When business owners shop around for medical insurance for their companies, they usually think about things like finding the most competitive rates and arranging adequate coverage for their employees. These are certainly important things to consider, but there is a vitally important item that is all too often overlooked; financial strength and reliability is a major factor in determining the best small business health insurance company.
For insurance of any kind to be worth the money, the issuing company has to be capable of making good on all of its claims over the long haul. This means that financial forecasts ought to play a big part in any insurance purchase decision.
To get an idea of how solid and reliable a company will be in the future, a good starting place is Standard & Poor’s. This is a reputable, independent agency that provides financial ratings for thousands of the largest companies – the grades it assigns are also known as S&P ratings. These ratings take into account a diverse and complicated set of variables that could determine the long-term health of a company. Strong S&P ratings are a good indication that an insurer is among the best small business health insurance company options. If a company that has given you a very competitive quote turns out to have a miserable financial rating, it is unlikely that they’re a good match for you.
There are several other places you can go to look for independent ratings and reviews. Fitch Ratings, Weiss Ratings, AM Best and Moody’s Investors Service are other large agencies that offer similar information. You can find them online to double-check your findings from Standard & Poor’s.
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