• October 3, 2023

How do I buy Health Insurance for my Small Business?

Across the UK our public health sector is at breaking point and we are in a crisis due to the growing waiting lists. Recently stories state the NHS waiting list could hit over 10,000,000 people with at least a 1,000,000 people waiting for cancer checks.

For business owners this is not good news especially after the economically struggling year we have had this year. If our employees are to fall ill and are unable to work until they have had treatment, surgeries, or therapies we could be waiting a long time.

Many companies are realising this is the case and looking at what solutions are in the market to help support their staff and make them a stand out business when it comes to hiring new employees but also keeping the best staff on the books healthy and happy.

One of the key ways a company can do this is by taking out a Small Business Health Insurance Policy which can pay for private health treatment if one of your employees becomes sick or has an accident and is unable to work until they have received treatment.

Approximately 120,000 businesses in the UK provide this benefit for their staff but if we take into account that there are 1.3 million businesses across the UK that have employees, companies taking this are a small minority hence becoming a very attractive employer to work for.

Providing this health insurance benefit to your staff will make them overall happier as it shows you care about them as an employer and recent studies show that happy employees are 13% more productive which is another win-win situation for your business in these times.

We find that speaking to your staff and understanding what benefits they want is the first point when looking after your employees but more often then not we see that small business health insurance is the most requested benefit when it comes to the SME industry.

We have linked to a page on here for a broker called Hooray Health & Protection who do not charge a fee and specialise in SME businesses via online or telephone reviews but you can alternatively look at the British Insurance Brokers Association website to find brokers in your local area.

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