What does it cover?
What your policy covers depends on the plan. In general, business medical insurance can cover elements including diagnostics, specialist consultations, hospital treatment, mental health care, therapies, and virtual GP access. Some corporate health insurance policies may also include optional add ons for cancer care, physiotherapy, dental, optical, and wellbeing services. Your Park Insurance broker can advise you on the specific coverage of your chosen policy and discuss any additional extras that may benefit you and your employees.
What isn't covered
Business health insurance policies typically have exclusions and limitations that vary depending on the provider, plan and underwriting arrangement. Common exclusions or restrictions include:
- Some pre existing conditions (depending on the terms)
- Treatment for ongoing or chronic conditions (again, depending on the policy)
- Routine pregnancy
- Emergency treatment
- Cosmetic treatment
- Certain sports injuries or treatment
- Outpatient drugs
- Treatment at a non-approved hospital or diagnostic centre.
How much does business medical insurance cost?
The price of your business health insurance depends on several factors, such as the level of cover you want to provide for your employees, the number of employees, your business type and location, and other considerations. Your broker can help you narrow down your options, customise your package to fit your business needs, and find competitively priced quotes.
Can self-employed workers get business medical insurance?
Self employed people can take out business medical insurance. You can either take out a personal PMI policy or a single member business policy, depending on your tax setup and whether you want to treat it as a business expense.
Is business health insurance classed as a business expense?
For a limited company, employer-paid private medical insurance can generally be treated as a business expense, while the value of the benefit will normally be taxable as a benefit in kind for the employee or director. The precise tax treatment depends on the circumstances – get advice from your accountant or tax adviser.
Keeping your business in good health with Park Insurance
For over 30 years, Park Insurance has worked with businesses of all sizes to provide competitively priced and wide-ranging business health insurance. Whether you’re a sole trader looking for personal medical insurance, an SME with 20 employees, or a multinational operation in the market for corporate medical insurance, we can help. Our position as preferred broker to many of the UK’s largest insurance providers gives us a unique opportunity to find bespoke insurance for your business. Use our online Get A Quote function for an instant quote or talk to one of our team to discuss your needs today.