Discovering The Best Way To Protect Your Workforce:
There is no element of surprise that employees are the most prized assets of a company. When you genuinely value your workforce, they will happily go the extra mile to deliver results. An organisation’s success is highly influenced by the efforts and energy the staff puts into their activities. However, when it comes to safeguarding the well-being of the people, it is your responsibility as an employer to be active. When employers show critical care and concern, the employees feel valued. A group personal accident insurance is an appreciated benefit you can provide to your workforce.
In the competitive business environment of today, group accident insurance is a reward for hard-working employees. A group accident insurance plan safeguards against unexpected and untoward situations that may arise within or outside the workplace. The policy acts as a shield which protects your staff from any injury or mishap. If a staff member meets with an accident, the consequences, such as medical expenses, are taken care of by the insurance provider.
The insurance policy is an agreement which enlists a range of benefits and is crafted to suit the staff’s requirements. It is discussed and formed between the insurance company and the organisation. At all times, the beneficiaries of the policy will be the employees. If there is any incident of any mishap within the workplace, the procedure not only ensures the employees’ safety but also prevents the business from any loss. As a growing business entity, having an active policy will build goodwill and appeal to the industry’s talent. People will want to work in your company.
The policy comes at zero cost to the employees. However, as an employer, you must be cautious while forming groups. Before grouping employees, you must consider their age, medical history, and current fitness levels. It is a common practice that employees having homogeneous characteristics are clubbed in one group. The risk gets divided evenly within the group.
You can ensure that the policies are flexible and there is a scope to make personalised changes. Adding a touch of customisation goes a long way in maintaining the effectiveness of the policy. Being an employer will hurt your team members’ minds if the policy offers bare minimum coverage. You do not want to end up in a situation where a severe accident covers but the policy benefits are not extended in that case.
Advantages Under The Group Personal Accident Insurance Plan:
Let us uncover the various types of group accident policies and their advantages. You can select the one which suits your employees’ needs the most. The different types are as mentioned as follows:
- Accidental Death Plan: When there is any injury which results in a loss of life, the policy will transfer a substantial lump-sum amount to the nominees, i.e., dependent family members. The lump-sum amount is usually the principal amount agreed at the initial time.
- Permanent total disability: If the employee meets with any kind of total disability which is permanent and lasts for more than 12 months, they will be eligible for compensation. The compensation offered does not exceed the sum insured amount under the policy.
- Permanent Partial Disability: If an employee is undergoing any partial disability due to an accident or injury, compensation ranges between 2% to 60% of the total principal. Even in this scenario, compensation is granted when a partial disability lasts more than a year.
- Weekly allowance for loss of income: An injured employee cannot turn up for work when they are bedridden. This causes worry and financial issues as there is a possibility of losing income. To mitigate the loss of income, employers offer weekly allowances equal to a portion of the salary.
- Ambulance Charges: An ambulance’s to and fro transportation charges are covered under the policy to transfer the injured employee from the injury/residence to the hospital.
Below Are The Other Benefits That You Can Avail Yourself Based On The Situation:
- Transportation cost of mortal remains: The plan will reimburse the transportation of human remains from the site to the residence or hospital/cremation ground.
- Fracture or broken bones: Following the policy’s clauses, which list which broken bones are covered, a lump sum amount is provided as compensation. This benefit is offered to employees if they have met with an accident.
- Medical treatment cost reimbursement: Employees who need to undergo treatment or surgery are compensated for it. The treatment costs may also include the cost of medication and doctor’s consultation charges, depending on the plan’s terms. A percentage of the actual expense is transferred to the employee’s account.
- Education Benefit: Should the family’s sole earner pass away, their children will be compensated for their education needs. Under certain circumstances, it is also offered in case of permanent disability of the employer. It is an attractive advantage and a pillar of strength during unfortunate situations.
- Lifestyle modifications: After an employee has suffered from any injury or accident which results in permanent total disability, they may require a change in their lifestyle. It could be modifications in the house or office, vehicles they drive, etc. A percentage of the actual cost is reimbursed towards this benefit.
When it comes to the advantages of a group personal accident insurance policy, several benefits come to the rescue in every possible unfortunate situation. It will be wise for you to carefully assess the needs of your workforce and opt for a suitable plan. The most significant advantage for you as an organisation is the discounted cost while purchasing a group plan. It will keep you as well as your workforce happy and motivated. So go on, take a step towards a bigger and brighter future for your workforce and organisation!