I love running. Both by myself listening to my iPod, or with my two running friends. And especially with the reward of a hot chocolate and a large piece of cake after a long training run! After all, we all need an incentive, don’t we?
During a very cold spell recently, I was out for a solo run. The temperature was around freezing, but it was a beautiful day. Clear blue skies and sun. The pavements and paths were icy in places so I had to run carefully – I didn’t want to risk any broken bones.
This got me thinking about accidents and how they can badly affect an organisation if a manager, director, or worse still a whole team, are involved in an accident. It reminded me about Group Personal Accident insurance, which is an often overlooked but vital protection for a company.
Protect your most important asset – your employees
You protect your business assets without a second thought. They are tangible. It’s easy to understand the impact their loss from a fire or flood can have on your business. But what about your most important asset – your employees?
You may argue that you are covered under Employers’ Liability insurance, but a claim settlement here relies on legal liability. Plus, the accident has to have happened in the course of the business. Whereas a Group PA policy does not involve employer negligence, and the 24-hour option means that your staff – or rather, your business – is covered if anyone has an accident anytime, anywhere, and for almost any reason. Not just at work, but out of hours too.
How would your business cope without its employees?
What if your senior designer or top salesman share my passion for running and take a tumble on the ice? Suppose, for a moment, that they injure themselves badly and are off work for several months. How would your business cope without them? Could you still pay their full salary? Would you need to recruit a temporary member of staff? All these factors have cost implications for your business.
A Group PA policy also provides financial protection in the event of employees being unable to return to work through disablement, or even death, within two years of an accident (some insurers state within one year).
Some real life examples
Without trying to scaremonger, but to give you an idea of how Group PA works in real life, here are some recent high profile cases where Group PA insurance could have helped the victims, their families, and their employers:
- In November 2013, a Police helicopter crashed into the Clutha Vaults pub in Scotland.
- In June 2014, five employees were travelling in a transit van and collided with a lorry. Three were killed and one was in hospital for months.
- Remember the disappearance of Flight MH370 after departing from Beijing to Kuala Lumpa on 8th March 2015?
- Then, in October 2015, there was the tragic Collectiv nightclub fire in Bucharest, Romania, that killed 64 and injured 147.
Insurance companies would have paid benefits to those insured businesses in each of these tragic incidents. Payments can be used for replacement personnel, helping the employees and their families, and paying for adaptations to homes or the workplace. Your business can use the payments however you see fit.
How would you use the claims benefits to help your business?
It’s easy to imagine several employees travelling to a meeting in one car and getting involved in an accident. What about outside work events – how often do your staff enjoy a night out together, or maybe go on a hen or stag weekend? What would you do if something tragic happened to your entire sales team?
No one wants to have to imagine the worst case scenarios, but sometimes it makes business sense to do just that.
So when one of your employees comes in to work on a Monday morning and tells you that they have signed up for a Marathon, consider how this could impact on your business if they were to fall badly during training or the actual event.
Unfortunately, accidents do happen. To protect your most valuable asset, get in touch on 01235 868535 or email email@example.com