It is the responsibility of the employer to protect its employees. The employees being an important part of the organization, and the group personal accident cover helps in protecting the employees. The policy cover helps in covering the medical expenses and other compensation to the employees in case of an accident or injury and against other unfortunate events. So, how does the Group Personal Accident cover benefits your organization?
This also makes the organization look good, and makes the existing employees feel that the management is concerned about their well-being. And even helps in attracting potential talent to join the company.
A case of Group Personal Accident cover benefits
The PQR Ltd experienced a recent change in management. The old management was very particular about finances and believed that it is better to compensate the employees as and when they meet any mishap instead of spending money on group personal accident insurance cover
But, the new management does not agree with this point and sees investment in group personal accident cover as an assurance for the company. It prevented the company to incur huge monetary losses in case of an accident of any key employee as well as the employees were also happy with this move of the company.
By subscribing to this policy, PQR Ltd benefited in many ways.
Mr. Shyam Kapoor, one of the key engineers of the company, met with an accident during routine maintenance of the machinery and broke his right arm. It was a sad moment for Shyam as well as the company. But, the good thing was Shyam was compensated sufficiently by the accident cover policy of the company. The company did not incur any monetary obligations to Shyam due to this event. And after a few weeks of recovery, Shyam was able to join the work back.
Read another incident
Mr. Rajat Jain, the accountant of the company slipped into the office premises and broke his hip bone due to which he was advised to bed rest for 12 weeks. The insurance plan took care of all his medical bills. Moreover, he was also paid a lump sum amount to compensate for the broken hip bone. Even though the company faced the loss of work and hired a replacement temporarily. There was no monetary loss to PQR Ltd.
PQR Ltd. is a big organization with more than 500 employees working for them. Though such accidents are irregular affairs for the company, the management’s decision to buy a group accident policy cover for the employees is a wise move to protect its employees. As well as the company paying huge compensations to the employees.
Insurance also helps the company retain its position as the most preferred employer in the industry. And is able to retain much of the talent, apart from attracting new recruits.
Written By-
Gunjan Saxena
MBA Insurance Management
With a robust background in the insurance industry, Gunjan is a seasoned professional who brings 10 years of expertise to group personal accident insurance. Throughout her career, she has demonstrated a deep understanding of the intricacies and nuances of insurance products, particularly in personal accident coverage. Having worked closely with both individuals and businesses, she has gained valuable insights into the diverse needs and challenges faced by clients seeking insurance protection. Her experience encompasses designing tailored insurance solutions, providing expert advice, and guiding clients through the insurance process with confidence and clarity.
Through her articles, Gunjan aims to educate and inform readers about the importance of group personal accident insurance and the benefits it offers in safeguarding against unforeseen events.
