ARE YOUR EMPLOYEES PROPERLY INSURED?
A golfing friend of mine is the Managing Director of a plastics company in the western suburbs. Earlier this year two of his key employees were killed in a shocking motor vehicle accident on the way home from work.
If the devastating personal impact on their families was not enough, the financial consequences for both the families and the business were horrendous.
Neither of the workers was adequately insured, and such an accident, outside the workplace, is not covered by WorkCover and the cover provided by the Transport Accident Commission is limited.
It was a salutary tale for all us, and led us to search for a policy that might provide some support for the families and the employer in similar circumstances.
We have negotiated with QBE Insurance a Group Personal Accident Insurance Policy that covers all staff outside of business hours 7 days per week.
THE BRIEF DETAILS OF THE COVER ARE:
Death & Capital Benefits $100,000 (For specified events [1 to 30]
Weekly Accident Benefit 90% of Gross Weekly Earnings up to a maximum of $1,000 per week.
Excess 14 days.
Benefit Period 104 weeks.
Outside Working Hours – 7 Days per Week
REASONS WHY THIS COVER IS NEEDED:
BUSINESS ISSUES
1. Provides cash to enable the business to hire a temporary person/contractor while attempting to replace a key staff member.
2. Can fund relocation of staff from interstate or overseas on a short term basis if applicable.
3. Enables the business to assist the family financially.
PERSONAL ISSUES
1. Provides cash to assist the family.
2. The cover is outside business hours, 7 days a week – not all injuries are covered by insurance.
3. Provides a Rehabilitation Benefit up to a maximum limit of $5,000.
4. Covers broken bones up to $3,000.
5. Covers Lifestyle Modification Benefit up to $10,000.
PREMIUMS PAYABLE
NON MANUAL EMPLOYEES (Managerial, Clerical, Retail, Sales, etc)
Number of employees 1 to 20 21 to 50 51 to 500
Premium per employee per annum $75 $62 $55
MANUAL EMPLOYEES (Tradesman and the like)
Number of employees 1 to 20 21 to 50 51 to 500
Premium per employee per annum $275 $256 $232
(Premiums include 10% GST plus 10% Government Stamp Duty)
