Employee Benefit insurance covers the employees of the company. Law requires workers’ Compensation insurance and all employers are obligated to take out such insurance for their employees. However, Workers Compensation insurance covers only work accidents or illnesses occurring during working hours and at the place of work. With our Employee Benefit products, employers can extend the statutory scheme and offer the employees more than just the minimum: Personal Accident, Permanent Partial or Total Disability and Group Life.

Workers Compensation

Workers’ Compensation insurance is required by law and covers all employees in the company. In addition, it covers the owner of the company if he/she works more than 50% for the company.

All companies are obliged to buy Workers’ Compensation insurance for all its employees. Insurance coverage is paid out as a lump sum and covers the following: Additional Costs, Loss of income, Medical Disability above 15%, Work Disability, Death (compensation to spouse/cohabitant/ partner), Death (compensation to children) and funeral expenses.

Workers’ Compensation insurance can be expanded to cover the following: higher sum insured in respect of Medical Disability, Medical Disability below 15% and travel to/from home/work.

Workers’ Compensation insurance covers only work related accidents. Most accidents happen outside the time and place of work and therefore we highly recommend companies to buy insurance covering accidents occurring during leisure time. In this respect, our offering includes two products: Personal Accident and Group Accident

Personal Accident

Coverage is on the same basis as Workers’ Compensation insurance, but covers accidents occurring outside the time and place of work. Insurance coverage is paid out as a lump sum and can cover the following: Additional costs, Medical Disability above 15%, Disability to work and Death. Personal Accident can be expanded to cover the following: higher sum insured in respect of Medical Disability and Medical Disability below 15%.

Group Accident

Covers Medical Disability and/or Death. Sum insured varies and coverage is not integrated with Workers’ Compensation.

PPTD (Permanent Partial or Total Disability)

Because the statutory Workers’ Compensation insurance only covers occupational illness, there is a need for an insurance policy that covers other illnesses.

Coverage is on the same basis as Workers’ Compensation insurance, but covers other illnesses than work related illnesses. Insurance coverage is paid out as a lump sum and can cover the following: Medical Disability and Work Disability. The insured has to be at least 50% medically disabled or at least 50% disabled to work in order to receive compensation.

Sum insured in respect of Medical Disability can be increased, and sum insured on Work Disability can be reduced.

Group life

Group Life insurance covers death for any reason and is designed to benefit the family left behind. Many families’ economy is based on two incomes. The family’s income will be significantly reduced if one of the providers die. A lump sum payment in such situation is of great financial help in an otherwise very difficult situation. Compensation is independent of cause of death, time and place. The policy is flexible and can be in force for all employees or defined groups of employees. Additional coverage for spouse/cohabitant/partner and children can be bought. Level of sum insured may vary.