Small Business Health Insurance
Small business health insurance turns out to be one of the most important types of insurance a small business needs to have. This is particularly true if it is a business that has employees and third parties also pay visits to either pick up goods or receive services.
Some of the small business health insurance available on the market are;
(a) Personal Health Insurance: This type of insurance is suitable for a business owner without employees. Since they cannot apply for a group insurance, they are obligated to take out personal health insurance.
(b) Casualty or Liability Insurance: This type of insurance gives cover to third parties who visit your business premises and may sustain injury. Without this insurance, your business will receive claims that can overwhelm it and lead to winding up.
(c) Health Insurance Savings: These types of insurance do not provide for a comprehensive coverage. This is in most cases taken up by small business employees who do not have real insurance but would like to at least have some cover. This type of insurance is characterised by reduced fees for medical costs. In its operation, employees pay a fixed monthly contribution into his/her plan savings account. Such an account is in most cases managed by a chosen and agreed upon financial institution.
(d) Business Owners Policy: Unlike a similar type of insurance, a BOP, as this type of insurance is commonly referred to, gives cover to injury (third party), property (theft, fire, e.t.c.) and depending on the insurance company, may include worker's compensation. In most countries, businesses with over 50 employees are not eligible to take out this type of insurance or can take it but at high quotes.
(e) Life Insurance: This is particularly important for a small business that is solely owned or that where there is a partner - both options are viable for Business HSA's. If you own the business by yourself, it occurs that you make all decisions concerning the business. In the event that you die, the business is bound to suffer heavy loses. You can safely guard against this by taking out life insurance so that in the event of your death, the insurance company will compensate the business for you losing you. If you have a partner and you both run the business under some written agreement, the business will in the same way suffer upon the death of either of you. This can be taken care of by taking out life insurance.
(f) Employment Liability Insurance: The need for this kind of insurance is growing by the day as countries enact laws to safeguard against wrongful termination of employee' services and sexual harassment litigation. These have not been covered in the major insurance policy covers and a number of insurance companies are now formulating policies to adequately cover them.
(g) Medicare Insurance: Several insurance companies have come up with this cover to specifically cater for outpatient medical expenses. If your business has employees, you can contract a health care provider to take care of their health needs with this policy.
Small Business Health Insurance is very important, as you need healthy employees who in turn are productive, ensuring that your business stays on course, targets met and long-term goals realized.