How Is Accident Insurance Beneficial?

Accident Insurance

Accidents occur at the most unexpected moment. Sometimes, you may fall prey to one without any prior warning, leaving you severely injured. The financial impact of such a trauma can be catastrophic. Not only will you have to spend all your resources on the treatment process, but since you would be unavailable to work for an extended period of time, your financial stability will also come under threat. In order to safeguard yourself against such unforeseen incidents, it is advisable that you procure personal accident insurance or ask your employer about a group personal accident insurance policy.

What Exactly is a Group Personal Accident Insurance Policy?

Insurance is something that every individual needs. It protects us against unexpected incidents and ensures our safety. This can be best seen in the context of business. A group personal accident insurance policy covers the business owners and employers if there is any mishap at the workplace that leads to employee death or disability. Plum Insurance offers you cost-effective group personal accident insurance with a great range of optional benefits. Business owners typically purchase this type of insurance coverage to protect their workforce.

Benefits of Group Accident Insurance Policies

1. Peace of Mind

Business owners need to grow their companies. As the sole proprietor or the CEO of a company, you might be running it for a long time. During this time span, you have to create something that can take care of your financial needs. However, everybody loses their footing once in a while and, thus, is at risk of falling. One such situation is when someone in your team meets with an accident that incapacitates them for quite some time. This is why having a personal accident insurance policy for your team is a must-have if you run a business.

Accidents are a part of life, and although you can’t always be in control of what happens to your team members, you can be at ease knowing that they have the financial backup in case something unfortunate happens.

2. Better Work Culture

Group personal accident insurance is often offered as part of the employee benefits package by start-ups and companies that employ a considerable number of skilled employees. A group insurance plan helps provide a sense of protection at the workplace and build better relations among the employees. In case of a mishap at work, the group insurance plan would compensate the person for loss or damage brought to his life by his/her workplace accident. This aids in reducing the stress levels associated with accidents and creates a relaxed environment in which day-to-day activities can be carried out without fear or worries.

You need to learn how to motivate your employees in a way that they will stick with you and stay productive in this competitive environment. Most new employees at a company expect some health and medical benefits. In today’s market, this should come as no surprise at all. This, paired with the fact that most job postings offer some sort of insurance package, means that many people are already expecting this to be in place.

3. Discounted Price

A group insurance plan may seem exorbitant, but it can be a good deal. Most insurance companies offer a discounted price for group insurance policies depending on your company size and the number of policies purchased. As long as your team members can fulfill some minimal personal accident insurance requirements—such as age, marital status, and residency—group insurance providers can offer you a reduced cost per policy, with little additional effort or expense on your part.

When searching for group insurance coverage for your team, it is important to consider the insurance provider’s brand name and claim settlement ratio before settling for a low premium insurance coverage.

4. Easy Processing

Buying a group insurance plan for your staff is a significant investment that you should not ignore. With the cost of healthcare services going up, it is wise to provide insurance coverage to your employees. Group cover avoids complications by reducing the paperwork involved in the application process. The insurance company takes care of all the paperwork so that you can concentrate on your business more efficiently.

Unlike medical insurance plans, which need you to undertake medical exams before being issued, you are not required to do any tests when choosing group insurance products. All you need to do now is choose an insurance provider and pay a fee to receive coverage.

5. Easy Claim Settlement

When buying any insurance, one of the primary things you look for is a hassle-free claims process. The best group insurance policy offers an effortless claim process—one that doesn’t require your staff members to jump through hoops or share sensitive information with clueless third parties to receive claim settlements.


A group personal accident insurance policy is a win-win solution for both the employees as well as the employer. The employees are provided with all the necessary information on how to stay safe at work. It also allows them to learn about all the benefits they can be entitled to if they get injured during work. An employer’s main concern is always the safety of his workers. This group insurance policy allows him to ensure that his workers take all precautionary measures to stay safe. If an employee does get injured, he knows that he will be compensated for his injuries. This makes it easier for an employer to attract satisfied and loyal workers.