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Group Personal Accident Insurance protects your employees 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.
What does Group Personal Accident Insurance cover?
- Loss of Body Parts/Body Functions: Pays a lump sum cash benefit for loss of arms, hands, fingers, legs, toes, sight, hearing, and more.
Total Permanent Disability: Pays a lump sum cash benefit 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 cash benefit.
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/weekly cash benefit while temporarily disabled and unable to work.
- Family Cover: Automatically covers employee’s child & spouse.
- Reservist: Covers employees performing reservist duty.
Do I need Group Personal Accident Insurance?
This type of insurance is helpful if:
You want to offer attractive benefits to retain & motivate your employees, and attract new hires.
You want to help your employees get back to work quickly. Cash payouts will greatly help your workers with medical expenses.
You want to be seen as a caring employer, making sure your employees and their families are well looked after in case of unfortunate accidents.
What other types of insurance should I combine with Group Personal Accident Insurance?
Group Personal Accident is a great benefit to offer to your employees. For businesses concerned about their workers suffering injuries, it’s good to consider the following covers:
WICA (Workmen Compensation) Insurance: Covers work-related injuries/sicknesses.
Employee Health Benefits Insurance: Pays for hospitalisation and surgery costs. Can be configured to cover outpatient treatments like visits to the GP, specialist consultations, etc.
Foreign Worker Medical Insurance: Legally required for foreign workers. Pays for medical expenses due to hospitalisation.
What does Group Personal Accident Insurance not cover?
- Individuals over 65-75 (depends on the policy)
Pre-existing physical or mental defect or infirmity
Illness, diseases, infections, AIDS, HIV, and HIV-related illnesses
Childbirth, miscarriage, pregnancy or any other complications thereof
Injuries or death from criminal acts
Professional sports activities of any kind
Hazardous sports activities such as mountaineering, cave exploring, parachuting, hang gliding, hunting, racing of any kind (other than on foot), scuba-diving, bungee jumping and water ski jumping
Pilots or cabin crew, unless they’re travelling as fare paying passengers
Radioactive and nuclear weapon material accidents
What's the difference between Group Personal Accident Insurance vs WICA Insurance?
Clients frequently ask us about the difference between Group Personal Accident Insurance vs WICA Insurance.
Legal necessity: Group Personal Accident Insurance is a non-legally compulsory type of insurance. It’s a good-to-have benefit that you can provide to your employees. On the other hand, WICA Insurance is legally compulsory for manual workers, OR any worker who earns below $2,600/month.
Types of injuries: Group Personal Accident Insurance covers non-work-related injuries. WICA Insurance pays for work-related injuries only.
Coverage breadth: Group Personal Accident Insurance is mainly for lump sum compensation in the event of disablement, paralysis, or death. It’s most useful as a lump sum benefit if a worker becomes disabled, and finds it difficult or even impossible to find employment. The insurance payout is thus critical to cover medical expenses and other costs of living when the employee is unable to support themselves.
How much Group Personal Accident Insurance do I need?
It’s useful to purchase coverage between $100,000 to $500,000 per employee. If you’re on a budget and want to provide benefits at the lowest cost possible, $100,000 cover per worker is a good starting point. If your company is on the larger scale, and you have the resources to provide higher benefits, then you can consider going up to $300,000 to $500,000 in coverage. This will provide your employees with a real peace of mind – they know that they’ll have a good payout to pay for living expenses, if a severe accident were to deny them the ability to work. If you need help determining appropriate coverage levels, get in touch with us.
How much does Group Personal Accident Insurance cost?
Premiums start from $9/month, for a group size of 2 employees. That’s a combined premium for 2 employees. The cost for this type of coverage is low, but the benefits are high.
You can save up to 25% on premiums with Provide. Our digital operating model creates lower overheads, and we pass these savings back to our clients. Speak with us today to get a quick quote.