Employees are an integral part and valuable asset of any organization. A good employer knows this and constantly looks out for ways for the safety of his employees against specific risks resulting in permanent disability and may cause death. And that is where a group personal accident plan comes right into the scenario.
Coverage under group personal accident scheme
The group personal accident policy covers many things by offering lump-sum benefits based on the scale of injury. The policy renews annually and includes the following things:
- Accidental death
- Permanent disability – partial or total
- Ambulance charges
- Broken bones
- Medical reimbursements
- Lifestyle change after the injury
One of the best things about the policy is that it is applied 24/7 all around the world at any instant. It means even the employees who spent most of their time traveling for the business on foreign locations.
Why does your company need the policy?
Ensuring the safety, health, and well-being of the employees at the workplace and business travel is the legal obligation of the employer. Group personal accident plan delivers a safety net against exposure to financial risk and other damages.
Once a company has this policy, it shows its commitment to the Duty of Care obligation. It also keeps your team happy and thus productive.
Importance of group personal accident policy
A group personal accident plan is more than just a nice-to-have feature for the companies. Let’s take what makes having a plan need of the hour:
- The plan understands the value an employee holds for the organization. It offers protection against different unfortunate events.
- The plan helps to settle the claim as soon as possible without any delays. The claim is either paid to the policyholder or the chosen nominee. The policy bears each expense involved in the accident.
- The last and most important thing is that the policy is vital for the reputation of the business organization. It presents a good image of the company and shortens out the unnecessary problems faced by the organization.
Group personal accident policies can be extended to an employee’s immediate family member who is not insured or under-insured. The policies can be tailored according to the specific needs of your business.
Now you know why you cannot skip a group personal accident insurance for your business. If you don’t have this plan yet, you can take the help of insurance companies to guide you better. They help you get a customized plan for maximum optimization.