Posted on: 11 June 2021
If you're looking at setting up employer benefit services for your employees, then voluntary accident insurance is an option worth considering. While you don't have to offer this kind of insurance, it does have some benefits for both you and your workers.
How does voluntary accident insurance work and what are its benefits?
What Is Voluntary Accident Insurance?
Voluntary accident insurance is a kind of supplementary healthcare benefit. It doesn't replace regular medical benefits but adds to them.
This coverage works if someone has an accident outside of the workplace. It provides help with medical, healthcare, and living expenses. You can set up a policy to include family members as well as the person who works for you.
Your employees don't have to take up this insurance; it is voluntary. You set up the coverage and, if an employee wants to cover themselves, you deduct the costs of the coverage from payroll.
What Are the Advantages of Voluntary Accident Insurance?
The primary advantage of this kind of insurance for you as an employer is the fact that you don't have to pay for it. Your employees cover their own costs. You simply have to set up the plan and organize payroll payments. As such, even though your employees will pay for their own insurance, they will appreciate access to this kind of useful coverage. A good benefits plan attracts and motivates employees.
Your employees can often take this insurance with them if they leave your company. This makes it even more attractive to them. Plus, you also give your people some financial advantages. They could take out their own personal coverage to manage costs if they have an accident outside work. However, their costs could be high especially if they also want to insure other members of their family.
If you offer a group plan, then you get economies of scale. You hook the insurance company up with multiple new clients, which means you get lower rates. Your employees get useful coverage but pay less for it than they would if they took out their own plan.
Employees can typically apply to join the plan without medical checks or pre-existing condition limits. They get the peace of mind of knowing that they have extra help if they do have an accident.
From your perspective, this coverage also keeps your employees at work more effectively. If someone has an accident and has no insurance, then their recovery time might be longer. Voluntary accident insurance helps get them back to work more quickly.
To find out more, contact a company that provides employer benefits services.Share