Small business insurance is often overlooked in most small business owner’s coverage options.
In this article, we’ll look at some of the different types of small business and offer tips on how to choose the best insurance for you.
This article was first published on March 10, 2018 and updated on June 18, 2018.
American Small Business (ASB)Small Business insurance is a type of individual or small business policy that offers coverage for the whole business, or a portion of it, with no deductibles or other limits.
A business owner who has a large or small company in the U.S. is able to qualify for ASB, and the small business’s policy will usually cover the entire business or a part of it.
The individual or business owner will be responsible for paying a deductible and copayment for the business.
The deductible and the copayments will depend on the type of policy and how the policy is structured.
If you choose a larger business than the size of the business, you will pay a higher deductible.
Small Business Home InsuranceSmall Business home insurance can cover up to three businesses (up to two full-time employees and one part-time employee) if you are the sole proprietor of the property.
If the business is in a different city than your home, you’ll have to pay for a separate policy.
Private Health Insurance (PHI)PHI is the health insurance for a private home and/or apartment, and is generally the best type of coverage for small businesses.
The policy will cover the business or part of the company for up to four weeks after the coverage ends, depending on the coverage type.
This is because the policy can be canceled and re-enrolled at any time.
The coverage will cover all essential medical services (such as blood pressure, diabetes and cholesterol testing), and will be paid for through your bank account or through a Medicare Advantage program.
You’ll also be covered for up, three, or six months after the policy expires.
Life Insurance (LIF)LIF is for small employers who want to get life insurance coverage on their own.
The policies are generally purchased through a private employer or an independent contractor, or both.
The premiums are usually lower than the health plans that you buy from the government.
LIF policies cover up (up) to 30 people for up-to-two-years, with up to $1,000 for out-of-pocket expenses.
Health Care Policy (HCP)HCPs are a kind of health insurance, which covers health care services as long as the person is employed.
These policies are usually purchased by private health insurance companies, which are owned by private businesses.
HCP policies can cover people with an estimated annual income of at least $50,000, and are generally offered by small employers.
Personal Property Insurance (PPI)PPIs are for individuals and small businesses that are homeowners.
They are usually offered by insurance companies that are owned and operated by homeowners, or private health insurers that are not owned andoperated by homeowners.
PPIs can cover a range of health services, from dental, vision, vision care and physical therapy, to dental and vision exams, prescription drugs, prescriptions and other medication, and hospital stays.
Home and Personal Care Plan (HPP)Home and personal care plan are the insurance policies that cover a home or an apartment or a business owned and controlled by the homeowner.
The home and personal plan usually provides coverage for a minimum of 24 months, and covers a range, from one year to four years.
Homecare plans typically have no deductible or co-insurance.
Life and Medical Insurance (LLIP)LLIPs are for small business owners who are insured by the federal government and live in a state where they are subject to a deductible.
You are covered by an insurance company if you live in the state where you do business.
LLIP policies generally cover a minimum and maximum of three months, depending upon the coverage category.
Home Insurance for Small Businesses (HIPB)HIP is for employees of small businesses who are covered through an employer.
The plan is typically purchased by a small employer.
It is usually offered in the form of a home policy or by an independent contracting contractor, which is usually an entity that performs services for an employer that is not owned or controlled by your employer.
HIP policies cover health and dental care, vision and hearing aids, prescription and nonprescription drugs, and medical and emergency care.
Medical Coverage for Small Employers Medicare is the federal health insurance program for the elderly and disabled.
The program is administered by the Medicare Payment Advisory Commission (MPCA), which has the authority to make decisions about eligibility and coverage of individuals.
There are a variety of types