Family-owned businesses are incredibly common across a number of different industries in the UK. In 2020, 77% of SMEs were defined as family-owned businesses.1 In 2018, the family business sector employed 14.2 million people, almost 39.9% of the UK’s total employment for that year.2
Owning and working in a family business can be very rewarding. Employing relatives can mean that you’re all more aligned on business goals and objectives, and share an equal passion in making the business a success. It can also be very all-consuming, and the line between work life and personal life can often become blurred.
When you own a family business, the health and wellbeing of your team is likely to be very important to you. You’ll want to make sure that your team are healthy, happy and productive, and that they’re able to be the best version of themselves.
Our small business health insurance can help you show your team that you really value what they do for you, and that you’re ready to invest in their health and wellbeing. You know your business and your team better than anybody, which is why we think that the best way for you to get the health insurance that’s right for you is to let you build your small family business health insurance plan yourself. We offer a range of cover options for you to choose from, so you only pay for the cover you need.*
No matter the size of your organisation, we’ll help you build a wellbeing culture throughout your family business. We can cover 1-249 employees with our small business health insurance.
*If you are buying cover for 1-2 people only, you will need to include either the Treatment option or the Diagnostics Only option in your plan.
It’s easy to add new or additional employees or family members to your plan at any point during your policy. The group decision maker can either email us or call us on the phone number listed in the handbook (phone lines are open 9am-5pm Monday – Friday). Depending on the underwriting option chosen, the amendment to your policy can often be authorised over the phone. Once the amendment has been actioned, your new employee will then be added to your plan and can start receiving the benefits of your small business health insurance plan.
What your policy covers will depend on the cover options that you choose, as well as any previous medical history and the underwriting option you select when you take out your plan. We offer a number of different cover options, so you can build a plan that suits your business and your budget. Our cover options include:
Find out more about our cover options
^Our EAP cover option is only available as part of a healthcare cover plan when chosen with at least one other cover option.
Small family business health insurance can have a number of benefits for your family business, these include:
If you employ relatives in your family business, they may already have a strong loyalty to your business because of the family connection. However, ensuring that they have a strong benefits package, including incentives such as private health insurance, can help to retain your team. According to a survey by Drewberry, 35.3% of workers want private health insurance as an employee benefit3
When you need to hire new people to join your business, offering health insurance as part of your benefits package can be a great recruitment incentive. The same survey found that 51.1% of workers said they’d like to see their company introduce benefits that support their health and wellbeing3
With small business health insurance, medical appointments can often be at a time and place that suits you giving you and your team more flexibility
Health insurance provides your team with access to health information and support when they need it, which can be beneficial to overall workplace wellbeing as your team will have someone to support them with their health
At AXA Health, we think that the best way for you to get health insurance that’s the best fit for you and your business is to let you build your plan yourself. That’s why we offer a range of cover options for you to choose from. The price of your small family business health insurance will depend on the cover options that you choose.
As an example, you could get the below cover options for £29 per month, per employee^:
^The above example is based on six employees (aged 25, 30, 35, 40, 45 & 50), living in Guildford, paying annually for a 5% discount, with a £100 excess and a two year moratorium on pre-existing conditions. Costs are representative as of October 2022, and prices will vary depending on location, cover options and ages.
If you’d like to find out more about our small family business health insurance, you can call our small business experts on 0800 389 7413 or get a quote online
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