthcare plan for employees. Whether it is required by law or not, healthy employees offer better business advantages.

Do I Need Health Insurance?

This insurance will come in handy if:

  • You are a small business owner with employees who have salaries high enough that investing in health insurance is affordable
  • You are a mid to large business owner with several employees and want to implement a company-wide health insurance program
  • You are a business owner that wants to recruit top talent
  • You are a business owner that wants to keep top talent around

Still not sure what you need?

CoverWallet's Insurance Checklist , you'll find a list of insurance types needed for your specific business or industry.

What Does Health Insurance Cover?

At a High Level...

Health Insurance for businesses provides coverage for employees depending on the employee demographics and their distinctive needs. Regardless of the specifics, insurance can be acquired that best suits your business.

Getting Into the Details...

While every insurance policy is different, and they can vary depending on the specific insurance that you need, each includes basic coverage. There are several types of policies you can choose depending on the type of coverage you need such as:

Type of Claim Description Example
Self-funded The business owner takes full responsibility for the financial costs associated with employee’s medical claims. As an employer, you pay for your employee’s medical claims.
Professional Employer Organization (PEO) While you manage the daily responsibilities of employees, the PEO is in fact the one that hires them and takes on financial costs associated with their medical claims. The PEO takes responsibility for employee’s medical claims.

You'll Know It’s the Right Policy If It Covers:

  • If you are a business owner and providing your employees with insurance is a good financial decision
  • If you are a business owner and providing your employees with insurance means you will recruit top talent
  • If you are a business owner and providing your employees with insurance means you will keep top talent around

What Does Health Insurance Not Cover?

  • Dental benefits.
  • Retirement benefits.
  • Depending on the plan, it may not cover alternative medicine.

What Are the “Limits” on a Health Insurance Policy?

Depending on the scale of a given business, the ability to provide employees with insurance will vary. There will be limitations to what an insurance policy covers depending on how comprehensive of a plan a business has obtained. Basic insurance policies may cover only the most crucial aspects of health care. By contrast, more comprehensive plans can include coverage for alternative health care practitioners or access to services beyond the scope of traditional health care policies.

How Much Does Health Insurance Cost?

The costs associated with obtaining insurance for your business and employees can greatly vary. Demographics of employees, such as age or gender, differ from business to business and as a result, so do the type of benefits needed. Younger employees may need health care benefits which extend to dependents. By contrast, older employees may need coverage for treatments specific to an illness that arises in relation to age.

In addition to variance in demographics, as a business, you may want to offer employees different options for their health care benefits. In doing so, you can provide your employees the flexibility to choose a package that best suits their needs. If you opt for different packages, the cost of insurance for your business will change accordingly.

The premium that your business will pay for insurance will vary in relation to demographics and packages. Determining whether or not you want to provide your employees with insurance is important. Depending on the scale of your business, you may find yourself paying higher or lower premiums. If your business has employees whose salaries are under $50k, you may not wish to invest in providing them with insurance.

The type of insurance policy you wish to implement at your business will also directly impact the costs associated. You can choose either self-funded or PEO health plans, each of which has a different financial outcome. Self-funded health programs may not include a premium which may incur higher initial costs. PEO will likely include premiums which will cost a percentage of total coverage.

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Workers Compensation

If a worker gets injured on the job and requires medical treatment, you’ll be happy to have a Workers’ Compensation Insurance plan. This plan will also cover lost wages and services that help an employee recover and get back to work.

Commercial Property

This type of insurance protects your business’s physical assets, such as workspace and computers. It doesn’t matter if you work from home or lease your work space. Commercial Building and/or Property Insurance works for every business. The plans vary but are usually categorized by the kind of event that led to the loss. Fires and natural disasters are great examples of this. Plans can be customized based on location and business-type, so if you live in a flood zone, you can get additional coverage to protect your business, or if you run a business that has many physical records, it’s possible to get insurance coverage for that, too.

Business Owners Policy (BOP)

An insurance plan good for small to medium-sized businesses, BOP packages together elements of General Liability and Commercial Property. Depending on the carrier, a Business Owners’ Policy plan may include elements of Crime Insurance and EPLI.

Professional Liability

This insurance is great for businesses who offer advice to their clients. Professional Liability Insurance specifically covers a business from being liable should an error or omission occur, that leads to a financial loss for the customer.

Errors & Omissions (E&O)

This insurance provides a business with protection should a mistake have been made while delivering professional services. Your General Liability policy will not provide you with this level of protection, so if your company gives advice or provides contracting services you may need this insurance.

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