ealth insurance is a topic that never ceases to be discussed. The high cost of medical expenses will not let the topic die a comfortable death. There are a lot of people that have no health insurance and small business owners are in that number.
When every dollar counts, health insurance is one of the items that is frequently excluded from the budget of a small business. The owners just hope that nothing catastrophic happens until insurance can be budgeted.
The government and health insurance companies have been working for years to remedy that situation. As a result, a variety of health insurance plans are now available to fit any budget.
Robust Business
Insurance is formally defined as guaranteeing protection. That is what a small business owner needs – protection. Many small businesses are heavily dependent upon the owner remaining healthy.
What’s good for the goose is good for the gander. Employees need health insurance coverage also for their welfare and the welfare of the business. Maintaining a robust business means encouraging employees to care for their health. This is much more likely if they have health insurance.
Circular Logic
The options for health insurance have significant differences. The option chosen normally depends upon the cost of the plan and the level of coverage desired by the small business owner.
On the other hand, the actual level of employee utilization often determines annual cost for out of pocket expenditures. Following is a summary of the most common health insurance plans available for small business owners.
* There is health insurance coverage purchased by the company that covers the owners and the employees. This is the traditional fee-for-service. The dollar amount covered for health costs are determined by the amount paid by the owner to a provider based on the number of employees included in the plan. More expensive plans will naturally have lower deductibles and copays.
* In some states there are health insurance plans that cover the owner only. It is the perfect solution for small business owners, especially one with no employees except for the owner.
* Health Maintenance Organizations (HMO’s) are private insurers who limit access by members to designated services and doctors. The cost efficiencies are derived the careful control kept on reimbursable expenses.
* Insurance pools offer insurance to people considered high risk and that includes small business owners.
These are the major kinds of health insurance available to small business owners. Additional plans include a Preferred Provider Organization (PPO) or Point-of-Service (POS).
Choosing Coverage That Won’t Disappoint
When choosing a health insurance for you or your business, it is important to understand the level of coverage desired so you don’t under or overspend. Insurance contracts have a lot of fine print and it can be distressing to discover services you thought you were paying for with the monthly premium are not covered.
* If an HMO or PPO, make sure there are enough service providers in the area
* Make sure that the plan covers high maintenance diseases such as diabetes if possible
* Verify that the provider is reliable and pays its claims in a timely manner
* Have a clear understanding of prescription coverage
* Have a clear understanding of procedures that are excluded
* Decide if you want to include dental and vision coverage
It is important to shop around for coverage even if it is to cover only one person. There are a lot companies entering the health insurance market that are not credible.
Medical costs can literally bankrupt you or an employee if coverage is inadequate. It is worth spending the time to study the options so that there are no disappointments later.
If you own a business there is every chance you will try your very best to make sure it is run in the correct way. From employing the right staff to what service providers to use, you are faced with decisions at every turn to make sure your business runs smoothly and hassle free.
The trouble with running a business (and indeed life in general) is that the unexpected often happens and as a business owner it is your responsibility that if the unexpected does happen your business isn't affected too much.
And that is where buying commercial insurance for your business is so important.
Here are just a few examples of things that can happen to businesses and what might happen in the event of no insurance, the wrong insurance and right commercial insurance being in place.
Landlord Building Insurance Claim
You are a property owner with a portfolio of house, flats, apartments and commercial property. You have decided that the chances of anything happening to your new block of flats is pretty remote as they are currently empty so you have decided to either not insure them or you have not got around to telling your insurance broker.
Over the weekend your newly built and decorated flats are broken into and the brand new kitchen and bathroom suites are ripped out and stolen.
What happens now?
1. With no insurance you basically have to pay for everything
2. If you did actually get around to getting the flats insured but decided to exclude theft cover (what with no tenants and no furniture you may have done this to save some money). As the damage caused was as a direct result of theft then once again it is possible the damage costs will have to met by you
3. If you have correct level of landlord building insurance in place you ring your insurance broker, they hopefully sort the repairs and replacement of items with your insurance company and the flats are restored to their original state leaving you with just a small excess (or deductable to pay).
So for the sake of a relatively small landlord insurance premium you could be left with a bill for hundreds or thousands of pounds. Hardly worth the risk right?
So maybe you are thinking that if your have a portfolio of properties you would definitely make sure they are covered. What about if you just have one though and money is tight? There is every chance you might take the risk and either have no insurance or insurance that does not meet your needs.
People and businesses do it all the time. When money is tight a service like insurance is often the first thing to be sacrificed.
It maybe that you have just forgotten to renew your commercial property insurance or business insurance policy. With so many other things to think about that could easily happen.
