5 Important Factors to Look at Before Buying a GPA Insurance
Although purchasing group personal accident insurance was earlier not among the top financial priorities in an organization or business environment, today times are changing. The looming danger of uncertainties such as death, harm and damage that can happen to employees when on duty cannot be ignored. In order to safeguard employees who are the most valuable assets in an organization, employers have started signing up for group personal accident cover. Here are five factors you need to pay attention to before buying one.
The Plan Coverage You Choose: You need to make certain that the plan coverage you opt for broadly takes into consideration all of the everyday activities which can cause accidents or damage. Based on this analysis, you can accordingly choose the benefit you want. It is always better to have a wider coverage since it enhances the security of the insured.
The Premium Amounts: Premiums refer to the amount that needs to be paid on a regular basis to the insurance company. In exchange of these monthly payments, your policy holds validity. You can turn this policy into coverage at the time of an unforeseen event. The nature and range of the coverage usually determines the premium amount you have to pay. Depending on the occupation of the employee and their respective benefits, premium amount should be decided.
Benefits Offered: You need to sign up for a good GPA insurance cover that offers a good range of standard benefits. Some benefits include accidental death, where the insured is covered should s/he lose her/his life in an accident permanent disability. So also, employees are provided with benefits in instances when s/he faces permanent disablement. These are some of the common benefits provided in a general GPA policy. If you need further additional benefits, you need to speak to your insurance company about the same.
Keep an Eye on the Exclusions: You need to pay careful attention to events that are excluded from the policy you signed up for as these instances are not covered by the insurer. If the employee deals with a situation that pits him/her at risk but this situation is not included in the insurance policy, you need to re-think your policy. Some exclusions include participating in a dangerous sport, learning or operating any aircraft, nuclear damage, childbirth as well as pregnancy. Aggregator websites are a great way to compare both benefits and exclusions.
Benefits to Family: Your decision should also take into account this key element. You need to know the amount that is going to be paid to the family, in case an employee faces a personal accident that can eventually lead to permanent disability or death. If a policy offers you a higher compensation, the family of the insured person is in a better position since they get better benefits.
These are some deciding factors that help you buy a group personal accident insurance policy. After all when you know what to look for, you can easily choose the best cover for your employees in an organization. This, in turn, puts your employees at peace knowing that they are well protected, in case of any unexpected emergency.
