• Startup
  • Payroll/Taxes
  • Human Resources
  • Employee Benefits
  • Business Insurance
  • Compliance
  • Marketing
  • Funding
  • Accounting
  • Management
  • Finance
  • Payment Processing
  • Taxes
  • Overtime
  • Outsourcing
  • Time & Attendance
  • Analytics
  • PEO
  • Outsourcing
  • HCM
  • Hiring
  • Onboarding
  • Recruiting
  • Retirement
  • Group Health
  • Individual Insurance
  • Health Care
  • Employment Law
  • Tax Reform

What Business Insurance Do I Need?

Employee Benefits

The two major categories of insurance plans are health insurance and property and casualty insurance.

Health insurance includes:

  • Group insurance plans, which cover two or more people
  • Individual medical insurance, which is purchased by individuals and may cover individuals and their families
  • Voluntary or supplemental insurance, which offers employees insurance benefits they must pay for out-of-pocket

Managed health care plans contract with health care providers and medical facilities. These providers are part of the plan's network.

Major types of networks include:

  • Preferred provider organizations (PPOs)
  • Health maintenance organizations (HMOs)
  • High deductible health plans (HDHPs)
  • Point of service plans (POSs)
  • Exclusive provider organizations (EPOs)

Whether a primary care physician is required, how out-of-network referrals are handled, and other functions differ between these networks.

Property and casualty insurance includes:

  • Workers' compensation
  • Business insurance
  • Individual property and casualty insurance

View the video below for more about health insurance and property and casualty insurance, then download our free e-book, 7 Questions Every Small Business that Hires Employees Will Have to Answer, for full details on how to determine what types of insurance you need.

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.