subject: How to Buy Health Insurance for Your Small Business [print this page] How to Buy Health Insurance for Your Small Business
Health insurance is one of those things that though it's expensive it remains a necessity. The policies are going up with no clear end in sight. What was affordable last year may not be as affordable now. Keeping your finger on the pulse of the insurance market will help you to determine what to do in each instance. You want to make certain that you are keeping a policy that is the most cost effective for your business.I've been doing small business consulting for a long time and have seen just about every trick in the book. If you are interested in purchasing small business health insurance read on for a few tips on how to go about it.1. Did you know that attorneys write these policies? That's right the insurance companies have lawyers who draw up these contracts and most are filled with a tangle of legalese. They include many hidden loopholes designed to save the insurance company money. It is important that you fully understand every line in the policy so that when you file a claim your chances of being denied are slim.2. Talk with your employees to find out what coverage they are mostly in need of. Why pay for coverage for things you will not likely use. You do not have to be invasive but question them about what their needs are in this area. Things like dental and limited co-pay may work for you better than a complete comprehensive package.3. Find an agent or consultant to help you to fully understand the policy.4. It is imperative that you purchase Worker's compensation insurance. It is the law and for this you will need the advice of your attorney or business advisor.5. There are many insurance companies offering great deals to new small business owners. It is up to you to check the insurance company's financial worth.The financial strength of the insurance can help you to determine the stability of the company. If you were a web company, would you want to buy web hosting from a company that would be out of business in a year or two. Of course not. Believe it or not, many small businesses have bought insurance from companies that fold in two or three months. You can find this information from assorted organizations and most of them have websites that publish the numbers for a lot of insurance companies.One final thought, it is important that you do not let the coverage lapse. Keep the payment schedule so that when it is needed it will be there for you and the employees that are counting on you and it. For more information on insurance and how to find the right one for you do a bit of research online.
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