Insurance is a policy that provides financial protection or reimbursement for loss from an insurance company. There are many types of insurance policies. Group personal accident cover is a policy issued to a group of people in an organization or institution. In today’s world of uncertainty, employee safety in a company is of utmost importance. This type of insurance provides safety for the employee in the workplace and during business travel.
Group insurance accident cover provides comprehensive financial protection against huge expenses during disablement or death due to an accident. This type of insurance comes in handy for the employer or the company who looks constantly for ways to safeguard their employees in the workplace. This insurance is available either for the employees or for the board of the company. This offers huge benefits in the life of normal employees. It is a part of an employee benefits program in a company.
What does it cover?
This Group Personal Accident Insurance Scheme gives extensive coverage against accidental death or injury. It offers huge benefits which payout on a sliding scale based on the injury that occurred during the accident. It is renewable every year. Some examples include loss of hearing, loss of fingers, second and third-degree burns, broken bones, and rehabilitation. The best feature of this plan is it is applied 24/7 throughout the world. So it covers people who often travel business trips for work to foreign locations. This is applicable throughout the world.
Do all companies need it?
Duty of care is a prime responsibility of the company. It is a legal obligation of the employer to ensure the safety, health, and well-being of his employees in the workplace and during business trips to foreign places. It helps the employers to avoid the risk of their financial exposure. It prevents reputational damage. This provides the employer a good foundation for their people risk management strategy. These policies show the commitment of the employer towards the care and wellbeing of their employees. There different policies that suit different organizations and institutions. So the best policy that suits the company has to be chosen.
These insurance plans provide a safety net for employees against accidental death or injury. This insurance provides benefits to the employer as well. This insurance covers the expenses and provides compensation. Group members on this scheme were covered worldwide at the time. But this scheme also has some exceptional causes that are not covered in the plan. The general benefits include accidental death, permanent disability due to accident, permanent partial disability due to accident, medical expenses, and funeral expenses. These schemes provide overall safety for the employees. This group insurance scheme has many advantages to the employer and employees.
