Group Personal Accident Insurance protects company staff if they suffer serious accidents, or accidentally die.
This type of insurance provides a lump sum payout for accidental injuries or death, and pays for medical expenses.
As retaining and hiring employees becomes more competitive, today’s workers increasingly expect good healthcare benefits from their companies. It’s become very common for business owners to offer good benefits (beyond just salary raises) as a strong employment incentive. A comprehensive Group Personal Accident policy is a great way to retain and attract talented employees. It’s also a fantastic method to keep employees safe, protecting your staff and their families from huge medical bills.
Loss of Body Parts/Body Functions: Pays a lump sum for loss of arms, hands, fingers, legs, toes, sight, hearing, and more.
Total Permanent Disability: Pays a lump sum for permanent inability to work. Some insurers may have alternative definitions of this condition, like loss of a minimum number of specific body parts/functions.
Accidental Death: Pays a lump sum.
The following coverage features are offered in various combinations, depending on the insurer:
Medical Expenses/Hospital Cash: Pays for medical fees (up to a specified amount). Pays a daily hospitalisation benefit.
Temporary Disability (Partial/Total): Pays a daily cash benefit while temporarily disabled and unable to work.
Family Cover: Automatically covers employee’s child & spouse.
If you buy Business Package Insurance, it’ll often come with Group PA insurance. However, this Group PA usually only applies to 1-2 Directors/Officers. If you want to cover more people, you’ll have to get a broader, standalone Group PA policy.