Here is another example of a claim that could be made against you. You own a small business and need commercial property insurance for your factory. You know by law that employers liability insurance is needed so you always make sure this is in place. What about the factory though? The staff are all experienced, you have an alarm and people know what they should be doing (and more importantly what they shouldn't be doing). The risk seems pretty low so when a fire happens overnight you are left with the following scenarios:
1. With no insurance your business is potentially destroyed as the burden of starting all over again is with you
2. You actually just renewed your commercial combined insurance policy so you are covered. Well done. However to make your premium cheaper you decided on a very big excess (or deductable) and you decided against business interruption insurance. The result being that you are left in a position without the correct needed for your business to recover.
3. You got advice from your insurance broker, they discussed the cover you really need and they made sure your excess was at a sensible and affordable figure. The result is they act to make sure you get a interim payment on the claim and that your business continues – just for the sake of a small premium and excess.
Most people do not like insurance but for any business owner, business manager or person responsible for making sure the business is protection it really is a vital purchase.
Get the right business insurance cover and if a loss occurs you will know the business is in safe hands. Risk having no commercial insurance or not getting the right business insurance cover can leave you and your business with nowhere to turn. Is it worth the risk?
Depending on which part on the Motor Trade you work in you will no doubt have your own individual needs, concerns and worries.
For car manufacturers these could be falling sales, competition from abroad or Government policy changes over CO2 emmissions.
If you are an MOT Station you may still be coming to terms to computerisation.
And for body repairers, bodyshops and garage servicing units your focus maybe on gaining accreditation to the BSI Kitemark scheme or making sure your staff are trained to a certain standard.
The bottom line is you are a Motor Trader you have numerous issues to deal with on a daily basis before you even start to think about your customers and suppliers.
And yet despite this apparant need for people in the Motor Industry to make their lives easier it is suprising to see many traders still choosing to have their Motor Trade Insurance policies with many different insurance brokers and companies rather than under a single Motor Trade Combined Insurance policy.
The result of this is that many Motor Traders pay too much for their insurance and they spend time (that they simply cannot afford to waste) on looking after them.
Here a just a couple of reasons why Motor Traders should seriously consider a Combined Motor Trade Insurance policy when their insurance is next due for renewal:
1. All your risks together. By opting for a Combined policy your vehicles, your staff, your premises and your profits can all be protected under one policy. No longer do you need your buildings insured with one Broker, your Business Interruption and Liabilities with another and your Road Risks with yet another. Just all your risks under a Combined Motor Trade Insurance policy.
2. Time Savings. Gone are the days of many different types of cover with different renewal dates and provided by different companies. Just your Combined Insurance policy with a single renewal date. If you need to make a change you just need to ring one broker rather than hunting around looking for your paperwork to find out who it is insured with. And if you chose the right broker they should ring around all the main Motor Trade Insurance companies to find you the best deal.
3. Money Savings. By putting all your risks under a Combined Motor Trade Insurance policy you can very often benefit from savings on your premiums as many providers offer discounts. At a time when getting value for money from your service providers is vital then making savings by getting a policy that is easier to administer could be just what you need.
Combined Motor Trade Insurance can save you time and save you money and that is why it works.
When looking for your insurance, the chances are that the answers to some of these questions will be influence your decision:
• Who gives the best service?
• Who understands my needs?
• Who do I like?
• Who has the best policies?
• Who is the cheapest?
When purchasing insurance many businesses focus on "Who is the cheapest?" Whilst this is understandable, making a decision based on price alone can often lead to more harm than good. Any good insurance provider would recommend you look for a company who can provide you with a mix of all the above factors so you end up with someone you trust, who has found you the right policy and at the right price.
Here are a few tips to help you understand insurance providers and to ensure you get the best deal:
Answer their questions honestly: Many people when buying insurance hold back information for fear that it will affect their chance of getting the best deal. The truth is it won’t! The more correct information you give your insurance provider, the better deal they will be able to get for you. If they ask what premium you are currently paying or who you are insured with - tell them (and be honest). If you make up a really low premium, the chances are they won’t be able to beat it. If however you tell them your genuine best price, they will often give you an immediate indication whether they feel they can improve on it.
Use a broker: A good insurance broker can be worth their weight in gold for local businesses. They should understand your needs, your business and your industry. And because of this, they can recommend the correct level of cover you need. They will also search the entire market for you so it saves you time and possibly money.
Recommendations: If you’re happy with your insurance provider, tell people about it. Not only will this allow your friends and family to benefit from their services but you may also receive reductions and further discounts on your policies because of it.
Multiple policies: The more policies you have with one particular insurance provider, the more likely it is that they will benefit from discounts and reductions in premium. It also makes your administration far easier.