Why might I need Personal Accident & Sickness Insurance?
Personal Accident & Sickness insurance pays a benefit in the event of an insured person’s death, injury or illness. A policy can be taken out in the name of an individual, in which case the individual receives the benefit, or in the name of a company, in which case the company receives the benefit.
If you are a company with personal accident & sickness cover, your company will be paid a benefit if an employee is killed or unable to work, permanently or temporarily, following injury or illness. The company can then use the money in any way they wish. The most common use would be to pay sick pay for the employee or hire a temporary replacement. This kind of insurance is especially useful if your company has a generous employment contract as it will cover your sick pay costs. Alternatively, such insurance could be considered a perk of employment, with employees knowing they will receive money if injured or ill.
If you are an individual,, this kind of insurance provides an essential security blanket to your income, especially if you are self-employed. Imagine what would happen if you were injured and unable to work for a few months – how would you pay your bills, keep food on the table and keep your business running?
Personal Accident cover can be purchased on its own and can be less expensive than you might expect. Sickness or illness cover can be added, which will understandably increase the cost.
The policy can cover you for accidents or illness 24 hours a day or just for incidents that occur at work. The levels of benefits payable and the payment periods can be adjusted to suit your needs.
What insurance do I need to consider?
Every club, organisation, and race is unique, so no ‘one size fits all’ insurance plan or solution exists. Aside from personal accident & sickness insurance, there are some other recommended insurance options for your club, such as:
Public Liability
Personal Accident
Cyber Insurance
Legal Expenses
Kit & equipment
Employers Liability
Event Cancellation
Sports travel insurance
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