It’s More than you Think: The Benefits of Offering Accident Insurance to your Employees

As a business owner or HR manager, you understand that your employees are your most valuable asset. Keeping them healthy and safe is not only a top priority, but also a smart business decision. And when it comes to unexpected accidents, offering accident insurance as an employee benefit can make all the difference.

What Is Group Accident Insurance?

Group accident insurance is a type of insurance that provides coverage for accidental injuries. It is designed to help cover medical expenses, hospital stays, surgery, and other costs associated with an accidental injury. Accident insurance can also provide benefits for lost income or disability resulting from the injury.

Accident insurance works by providing a lump sum payment to the policyholder in the event of an accidental injury. The payment amount is determined by the severity of the injury and the coverage limits of the policy. This lump sum payment can be used to cover medical bills, lost income, or any other expenses related to the injury.

Accident insurance is typically offered as a supplemental insurance policy to other types of health insurance. It is not intended to replace other insurance coverage, but rather to complement it. 

Accident insurance is designed to cover medical expenses and other costs associated with accidental injuries, including emergency room visits, hospital stays, surgery, and rehabilitation. It may also provide benefits for lost income or disability resulting from the injury, depending on the policy.

For your employees, accident insurance can provide financial security and peace of mind. After all, accidents can happen anytime, anywhere and to anyone. Without insurance, an unexpected injury can cause tremendous stress and anxiety for both the employee and their family.

Employers may offer accident insurance as part of their employee benefits package, either as a voluntary benefit or as a company-paid benefit.

But accident insurance isn't just about taking care of your employees. It's also a wise investment for your business. By offering this valuable benefit, you can see a significant return on your investment.

Here are just a few of the ways your business can benefit from offering accident insurance to your employees:

How Accident Insurance Can Boost Your Bottom Line

For your employees, accident insurance can provide financial security and peace of mind. No one expects to be injured, but accidents happen every day. Without insurance, an unexpected injury can be a major financial burden, causing stress and anxiety for both the employee and their family.

By offering accident insurance, you can help alleviate this stress and provide a safety net for your employees.

But accident insurance isn't just about taking care of your employees. It can also provide significant benefits for your business. Here are just a few of the ways your business can see a return on its investment when offering accident insurance to employees:

1. Increased productivity

When employees are worried about their health and finances, it can be difficult to focus on their work. By providing accident insurance, you can help alleviate some of this worry and allow your employees to focus on their job. This can lead to increased productivity and better performance, ultimately benefiting your bottom line.

2. Reduced absenteeism

Accidents can result in injuries that require time off from work to recover. Without insurance, employees may feel pressure to return to work too soon or may not be able to afford to take time off at all. By providing accident insurance, you can help ensure that your employees have the time they need to recover fully, reducing absenteeism and improving overall workplace attendance.

3. Attract and retain top talent

Employee benefits are a key factor in attracting and retaining top talent. By offering accident insurance, you can differentiate yourself from other employers and provide a valuable benefit that can help attract and retain employees. This can be particularly important in competitive industries or in areas with low unemployment rates.

4. Manage costs

While accident insurance does require an investment from your business, it can also help you manage costs in the long run. Without insurance, the cost of an unexpected injury can be significant, both in terms of medical bills and lost productivity. By providing insurance, you can help mitigate these costs and ensure that your business is protected.

5. Demonstrate care for employees

Finally, offering accident insurance is simply the right thing to do. It demonstrates that you care about the health and wellbeing of your employees and are willing to invest in their safety. This can help foster a positive workplace culture and improve employee morale.

Accident Insurance with YuLife

You can access Accident Insurance with YuLife – but it’s more than just insurance. Where other insurers are there for people at the point of illness, beyond insurance, YuLife engages with employees every day with the YuLife employee app. 

The YuLife employee app rewards employees for building healthy habits. By simply walking, cycling or practising mindfulness they earn digital currency – called YuCoin – that they can spend with a long list of reward partners, from groceries and clothes to charities and ocean cleaning.

The YuLife app also features the best wellbeing and digital health tools in the world: including an employee assistance programme. 

Whatever the benefit, engagement is key – and how the YuLife app is modelled: to deliver market-leading levels of engagement with your benefits on a daily basis, and deliver value beyond insurance. 

Interested? Reach out to our team to get a quote today.