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Business insurance plans are actually a combination of various business-oriented insurance solutions that companies can secure to offset any potential risks that may occur.
Since business insurance is a collection of several plans, different companies will require different solutions. What works for one company won’t necessarily work for another.
Almost all successful business insurance solutions contain the following plans:
- Property insurance
- Workers’ compensation and employer’s liability insurance
- Directors’ and officers’ liability insurance
- Group travel and accident insurance
- Public liability insurance
- Business interruption insurance
- Professional indemnity insurance
- Cyber insurance
Business health insurance
Also known as corporate or group health insurance, these plans cover the medical costs of employees in a company. Even though companies are not typically required to provide business health insurance plans, they help attract and retain employees. After all, these plans are often regarded as the most important of all employee benefits.
If your small business has one employee or more then you should at least secure employers’ liability insurance, though a small business insurance plan would be ideal. You also need to consider the risks your company faces when it comes to its growth and survival. Knowing you’re protected against unforeseen and costly events is invaluable to companies both small and large.
Premiums for business insurance plans are based on three main factors:
- Number of employees to be covered by the plan - Premiums will vary according to the size of your group. The larger the group often means the more competitive the premium.
- The geographical coverage area - For example, will the plan cover medical care in England, the UK or worldwide?
- What coverage you’re after - Plans that provide comprehensive/full cover will have a higher premium.
Regional and global trends also have an impact on your premiums, particularly when it comes to renewals. To find out more about trends in the global insurance market in layman’s terms, download our free State of Health Insurance Report - which answers key questions such as, “What are the top insurance issues faced by individuals and businesses?”
Every business has different needs, and your UK business insurance plan should be tailored to meet those needs. Pacific Prime offers customizable policies for businesses of all sizes, across a wide range of industries. Contact us to find out more about the coverage you need and receive a free, no-obligation quote today.
