Company Accident and Travel Insurance

 

TravelWe are based in Tamworth, Staffordshire and we help a lot of businesses with their insurances. In our experience most businesses insure their assets and their liabilities but they often don’t insure their most valuable assets which are themselves and their staff. For this you need Company Accident and Travel Insurance.  At Prizm we are experts in all aspects of business insurance and unfortunately, we deal with cases involving accidents at work or whilst travelling on company business all the time.  Here are some sobering thoughts on why you should consider insuring your most valuable assets, you and your people, with Company Accident and Travel Insurance.

There were over 3.3 million home, workplace and leisure related accidents in 2012/3 all of which lead to a period of absence from work.

If you’re self-employed just imagine for a moment being unable to earn for months? Or if you’re a business owner or manager, imagine having a member of staff off work for weeks or even months? Now, imagine the impact that would have on your business, your customers, other members of your team and your profitability. Now, imagine if you had Company Accident and Travel Insurance in place and the peace of mind this would give you.

The law says you can’t just sack someone so if one of your employees is unable to work what do you do? Keep paying them? Recruit someone on a short term contract and pay both people? Or keep your fingers crossed and just hope an accident never happens? 

The bizarre thing is that Personal Injury Insurance is really cheap!

Here at Prizm we have seen too many businesses badly affected by accidents to owners or staff, so we do what we advise our customers to do and we insure all of our staff so that if the worst were to happen, we could make sure the individual concerned doesn’t suffer financially and at the same time, we could make sure the business itself doesn’t suffer.  And this Company Accident and Travel Insurance costs only slightly more than our office contents insurance!

A policy covering a workforce can also be extended to cover staff’s global travel insurance covering them whilst on business, incidental holidays and even pure pleasure trips.  On request this insurance can also cover their families.

Also, unlike individual travel insurance policies, a business travel insurance policy will often be issued with no medical exclusions. Here are real examples of when Company Accident and Travel Insurance really helped;

Prizm Solutions has recently covered a small IT company purely for travel insurance but with the director and his family, including his daughter who has a serious genetic disease, all fully covered for pleasure trips and with her existing illness fully covered. So worldwide business trip travel insurance for all staff and including the MD, and his entire family, for pleasure trips, including full medical cover for all of them, for less than £250 per annum.

Without travel cover, the policy can be even cheaper.  This depends on the nature of the business of course, demolition contractors will always pay more than an accountancy firm!

Another policy we’ve recently arranged was for a small car dealership. They have insured all of their staff for less than £400 for 12 months. For that, all of the staff including the directors, are insured for 2 times their annual salary, including dividend payments in the event of a permanent injury or 50% of their weekly salary if it’s a temporary personal injury, this excludes the first week, but apart from that it’s on a 24 hour basis, even whilst they are on holiday. And their wage bill is over £120,000 per annum so the insurance costs one third of 1% of their wage bill.  So like we say, Company Accident and Travel Insurance is not expensive.

A policy of this nature is really flexible too. We frequently have requests to cover employees going skiing but our most unusual request was to cover a key person within a business who, whilst on holiday in the USA, wanted to ice dive, cage dive and wing walk.  You may be surprised to learn we did this at no extra charge.

But arranging Company Accident and Travel Insurance that accommodates the usual and more unusual cover requests is not the only thing that makes us different to other insurance brokers.  In almost every case we prefer not to take a commission from the insurance company for placing the business with them. We much rather prefer to work on a fee basis making our earnings absolutely clear to our clients which we feel is a much more ethical approach to doing business.

You can arrange a call back so we can talk to you about your requirements at a time convenient to you or please email us or phone us to discuss your Company Accident and Travel Insurance requirements.

Would you like a quote or to find out more?

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