Limited company directors in Cosham – compare personal vs company-paid PMI; benefit-in-kind rules; excess strategies and local hospital access.
Personal vs company policy – what to know
- Company-paid PMI: The business pays; it is usually a deductible expense; the employee or director incurs benefit-in-kind (BIK).
- Personal PMI: No BIK; premiums paid personally; no corporation tax relief.
Why contractors choose company-paid cover
- Cash flow friendly; spreads cost through the business.
- Easy to extend to employees later as you scale.
- Potentially better group terms once headcount grows.
Picking the right structure in Cosham
- Select annual excess to keep premiums efficient.
- Regional hospital list for Portsmouth; Havant; Southampton.
- Include outpatient diagnostics for rapid scans at Spire Portsmouth; refer results back to NHS or occupational health.
Modules for directors
- Mental health for workload pressure.
- Physio for desk posture or travel-related pain.
- Virtual GP for same-day letters and scripts.
Record-keeping and compliance
- Keep invoices; policy schedules and renewal notes for your accountant.
- Log BIK accurately on payroll if the company funds the policy.
FAQ
Can I cover my spouse
Yes – add as a dependant; BIK applies to the benefit provided.
What if I hire staff
You can migrate to an SME group plan for better rates and simpler admin.