If you are part of a competitive business environment you most probably know that hardworking employees of a company are amongst the most valuable assets a business can have today. This is why it has become so necessary to take care of their needs and welfare. Hence in an already competitive business scenario; while you prepare for the unexpected in various areas of operation; protecting your employees is also an important part of running the business.
How to protect your employees?
Getting a group personal accident policy for the employees is one of the prime things to do while trying to protect them. This policy provides cover that handles claims when there is any harm or injury caused to the employees and also the consequences of it like – medical expenses and so on. There are various types of cover which you can take as per your requirement. In case of a mishap the claim is paid out to the holder of the insurance policy.
Group personal accident policy is highly beneficial as it can protect both the company and the employees. While it is obvious that in the case of employees it helps them during a mishap; but for the business as well it helps by preventing the company from suffering losses due to the mishap caused to a key employee of the organization; along with making the organization look good. Overall it is important that your cover is personalized and suited to your specific business needs.
Depending on your company’s requirements; here are various types of cover which can be beneficial to the employees working in a competitive business environment-
Accidental Death: In case of injury resulting in loss of life of the employee then the insurance company will pay the principal sum.
Permanent total disability: In case there is an injury causing a permanent disability to the insured which continues for a period of 12 consecutive months, in this policy the insurer will pay compensation up to the sum assured.
Permanent Partial Disability: If an injury takes place which causes a permanent partial disability to the employee listed in the policy; then this policy compensates the insured from 2% to 60% of the Principal Sum depending upon the disability. Again here it is necessary that such disability continues for a period of 12 consecutive months.
Weekly Benefit: In this scenario if the employee is fully disabled for a temporary period due to an accident; then he or she is entitled to get a weekly compensation due to the policy.
Ambulance Charges: If the employee is taken to a hospital due to meeting with an accident, then the policy offers reimbursement of ambulance charges.
Mortal remains transportation: The policy reimburses the cost incurred in moving the mortal remains from the accident site to hospital, residence or cremation ground.
Broken bones: A lump sum amount is paid for broken bones resulting from an accident. The policy clearly mentions which broken bones will be covered under the plan.
Medical Reimbursement: Employees are reimbursed the cost of treatment and the use of hospital facilities for the treatment of injury. The compensation under this benefit is generally a percentage of the actual medical expenditure incurred.
Education Benefit: In the unfortunate event of loss of life or permanent total disability due to accidental injury, the policy if opted for, provides additional compensation to the insured or the insured person’s children towards supporting their educational needs.
Changes in lifestyle: Permanent Total Disability arising from an accident could sometimes demand a change in lifestyle and hence to meet these requirements, the employee might need to invest or modify an existing vehicle or invest in making some changes in the house (shifting to ground floor or change in staircase). If opted for some policies might also provide a percentage of the amount spent towards these expenses.
Group personal accident insurance is a comprehensive cover that can be bought irrespective of the number of employees; you can also buy customizable group personal accident cover to suit the requirements of your team.
Since mishaps like accidents and the related injuries can alter the life of a person for sometime; and at times the injuries caused due to such incidents can completely affect the lifestyle of the person; it is absolutely worth investing in an accident health cover. The group accident health insurance policy while covering your employees; also helps them and their families feel more secure and like working with a company which can look out for its employees needs.
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