Although all kinds of organizations should include the risk of injury to their workers and employees, it is usually the ones with higher chances of an accident at the workplace, who must buy a Group Personal Accident insurance cover.
Depending on the risk their employees are exposed to, the following businesses must buy Group Personal Accident cover:
- High-Risk Organizations:
- Mining Business
- Oil/Gas Exploration Units
- Offshore research/drilling units
- Medium Risk Organizations:
- Manufacturing Units
- Transporters
- Low-Risk Organizations:
- Software Development firms
- Services firms
- Administrative staff in manufacturing organizations
Employees in manufacturing companies, mining companies, offshore research organizations, transportation companies, etc. are more vulnerable to injuries and accidents due to their risky operations.
Though the higher risk with category one companies causes the premium to be higher. Can minimize it by applying modern safety methods and systems.
Case for Group Personal Accident Cover
QPR Ltd. is a multinational company with two businesses in India. One of the units deals with software development, and the other is the coal mining unit. Taken care of both the activities by the different management and not at all interrelated in any aspect.
The coal mine is in the northeastern part of India and considers one of the most modern coal mining operations in India. The firm maintains a system of checks and balances to ensure that the workers are safe and taken care of as soon as possible in case of an accident. The management of the coal unit, though able to maintain a better record of incident-less mining operations, decided to take up a group accident insurance cover. In order, to protect the employees and the firm financially if an incident occurs.
The insurance plan made both the management and the employees happy since covered both financially for unfortunate events.
On the other hand, the administration of the software development unit has taken the Group Personal Accident cover as a rider to the already running health insurance plan for the employees. The decision wasn’t a difficult one as the corporate can maintain the uniformity of benefits across the operations at a minimal cost.
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.
