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A Personal Accident insurance policy will provide a financial payment in the event of an injury to an employee. The amount paid out depends on the type of injury and is prescribed within the insurance policy. Personal Accident insurance can be taken out by individuals or by a company on behalf of an employee as a benefit cover.
Personal Accident insurance covers losses of function or limbs as a result of an accident. For example it would cover the loss of an arm, loss of speech or hearing, or total disability. The policy does not cover death due to suicide or death or injury as a result of drug/alcohol abuse.
A Personal Accident policy is quite different from Employers’ Liability in that it does not require any liability in order to pay out. Payment is made as a result of the loss or inability to use a part of the body specified in the policy. An employee receiving a Personal Accident payout is still able to make a claim under the Employers’ Liability insurance.
Personal Accident cover will normally specify a maximum period for which the employee may receive the benefit (typically 24 months).
As an employer you are providing a benefit to your workforce by insuring them with a Personal Accident policy. This can be important if your employees engage in higher risk activities as part of their work (such as electricians working with high-tension supply or those travelling to parts of the world that may be considered dangerous).