After personal accident insurance for the employees of your business? Compare group policies online.
Accidents can occur both in and outside of the workplace and can have significant impacts on both employers and employees. For example:
- If an accident occurs during working hours. Business employers can be held liable for an employee's injuries.
- If an injury occurs outside of work. Then an employee will need to cover the cost of injury and loss of income, while employees will need to cover the cost of replacing a key employee business.
Who needs group accident insurance and why?
Group accident insurance is group cover taken out by employers to:
- Protect their employees in the event of accidental injury or death.
- Protect employers if they are held liable for on site injuries.
- Help employers reduce the financial losses they could face from employee down-time and recruitment costs.
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Here is a look at the different types of cover available under group personal accident insurance and their associated benefits:
- Disability cover. If a covered employee meets with an accident that leaves them disabled in any capacity, whether temporarily or permanently, and such a disability does not allow them to work, then you will get disability benefits under the group accident insurance. These benefits can be used to pay compensation to the injured employee. Also, if the employee is temporarily out of work, they can even receive weekly injury benefits that will help to cover the loss of income arising from the temporary inability to work due to the accident
- Accidental death cover. If an injury sustained from an accident results in the death of the employee, then accidental death benefits will be paid out by the insurance company. These benefits are usually in the form of a lump sum payment. If the insured person has died leaving behind dependent children, then additional benefits for the surviving children may also be paid. In situations where an insured employee and their spouse both die from the same accident, a lump sum orphaned benefit may also be applicable for the surviving children
- Funeral cover. Most group personal accident insurance policies also include cover for funeral expenses that may arise from the accidental death of an insured employee. Usually a maximum limit for such benefits is mentioned at the time of taking the policy
- Miscarriage cover. If an insured employee who meets with an accident happens to suffer a miscarriage following the accident, then additional benefits will be paid in such situations. Also, if the employee was pregnant and the accident results in a premature delivery, then additional benefits will also be paid by the insurance company
- Recruitment expenses cover. If the company incurs any additional expenses to hire another employee in a temporary capacity so as to handle the work of the injured employee, such expenses are covered under group accident insurance. Also, if the accident leaves an employee permanently unable to work and the business needs to find a suitable replacement for such an employee, then all recruitment expenses relating to finding the replacement will also be covered.
The following are some of the key features to look for in a personal accident policy;
- No age exclusions (cover available to all employees)
- A Return to Work Assistance Benefit to aid in recovery and recommencement at work
- A lump sum payment for accidental death
- Weekly benefits for temporary, total or partial disablement
- Weekly loss of income benefits
- Funeral expenses (to a set benefit amount)
- Replacement staff costs and/or recruitment costs
- Dependent child supplement
As well as offering a range of key benefits, personal accident insurance can be tailored to suit your individual business requirements and can include optional extras such as;
- Domestic home help
- A home nursing care benefit
- Medical expenses cover for non-Medicare services
- A student assistance benefit
- Cover for HECS/post graduate fees
- An AIDS/HIV needle stick injury benefit
- Working hours only cover (including or excluding commuting)
- Cover for voluntary work
- Home and vehicle modification expenses
Group accident insurance has several other advantages;
- It is much cheaper than purchasing individual policies, as the risk to the insurer is much lower when shared amongst a group
- When offered as part of a job package, it can help employers obtain and retain good workers
- It protects employers from compensation claims that might otherwise result from a death or injury at work