Having happy and healthy employees can have multiple economic benefits for companies. Increased staff wellbeing contributes to better job-satisfaction, reduced absenteeism and subsequently higher productivity. Business health insurance is a way for companies to ensure their staff have speedy access to top-quality healthcare and a range of services to boost their general wellbeing. This kind of policy is taken out by companies on behalf of their workforce and can even help attract new talent, as it’s known to be one of the most sought-after employee benefits for jobseekers.
Health insurance for businesses can give all members access to private healthcare, bypassing long NHS waiting lists and providing access to treatments not readily available on the NHS. This accelerated access to care speeds up their recovery time and reduces sick leave, which can save companies hundreds of thousands in lost productivity every year. Happier staff can also mean improved staff retention, cutting training and recruitment costs and fostering a committed, experienced team.
Many business health insurance providers also offer attractive perks with their policies, such as mental health support, dental care and discounts to use on gym memberships. This list gives an overview of some of the suppliers and products available in the business health insurance market.
Finding a Provider
Once you’ve established the type and extent of cover you need in a policy, it’s time to find a suitable provider. There are three ways you can find an insurer.
- Approaching insurers directly – You can choose to conduct your own market research when looking for business health insurance by approaching insurance suppliers directly. Many insurers provide details of the cover they have available on their website, where you can review the features of coverage they provide as well as any perks to their policy, such as health incentive schemes. You can often generate a personalised quote online, or speak to one of their advisers to find an appropriate level of cover.
- Going through a broker – Brokers offer the benefit of being industry experts, with years of experience and in-depth knowledge of the insurance market. Their insight can help companies find policies that cater to their specific insurance needs. With access to a greater portion of the market, they can often find more extensive products for more competitive prices which insurers may offer exclusively to brokers.
- Comparison websites – One way of scoping out the market and beginning your market research is by using a comparison website. These sites can compile the policies on offer from various providers in one place, allowing you to easily access a broad range of insurance solutions. Comparison websites display each product together with the main features of the policy. Usually, they have the option to filter search results according to specific criteria or to order the plans by price or level of cover. These sites are a helpful way to get a snapshot of the market and to seek out policies that tick all the boxes.
Business Health Insurance Providers
Bupa
Rated five stars on defaqto in 2020, Bupa can insure businesses with up to 250 employees with three levels of business health insurance cover. Customers can access up to 600 hospitals in Bupa’s networks, as well as having 24/7 access to qualified nurses through the Bupa Anytime Healthline. Their policies include cancer cover as standard, cover for out-patient consultations and treatment, coverage for musculoskeletal conditions and the most extensive mental health cover on the market (November 2019), included as standard. You can arrange a quote over the phone, or request a callback through their website.
Aviva
Flexible health policies are available for small and large businesses through Aviva, with a solution to cover companies with 2-249 employees and one to protect those with 250 or more. The policies cover acute conditions, short-term illnesses or injuries that respond quickly to treatment, leading to full recovery. It also offers comprehensive cancer cover at every stage of treatment. Whether your staff need consultations, a diagnosis, X-Rays, blood tests or hospitalisation, Aviva can cover the costs. Psychiatric treatment is also included on GP referral, with an allowance of up to £2,000 per member per policy year.
Businesses also have the option to upgrade Aviva’s cover to include dental and optical treatment and care, mental health treatment and £1,000 coverage per person for chronic conditions per policy year. One benefit to all of Aviva’s plans is the BacktoBetter service, made up of a network of independent clinics who can assist with musculoskeletal conditions affecting the back or neck. Aviva were the winners of the Health Insurance & Protection Provider Awards in 2019 and have a 5-star rating on Defaqto. You can get a quote over the phone or request a callback through their website.
Vitality
Vitality is a specialist health and life insurance provider, driven by their goal to support people to become healthier. They offer extensive Business Healthcare plans, providing quick and easy access to treatment from high-quality, independent specialists. Their policies focus on prevention as well as treatment, with substantial financial rewards for employees who take steps towards a healthier future. Those who track their fitness and participate in approved activities can earn Vitality points, towards discounts with their vast network of partners, including the likes of Caffè Nero, Apple Watch, Cineworld and Amazon Prime.
Policies include mental health support, which can cover up to eight sessions of counselling and therapy per person, hospital care and comprehensive cancer cover, including treatment. Companies can also organise Wellness Days through the policy, which can include follow-up workshops in the following areas: nutrition, physical activity, stop smoking, mental wellbeing and physiotherapy. Vitality can arrange tailored policies for businesses of all sizes, and you can access a quote over the phone.
