Group Accident Policys: Accidents Happen

Recent findings indicate that over 2.7 million people attend Accident & Emergency each year*. Out of 603,000 work related accidents that were reported 25% of these resulted in the employee taking as many as 7 days if not more off work. *

Many businesses will have in place insurance to cover their physical assets but how well are they protected in the event of their employees taking this time off work in the event of an accident?

Whilst some accidents can often have a lasting financial effect on the injured person, their families and their employers having in place a comprehensive group accident policy can go some way to relieving some of this burden.

Group accident policies relieve financial stress by either providing a lump sum in the event of death, or a serious injury, or pay a weekly benefit for less serious accidents that result in temporary disablement. As the policies are issued in the company’s name, the company can choose how they assign the payment. A company therefore can choose to use the benefit as employee benefit or the claim settlement could also be used to hire a temporary member of staff to cover the loss in productivity.

Another benefit to businesses taking out group accident policies is that it’s unlikely that the employee will pursue an employer’s liability claim if they have already received payment under the group accident cover. A group accident policy will pay out irrespective of any blame whilst the employer’s liability policy will only pay out if the company can be shown to be legally liable.

Premiums are calculated on the company’s wage roll and can be as low as £35.00 per month for non-manual businesses.

If you would like to learn more about group accident cover and discuss your situation call me directly on Tony Gibbs 0118 9165485.

*2011 Department of Transport, *ROSPA(Royal Society of the Prevention of Accidents)



Author: Tony Gibbs | January 10, 2013

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