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5 Top Tips that will save money on your Business Healthcare Insurance.

We have put together our 5 Top Tips in this Blog that will help you save money on your Business Healthcare Insurance. 

HMS Healthcare have been advising small to medium size businesses for over 20 years so we have a wealth of experience and expertise in the Corporate Healthcare, Group Risk and Business Protection markets.


1. BIG IS NOT ALWAYS BEST

This is a statement known to be true in lots of other areas of life and it is also relevant in the Private and Corporate Healthcare Insurance market.

When you deal with Insurers direct, you deal with sales people from those organisations. These sales people can only provide you with the best deal the Insurer they are employed by has on offer at that moment in time. This means you don't get to hear about all of the other ‘best deals’ out there meaning you are not getting a ‘whole of market’ comparison.

Independent brokers like ourselves work with ALL of the top insurers + many more. We are able to complete a FULL review of the WHOLE market getting you the best deal every time.

2. REVIEW WHEN YOU RENEW

Lots of our customers come to us at the renewal on their existing policy to see if we can do anything to get the price down. Honestly, 98% of the time....we can! And this doesn’t necessarily mean you have to change Insurers!


A recent new client of ours who was about to cancel his policy (as it was too expensive and he hadn’t had a review in years) was able to save £2,700 on his existing Policy by consolidating his 3 separate Private Insurance policies into one Corporate Policy with his current insurer. We reduced his excess from £200 to £100. He was even able to add his son and another Directors wife to the policy.

Your Policy provider should be coming to see you annually (and communicating with you throughout the year) to ensure they are up to date on any changes that could ultimately effect the price of the Policy. If they aren’t – you are more than likely not getting the best deal on your policy.


3.  LET YOUR POLICY PROVIDER DO THE HARD WORK SO YOU DON’T HAVE TO

No 3 follows on from No 2 - if your Policy provider isn’t hands on when it comes to reviewing, ensuring you are on the right policy to suit you and your business (as your business evolves - so should your policy) it means it falls down to you to do it. The job of your policy provider is to do all the hard work, so you can concentrate on running your business.

4. HEALTHY EMPLOYEES = LESS SICKNESS

This one is more prevention which will lead to less sick days, ensure your employees are back to work sooner – and be more productive while they are there!


 “Only 56% of adults meet the Chief Medical Officers’ (CMO) guidelines of 150 minutes of physical activity per week, and 28.5% of adults fail to achieve even 30 minutes of physical activity over seven days.”

 

Following on from the Olympics in 2012, the Government released an incentive with the aim to promote a much more physically active nation.  One of the areas they focus on is the Workplace stating that “Employers have a huge amount to gain from having a physically active workforce: lower rates of sickness absence, fewer retirements on health grounds and more productive teams.” Read the full document here

There are different Government initiatives you can join if you are really interested in creating a health enhancing workplace which are listed in the article.

There are also some further ways you can promote physical activity for your employees including:

·        Negotiating Corporate discounts at a local gym

·        Providing a changing/showering facility

·        Joining the Cycle to Work scheme – find out more

·        Starting a Lunch-time walking club

·        Promoting the Free ‘7 Minute Workout’ App

If people don’t want to eat healthy and exercise, you can’t force them, but introducing ways they can be active which fits into their everyday lives provides the right environment to promote positive change, resulting in healthier employees, and less sick days.

 

 5.  AUTO ENROLMENT – IS COMING FOR SMB’S

Bigger Organisations will have already had to commit to Auto Enrolment, as an SMB you may or may not be aware that its coming in the next 12-18 months.

There are lots of 'Auto-Enrolment' specialists who can offer great policies - in Pensions. If you also would like to enquire about Business Healthcare and Protection, source a specialist provider who has experience and expertise in that area. Generally, the customers we speak to who have allowed a Pension specialist to provide their Private and Corporate Medical Insurance are on the wrong policies.


Who are HMS Healthcare

HMS Healthcare have been advising small to medium size businesses for over 20 years so we have a wealth of experience and expertise in the Corporate Healthcare, Group Risk and Business Protection markets.

The difference with HMS is that we are a small independent brokerage which means as well as being able to offer 'whole of market' comparisons, we also like to offer a personal and friendly service.


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