AXA
Designed for small businesses, a health insurance plan from AXA can cover companies with 1 to 249 employees, rated five stars on defaqto. They work together with smaller businesses to customise a health plan around the needs of the company. Benefits to a policy with AXA include the Doctor@Hand service, which allows all members 24/7 access to an online GP, through which they can have a 20 minute online or telephone appointment at any time of day, 365 days a year. This service complements the Health at Hand service, a series of helplines offering health information.
Members can also use their policy to help manage and improve joint and muscle pain through the Working Body team, whether that’s a one-off injury such as a sprained ankle, or a long-term complaint like a bad back. Employees can receive rewards and discounts through the policy, such as up to 50% off an annual PureGym membership. You can generate a quote online through their website.
Cigna
One international business health insurance provider is Cigna, who can look after global employees in over 200 countries, ideal for businesses needing worldwide cover. Their health insurance plans offer comprehensive coverage with cancer treatment, mental health care and cardiac cover options. They have various products on offer, with the Cigna Health Flex designed for companies with 2 to 99 employees, and several solutions for larger businesses with 100 or more in the workforce. Optional add-ons include dental plans, musculoskeletal treatment and psychiatric cover. You can get in touch over the phone to arrange cover.
Hooray (Broker)
One broker specialising in the employee benefits market for SMEs is Hooray Health & Protection. The brokerage leverages the expertise of their two non-executive directors, each formerly senior employees in two of the leading health insurance suppliers in the UK. They work with companies to establish a business profile to understand each company’s demands before undertaking a full market review to find appropriate products. Their policies can include access to a virtual GP, a second medical opinion, fast-tracked appointments and Employee Assistance Programmes, which can provide resources and support for mental, emotional or financial wellbeing. You can submit a short form online to generate a quote.
Simply Business (Broker)
With a satisfaction score of 9/10 and rated 4.7 out of 5 on feefo, Simply Business offers a range of business health insurance solutions for small businesses. Their policies can give companies and their employees faster access to high-quality healthcare, to accelerate recovery and reduce health-related work absence. Benefits to their policies include fast-track diagnosis, 24/7 access to virtual GPs, private healthcare and physiotherapy. Any small business with employees aged 16 to 69 is eligible, with no medical questions asked. Coverage begins 21 days from the date the company takes out a policy, giving their employees the time to add their families or to decide to upgrade their cover.
SimplyHealth
SimplyHealth offer healthcare plans for employees comprising a broad range of cover options, such as optician treatment, dental care and physiotherapy. Their plans come with 24/7 access to a GP over the phone, as well as a counselling and advice helpline. Their corporate health plan, known as Optimise, comes with six levels of cover suitable for a wide variety of business types with three or more employees. Staff will have access to myWellbeing, an online portal providing access to employee assistance programmes and discounts on gym memberships. You can request a quote through their online contact form, or speak to their corporate team over the phone.
Western Provident Association (WPA)
Employee health and wellbeing is at the centre of WPA’s comprehensive health solutions, suitable for companies of all sizes. They have a number of tailored policies for companies with a smaller workforce, such as their Enterprise Flexible Benefits plan available to companies with 2 to 14 employees. Their products provide faster access to healthcare, and their cancer treatment can include advanced drugs which aren’t available through the NHS. Employees can also benefit from GP prescriptions, dental treatments, opticians services and more, as well as a comprehensive Employee Assistance Programme.
Other perks to a policy with WPA include discounts on gym membership, golfing, spa trips and opticians for employees. Optional policy add-ons include counselling and protection for employees while they travel abroad. You can find your local WPA provider through their website, or speak to their experienced UK team over the phone.
Freedom Health Insurance
A range of flexible business health insurance products is available from Freedom Health Insurance, including their SME Health Insurance for smaller businesses and their Corporate Health Insurance for larger enterprises, as well as plans available for the self-employed. Freedom pride themselves on their personal customer service and sustainable pricing strategy.
Their solutions can include mental health cover, private GP access, dental appointments and eyesight tests. Other perks include access to alternative therapies, including acupuncture and homoeopathy, as well as home nursing. Attractive add-ons to their policies include pregnancy complications cover and comprehensive cancer coverage, as well as a maternity cash benefit. Freedom also attempts to match cheaper quotes from other providers offering similar services. You can use the Web Chat function to speak to an adviser or request a callback for a quote.
