What Business Insurance Do I Need?
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.