Group Risk or Company Insurance Cover Tailored to Your Needs
Increasingly, employers are including protection as part of a total remuneration package, to attract and retain key employees. Group Risk Cover is a very cost effective way of protecting your business’ most important asset – your employees. It provides real financial benefits to both your business and its employees.
At Coverwell Financial Solutions we have the experience and expertise to deliver a Group Risk solution tailored to each employer’s individual needs.
Group risk benefits such as group Personal Accident Insurance and group critical illness are the backbone of many staff benefits packages in the UK.
They are primarily used to rehabilitate employees who are (or could be) off work on long term sickness absence due to stress, an accident or other illness. They also insure employees in the event of long-term illness or death
Group Personal Accident Insurance (PAI)
This type of Insurance pays out to the employee when they have been involved in a work, or non-work, related accident. Payments are scaled to the level of the accident with the highest payments being received as a result of a permanent disability.
Many companies are starting to reduce their sick day terms in employment contracts. In the event of a serious accident this can lead the employee to experience financial hardship as well as the pain of recuperation. PAI can go a long way to alleviating the financial hardship a prolonged absence from work can cause and would be viewed as a significant benefit by the employee.
PAI Advantages:
- Hospital stay
- Broken bones
- Loss of limb(s)
- Burns
- Loss of sight
- Loss of hearing
- Temporary disability
- Permanent disability
- Paraplegia
- Quadriplegia
- Accidental death
Group Critical Illness
Group Critical Illness (CI) cover pays a lump sum to an employee on the diagnosis of one of a defined list of serious conditions or on undergoing one of a defined list of surgical procedures.
The benefit is paid once the employee has survived for a specified period. Most insurers will also offer the option of a benefit for a covered employee who is assessed as being permanently and totally disabled but not otherwise able to claim for one of the conditions covered by the policy.
Group CI is also increasingly being provided on a purely voluntary basis as part of a flexible benefits arrangement.
