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Company Health Insurance
Company health insurance, also known as business medical insurance, gives private medical cover to the staff in your business. Offering benefits such as company health insurance is a good way of creating a happy and healthy workforce and enabling staff to return to work quickly following illness or injury.
What is company health insurance?
Company health insurance - which is also referred to as group insurance or corporate health cover - gives employees access to private healthcare when they need it most. Offering benefits such as company health insurance helps recruit the right people to your business and retain a loyal workforce which feels valued and rewarded.
Business medical insurance works in the same way as individual health insurance, in that it ensures employees can access the right treatment in the most convenient way following illness or an accident. It enables workers to bypass NHS waiting lists and receive prompt care in a hospital close to home or work, helping them return to their daily routine as soon as possible.
If an employee is ill or has an injury requiring medical attention, he or she should first visit their GP as normal. Once they inform the GP of your firm's health insurance scheme, they will be referred to a leading specialist or hospital of their choice. The health insurance provider will then process the claim to confirm appointments and treatment.
Does my business need company health insurance?
Running a business is demanding and it can often seem that the purse strings are being pulled in all directions. But viewing company health insurance as yet another unnecessary expense could be a costly mistake. Staff sickness can cause serious problems in the workplace, slowing productivity and placing a stressful burden on other members of staff, who may themselves become ill.
Company health insurance is an excellent cost-effective solution to keep your business running at full strength. Having the right support when it's most needed will help staff feel valued and appreciated, boosting well-being and reducing staff sickness rates.
What are the benefits of business medical insurance?
There are many benefits of company health insurance, including:
- Increased staff retention
- Reduced staff absenteeism
- A happy environment and good morale
- Cover to specifically suit your workforce
- Varying levels of cover for staff depending on, for example, seniority and length of service
- Small and medium business medical insurance, if you have fewer than 250 employees
- Convenient medical appointments close to work or home
What does company health insurance include?
Depending on the cover you opt to take out, business medical insurance can include:
- Mental health issues including depression and anxiety
- 24-hour GP helpline
- 24-hour stress counselling helpline
- Treatment in a hospital of your employee's choice
- Cancer care cover at an extra cost
- Pre-existing conditions cover (usually available to larger firm)
Why compare company health insurance?
No two businesses are the same, so why would you want a one-size-fits-all company health insurance policy? We're the experts at assessing your business needs and finding the best deal to suit your requirements. We compare health insurance policies from the leading group insurance companies in the UK to make sure we create a corporate policy to exactly meet the needs of your company and your staff.
Our product specialists are fully trained to compare quotes for company medical cover for UK businesses, and we are authorised and regulated by the Financial Conduct Authority.