Do I Really Need a Group Personal Accident Insurance Plan?


Group personal accident insurance is one of the most important products for businesses to consider when they are looking at protecting their employees. Increasingly, business owners and managers on a global scale are looking at their company insurance policies to make sure they have everything covered.

It’s not just about paying out if someone gets hurt on the job, but also about making sure that your business does not suffer due to an injury or illness. This blog will discuss how group personal accident insurance can help your business and why it might be worth considering adding it to your benefits package.

What Does Group Personal Accident Cover?

Group personal accident insurance plans can provide extensive coverage for accidental death, permanent partial or total disability along with the costs derived from medical treatments – and this applies outside of Singapore as well.

In the case of funeral proceedings, your group personal accident plan can do more by supporting your employee’s loved ones financially during this difficult period.

At a glance, this benefit may seem like an unnecessary expense for your business but did you know accidents – unfortunately – can happen in any place and at any time? In fact, according to a Ministry of Manpower report on workplace injuries, slips, trips and falls continue to be the leading cause of non-fatal injuries as of the first half of 2021.

Amidst financial loss concerns and other COVID-19-related stress triggers, an unexpected accident at work can further add to their worries. However, with a group personal accident insurance at hand, your affected employee can easily turn to the policy coverage offered by your company. Your trusted insurance provider can then get it settled quickly on your behalf.

Do I Really Need a Group Personal Accident Insurance Plan 1

Who Needs a Group Personal Accident Policy?

With that being said, who can benefit from having a complete group personal accident insurance plan? Previously highlighted as a desirable perk that job candidates look for in a company, group personal accident plans can be a useful add-on to any employee benefits policy.

If you own a company or are in charge of your organisation’s hiring, this type of insurance plan can be customised depending on your business’s needs. The coverage can be tailored to fit the requirements of your business, which means that it is ideal for businesses with large groups of employees or specific types of workers.

Essential for Risk Management

While work injury compensation is mandatory in Singapore, every organisation inevitably faces risk. As it can potentially impact the business in a number of ways including financial implications, productivity and reputation, it is important for companies to address risk promptly. With that in mind, group personal accident plans can complement risk management procedures apart from boosting your employee benefits policy.

Risk management involves looking at all the different ways your company could be affected by internal and external factors, and figuring out what to do about it. However, one area where businesses often fail in risk management is not considering insurance policies as part of their overall strategy for dealing with risks.

If you’re wanting to be more thorough in your approach to risk management, be sure to anticipate accidental death or injury risks at work and incorporate group personal accident plans in your strategy. That way, you won’t be caught off guard and instead, feel more confident to manage it alongside an experienced insurance broker like Expat Insurance.

Should something go wrong, a well-prepared business stands out when they have considered every aspect of their employees’ well-being.

Learn More About Our SME Insurance Packages

A comprehensive group personal accident insurance scheme can essentially be an important financial tool to protect your business from unforeseen accidents. These types of policies cover medical expenses and lost wages if any one of your employees becomes disabled due to an accident. Bear in mind that while there are many different companies offering these plans, not all offer the same benefits and levels of coverage. It is thus important to do some research and find out which company has the best package deal.

If this is your first time purchasing your group personal accident plan, do check our comparison between direct vs agent vs broker for your insurance needs in Singapore.

Feel free to get in touch with us today to learn about our group insurance schemes and packages available for SMEs.