Common experience confirms what statistics proclaim – serious accidents do happen. Can you operate properly without your key employees?
Most people will know of someone who has been seriously disabled or, tragically, lost their life in an accident. Every day reports in the media remind us of large scale and local disasters on road, at sea, in the air, at home, at work or at play.
When a fatal or seriously disabling injury strikes, financial consequences can be disastrous:
- Few families can begin to replace the breadwinner’s income and state benefits are far from adequate for most peoples needs.
- While contending with loss of income there may be additional expenses to be met, such as medical or nursing care, home help or childcare.
- Employers will suffer financially from the loss of a skilled or key employee, possibly faced with the expense of retaining injured staff whilst employing temporary replacements.
Employer’s legal responsibility to provide insurance is catered for under the Employers Liability policy. However, this policy will only operate in certain circumstances where the employer is legally liable, for example through negligence or breach of Health & Safety legislation and even where a valid claim is met, payments may be made many months or even years after the event leaving the injured employee suffering financially in the meantime.
Is there a solution?
We can offer a keenly priced policy which we describe as an “Occupational Only Personal Accident” cover which would provide a lump sum payment of typically 4 x annual salary in the event of death or major disablement but, very importantly, alternatively a payment of 75% of average weekly wage for up to 2 years, excluding the first week, in the event of an injury preventing return to work.
The cover is restricted to those accidents which occur during working hours, the policy being operative from the moment the employee leaves home until they return and should that employee be away from home on business, the cover remains in place automatically on a 24 hour basis.
Payment of a 75% average weekly wage figure ensures that the employee has an incentive to return to work.
Whilst full 365 day/24 hour cover is easily available, the nature of an “Occupational Only” policy means that the employer does not pay for cover during holidays, evenings, weekends etc. yet takes a responsibility for accidents, even if there is no negligence, which occur whilst an employee is at work. The policy benefit is payable to the company, not directly to the employee, allowing use for either replacement staff or to make payments to the injured person to alleviate financial hardship. Many companies find it comforting that they have such protection in place particularly for long-term loyal staff.
Call your contact at Capital & County