24-hour cover for unexpected accidents

Personal Accident Cover provides assistance for accidents and incidents involving employees that fall outside of your Compensation for Occupational Injuries and Diseases (COID) cover.

Personal accident cover with Apio #connectedinsurance

A recent SHA (Specialist underwriters) report stated that only 55% of businesses have income protection insurance in place for their employees. With many small and medium businesses not offering traditional benefits to their employees, Personal Accident Cover provides employers with a way to assist their staff should an accident occur outside of work hours, when it is not covered by COID.

If, for example, your employee was injured in a taxi accident on his way home from work, the lump sum pay out from Personal Accident Cover that is paid to the employer could be used to support the employee’s family, or to hire a work replacement while the employee recovers.

The cover offers a death benefit, permanent disability cover and temporary and total cover, per a scale of benefits depending on the severity of the injury. Personal Accident Cover will also ensure that any employee not covered by medical aid can be immediately admitted to hospital for treatment.

The policy also provides 24-hour assistance to the employer, and a rapid settlement process for claims, unlike COID, which can be a lengthy process, sometimes taking months or years to settle a claim. 49% of businesses that submitted claims to COID in the past three years complained of lengthy delays, while 76% of those businesses had to pay upfront for immediate medical treatment of their injured employees.

Staggeringly, 29% or corporations reported having to deal with the serious death or injury of an employee as the result of a work-related incident in the past three years, and 24% of companies reported suffering notable financial losses from an incident. The Personal Accident policy will also provide an accident expert who has access to industry experts who assist with COID or Road Accident Fund claims. It’s been shown that having an expert on hand to follow up with COID claims can reduce the wait time from a year to three months.

The policy also offers HIV cover – in the event of possible exposure to HIV, ARV therapy is provided – and limited cover for alcohol-related and motor vehicle accidents. The policy is comprehensive, covering everything from snake or dog bites to spider bites, criminal-related injury and even murder. The lump sum payment can be used however it is needed at the employer’s discretion. Funeral benefits and additional family members can also be added to the policy, depending on requirements.

It’s also worth noting that COID only covers an injured employee for up to 75% of their annual income, with a threshold of R458 520, so for higher-value employees whose loss of service to the company would be a bigger blow, anything over and above the first R458 520 can be paid out by a Personal Accident policy.

Employers have a moral obligation to assist employees when the unthinkable happens, and a Personal Accident policy provides a financial solution to what might otherwise be a challenging and uncomfortable decision to help. Speak to your advisor to get the most suitable cover for your employees.