Who is not covered by the statutory scheme
Self employed people are as a rule not insured through the statutory accident insurance institution and carry the financial consequences of an accident entirely themselves. Accident cover is therefore something this group in particular should not go without.
Employees and manual staff are covered by the statutory scheme, but only for accidents at work and on the way to and from it. By far the larger share of all accidents happens in leisure time and is therefore not covered. Senior staff and employees with a raised accident risk are consequently often given additional cover through a company group accident policy, frequently around the clock and worldwide.
What group accident insurance pays
Benefits are paid after accidents, not for occupational disability caused by illness. That risk needs cover of its own for the ability to work. If an accident leaves permanent damage to health, the disability benefit falls due. It can be agreed as a single capital sum or as a pension. Conversely, accident insurance pays regardless of whether the accident led to occupational disability.
A death benefit can also be agreed, as can transitional payments where the consequences of an accident last a long time and daily benefits for the duration of medical treatment or a stay in hospital. In the company version the insured people are usually recorded by name or by their function in the business, which simplifies administration when staff change.
Judging progression and the scale of benefits correctly
For the case of disability, increased benefits or progression scales can be agreed. The benefit then rises disproportionately as the degree of disability increases. If the basic sum is 100,000 euros and the insured person is 100 percent disabled after an accident, an agreed progression of 500 percent can raise the benefit to as much as 500,000 euros.
The catch lies at the lower end. Increased benefit and progression scales usually only take effect at higher degrees of disability under the terms of the contract. For the loss of an index finger the standard scale of benefits gives the insured person only ten percent of the disability benefit, and progression as a rule has no effect at that level yet. A high basic sum is therefore more important than a high progression, particularly for tradespeople and self employed professionals who depend on the use of their hands.
What the cover costs
The premium depends above all on the occupational group. For office work, cover with a basic sum of 100,000 euros and 500 percent progression comes to a low three figure annual premium. For a roofer, because the accident risk is considerably higher, you should expect roughly double that. In a group solution the rates are usually more favourable than under individual policies.
Who in your business is really covered?
We go through the list with you and set the sums that will carry you if it happens.