So, what exactly is GPA Insurance or Group Personal Accident Insurance? Well, think of it as a safety net for your employees. It’s a type of insurance policy that provides coverage against accidents that may result in bodily injury. It covers disability and even death.
Organisations typically purchase GPA insurance on behalf of their employees. Since it is a 24-hour worldwide coverage, employees are also covered when they are on vacation or not engaged in any business-related engagement.
Now, let's get to the heart of the matter – why does Group Personal Accident Insurance matter for small businesses?
You've got a team of dedicated employees who work hard day in and day out. Their aim is to keep your business running smoothly. But what if one of them gets injured on the job? That's where this vital Insurance policy comes in. It ensures that your employees are financially protected. Hence, it will reduce stress and anxiety related to financial concerns.
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Let’s talk about the key features of GPA Insurance. Well, for starters, it can be customised to meet the specific needs of your business. Some people may run a construction company. Or some invest in a tech start-up or other ventures. You can tailor your policy to suit your unique circumstances. Plus, it offers benefits for both employers and employees.
GPA Insurance can provide you, as a business owner, with a competitive edge in the job market. Hence, it improves employee retention. With this, you can ensure compliance with legal requirements. You can also get suitable premium quotes for substantial coverage.
This Insurance offers affordable financial protection with customisable coverage that can be tailored to employees' specific needs. From accidental cover to disability protection, GPA insurance provides peace of mind as you know that they're taken care of during an accident.
Now, let's talk about the benefits of GPA Insurance.
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Accidental Death
None of us wants to think about it. But if the unthinkable happens, and an employee passes away due to an accident, the policy steps in to provide a lump sum amount to their designated beneficiaries.
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Permanent Total Disability
If a worker suffers a permanent disability that lasts for at least 12 months, the insurer steps up and pays out the sum assured as compensation. It's a lifeline for those facing life-altering circumstances.
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Ambulance Charges
When an employee meets with an accident, he/she needs emergency medical attention. A Group Personal Accident Insurance policy covers the cost of ambulance charges
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Mortal Remains Transportation
If the worst happens and an employee passes away due to an accident, the insurer takes care of the expenses involved in transporting his/her mortal remains from the accident site to the final resting place.
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Broken Bones
If an employee suffers from broken bones due to an accident, the insurer will provide him/her with a lump sum amount as per the policy terms and conditions to help the person recover.
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Medical Reimbursement
Hospital bills can add up fast, but with this policy, employees don't have to worry about the cost of hospitalisation for accident-related injuries. The insurer reimburses a certain percentage of the actual medical costs incurred, easing the financial burden.
GPA Insurance comes with a set of exclusions to be aware of, which may limit or exclude coverage for specific events or circumstances. These exclusions include pre-existing diseases, self-inflicted injuries (such as suicide attempts), and mental illnesses.
Additionally, hazardous activities, like handling explosives, are not covered. Bacterial infections, sexually transmitted diseases, and injuries resulting from substance abuse are also excluded.
Furthermore, disability or death directly or indirectly related to childbirth or pregnancy is not covered. You should also remember that injuries resulting from war or acts of terrorism may be excluded from coverage. Hence, understand these exclusions to ensure you have a clear picture of your GPA Insurance policy.
Now, you know the significance of Group Personal Accident Insurance. It is a must-have for small businesses looking to protect their employees. GPA insurance offers customisable coverage, affordability, and peace of mind. With this policy, you can know that your team is taken care of in case of an accident. So invest in GPA Insurance and give your employees the protection they deserve.