•ᐉ【 How Much Does Small Business Health Insurance Cost?

How Much Does Small Business Health Insurance Cost For small businesses, employee health insurance can be a significant expense. The average annual health insurance premium for small businesses in 2022, according to a Kaiser Family Foundation report, was:

  1. $7,483 for single coverage, of which employers contributed $6,297, or 84%.
  2. $20,438 for family coverage, of which employers contributed $13,618, or 67 percent.

The report defines «small businesses» as those with three to 199 employees.

Of businesses with fewer than 50 employees that are not required by law to offer health insurance, 53 percent will offer health insurance in 2022. Of companies with three to nine employees, 48% offered this option.

Offering health insurance to your employees, while costly, can help you stay competitive as a business, retain employees and take advantage of tax benefits. Here’s what you should know.

Small business health insurance costs

However, health insurance costs have been rising for years. According to Enterprise Bank, small and medium-sized businesses are especially concerned:

  • The impact of health insurance costs on your company’s profitability
  • High premium increases that make coverage unaffordable for their employees
  • Health insurance costs that limit your ability to pay premiums and increases

Costco small business health insurance 2022

A small business owner typically pays between £20 and £100 per employee for health insurance. To find out how the cost of health insurance varies depending on factors such as age and number of employees, as well as the level of coverage, we ran some numbers against Bupa, the largest private healthcare provider in the UK. Here’s what we found.

How Much Does Small Business Health Insurance Cost
costco small business health insurance

Average cost of small business health insurance

The typical cost of health insurance for small businesses is about £45 per employee per month, but can range from £23 to £100 per month or more, depending on the age of the employees and the extent of coverage. Insurance for workers in their 50s is about 2 times more expensive than for workers in their 20s. How Much Does Small Business Health Insurance Cost? Other factors, such as the deductible, would also affect the rate.

Small Business Health Insurance Cost Per Employee21-25 years31-35 years41-45 years51-55 years61-65 years
Low level£23£26£34£48£77
Medium level£27£30£38£54£87
High level£27£32£42£61£102

How much does small business insurance cost?

Small business owners can get a good idea of the cost of business insurance by looking at pricing data from thousands of businesses that have purchased a policy with The Insured.

Estimated cost of small business insurance

The first policy most business owners need – and also the least expensive – is general liability insurance. In an analysis of 28,000 small business owners’ commercial policies purchased through Insurance, the average cost of a general liability policy was $42 per month or $500 per year.

The average cost for a business owners policy (BOP), which bundles general liability insurance with discounted business property coverage, was $53 per month or $636 annually.

The table below shows the median and average monthly cost for common small business insurance policies. The median best reflects what you can afford when it comes to insurance costs because it excludes extremely high and low premiums.

PolicyMedian costAverage cost
General liability$42/month$65/month
Business owner’s policy (BOP)$53/month$99/month
Professional liability (E&O)$59/month$97/month
Workers’ compensation$47/month$111/month
Commercial umbrella$75/month$129/month

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•ᐉ【 Small business health insurance 2022

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