It is the responsibility of the employer to protect the employees. Them being an important part of the organization, the group personal accident cover helps in delivering protection to the employees through a comprehensive insurance coverage. With the group personal accident cover, the medical expenses of an injured employee are duly compensated by the employer.
The group personal accident cover is purchased by an employer to cover a select base of employees (you can add as my members as possible). Under this special cover, only medical expenses arising out of an accidental injury, even leading to death, are compensated for. The employer is bounded by the legal terms and conditions of the contract.
So, how does the organization benefit? To begin with, a group personal accident cover policy builds goodwill of the employer. It shows that the management cares about its employees and their well-being. It helps in sustaining and increasing the employee count.
Listed below are few reasons why an organization needs to provide group personal accident cover in the corporate 2.0 scenario. The answer lies in the several benefits of such a cover.
- Recognizing Employees as Long-term Assets to an Organization–
Such a cover implies the fact that employees are the most valuable assets of an organization. It acknowledges the presence or the need to retain the best talent and how their wellbeing is of prime importance to an organization. Any sense of belonging to an organization will only motivate employees to work diligently and dedicatedly. It is important since the present scenario does not really instil the factor of corporate loyalty, otherwise. Therefore, SMEs to big organizational setups should invest in a group personal accident cover.
Sharing of Medical Costs
In addition, the nature of protection is of great importance too. A group personal accident cover protects employees from any potential financial loss due to an unfortunate incident, or accident. Medical bills are only increasing, and so is the risk to life. To reduce medical despondency of an employee, an organization must offer a group personal accident cover, so that its employees have adequate finances to deal with a monetary loss.
Cover For the Evident Risk
This loss can occur as a result of absenteeism from work because of an accident, for example. Moreover, certain jobs are high-risk jobs like field jobs in the construction field or employees involved in delivering in logistics. They should be insured against any risk of on-site or on-road accidents. Such a policy cover only ensures a more responsible attitude towards employee care and concerns, thus, increasing your chance of hiring the best talent.
Cost-effective for the Organization
By taking a group personal accident cover, the organization expenses are also reducing since a smart premium investment ensures that the insurance company is liable to pay the injured employee. It also means that an employee gets treatment on-time and there is reduced manpower work-hour loss.