things you must know about Stated Benefits Insurance

What is Stated Insurance?

This policy covers a company should any of their staff members, principals, partners or directors be disabled, killed or injured caused by accidental, violent, external and visible means.

Who needs Stated benefits Insurance?

Companies know the value of most of their assets and sensibly take insurance against things such as fire, theft and IT breakdowns, but many fail to insure their most valuable assets, their people. People represent a major investment in time and money. In most cases, your staff will be protected against death, disability or injury sustained during working hours or en route to their place of work by COID (previously known as Workman's Compensation). However, in case of temporary employees, or staff members who don't qualify for COID, you might find your company liable for costs if they are injured. You should also consider the costs of screening and re-employing other suitable candidates, the costs of taking care of the beneficiaties and family memebers in case of death or permanent disability, plus the costs to your company if key members of staff are injured during critical times of production. The injury, disability or death of any staff member is traumatic enough without having an added financial burden that you're not prepared for.

Why should you take out Stated benefits Insurance?

Whilst Stated benefits cover is not mandatory, it is advisable for you to purchase this cover if you hire staff which are not covered by COID (Compensation for Occupational Injury and Diseases), or if you have key employees which the effectiveness of the bisiness depends on, without who the business could face severe financial implications. Some companies also purchase Group Personal accident cover to boost the death disabilty benefits given by COID to loyal or deserving employees.

Typical claims incurred on Stated benefits Insurance policies

The most common claims tend to be injuries to staff (most Group Personal Accident policiescover staff on a 24 hour basis, both at work and during social times, so many of our claims come from injuries sustained out of working hours). The most expensive claims come from employess becoming permanently disabled or dying.

What other insurance should be considered along with Stated benefits Insurance?

When completing your business continuity plan, also consider: Business Interruption Insurance

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Please note that we can only insure in South Africa