What Is Corporate Accident Insurance
Corporate accident insurance is the insurance of an organisation's employees under a contract concluded on agreed terms.
Such a program can be used as an additional element of social protection for employees and the corporate package.
The contract defines:
- the composition of insured persons;
- sums insured;
- insured risks;
- the validity period;
- territorial coverage;
- the procedure for contacting the company;
- the conditions of insurance payments;
- exclusions and limitations.
Which Organisations It Is Suitable For
Corporate insurance may be relevant for organisations in various fields of activity.
Its importance may be particularly high where employees:
- perform physical work;
- work with equipment;
- are present at production sites;
- regularly make trips;
- work in conditions of increased professional risk;
- are engaged in installation or construction work;
- often spend time outside the office.
The specific insurance terms are determined after assessing the organisation's needs.
What Risks May Be Covered
The list of insured risks depends on the chosen program.
The contract may provide for the consequences of accidents, including:
- traumatic injuries;
- bodily injuries;
- temporary disability;
- disability as a result of an accident;
- death as a result of an accident;
- other consequences provided for in the contract.
The list is not universal.
Before concluding the contract, it is necessary to review the specific insurance terms.
What the Employer Gets
Corporate insurance can become an additional tool for social support of employees.
For an organisation, this may mean:
- additional protection for personnel;
- increased attractiveness of the social package;
- the formation of additional corporate advantages;
- centralised arrangement of employee insurance;
- uniform insurance protection terms for the selected group.
At the same time, accident insurance does not replace the employer's obligations provided for by law.
What the Employee Gets
For an employee, corporate insurance can provide additional financial protection in the event of an insured event provided for by the contract.
Depending on the program, the employee may be entitled to an insurance payment upon the occurrence of the relevant consequences of an accident.
The terms and amount of payment are determined by the contract.
Who Can Be Insured
Employees of the organisation may be included in the corporate program in accordance with the agreed terms.
When forming the list, the following may be taken into account:
- the number of workers;
- departments;
- positions;
- the nature of the work performed;
- professional risks;
- the age of employees;
- other parameters.
How a Corporate Program Is Formed
1. The organisation's needs are determined
The company determines which employees need to be insured and what level of protection is required.
2. A list of employees is formed
The composition of the insured group is determined.
3. Insured risks are selected
The list of risks to be included in the program is determined.
4. Sums insured are determined
The required level of insurance protection for employees is agreed.
5. The cost is calculated
The cost depends on the program parameters and the composition of the insured persons.
6. The contract is concluded
After the terms are agreed, the corporate insurance contract is issued.
What the Cost of Corporate Insurance Depends On
The price is determined individually.
The calculation may be influenced by:
- the number of employees;
- the age of workers;
- the nature of the activity;
- professional risks;
- the chosen insured risks;
- sums insured;
- the validity period;
- other contract terms.
Therefore, to obtain an accurate cost, it is necessary to provide information about the organisation and the intended group of insured persons.
Can Employees with Different Professions Be Insured
The possibility and terms are determined by the specific program.
If employees perform different types of work and have different levels of risk, the nature of their activity may be taken into account when forming the contract.
This allows insurance terms to be selected taking into account the specifics of the organisation.
How an Employee's Claim Is Handled in the Event of an Insured Incident
If an event occurs with an insured employee that may correspond to the contract terms:
- it is necessary to receive the necessary medical care;
- notify the insurance company in the established manner;
- inform the employer if this is provided for by internal procedures;
- keep medical documents;
- prepare documents for review;
- submit a claim;
- wait for the insurance company's decision.
What Documents May Be Required
The list of documents depends on the specific insured event.
The following may be required:
- a claim;
- an identity document;
- the insurance contract details;
- medical certificates;
- reports from medical organisations;
- documents on temporary incapacity;
- documents confirming the circumstances of the occurrence;
- other documents provided for in the contract.
Insurance Payment to the Employee
If the event is recognised as insured and there are grounds for payment, its amount is determined in accordance with the contract terms.
The following are taken into account:
- the chosen program;
- the sum insured;
- the nature of the consequences;
- documents;
- the established calculation procedure.
The insurance payment is not necessarily equal to the full sum insured.
Corporate Insurance as Part of the Social Package
An employer can use employee insurance as an additional element of the corporate social package.
In combination with other personnel support programs, this allows for a more comprehensive approach to caring for employees.
At the same time, corporate accident insurance and VMI serve different purposes:
VMI — arranging medical care in accordance with the program.
Accident insurance — financial protection in the event of covered consequences of an accident.
What Is Important to Check Before Concluding the Contract
Before arranging a corporate program, it is recommended to pay attention to:
- the list of insured risks;
- the amount of sums insured;
- the composition of insured persons;
- the validity period;
- territorial coverage;
- the notification procedure;
- documents for insurance payment;
- exclusions;
- limitations;
- the procedure for calculating the payment.
Frequently Asked Questions
Can all company employees be insured?
The possibility and terms are determined by the specific program and contract.
Can only some employees be insured?
Yes, the composition of the group is determined when forming the corporate program.
How much does corporate insurance cost?
There is no fixed price. The cost is calculated taking into account the number of employees, risks, sums insured, and other conditions.
Can different sums insured be set for employees?
This depends on the terms of the chosen program.
Can employees of different professions be included?
The possibility is determined by the program terms, taking into account the nature of the activity and the level of risk.
Does corporate insurance cover industrial injuries?
This depends on the insured risks provided for in the contract.
Does it cover road accidents?
If the relevant risk is included in the program and the circumstances correspond to the contract, the event may be considered an insured event.
Does corporate insurance replace OSAGO?
No. These are completely different types of insurance.
Does accident insurance replace medical insurance?
No. Accident insurance and VMI have different purposes and terms.
Who receives the payment in the event of an employee's death?
The beneficiary is determined in accordance with the contract and applicable requirements.
Can the list of employees be changed?
The possibility of making changes is determined by the terms of the current contract.
How to arrange a corporate program?
Contact the Closed Joint‑Stock Insurance Company "ARSENAL‑KYRGYZSTAN", provide the number of employees and the specifics of the
organisation's activity. Specialists will help determine the suitable program parameters.
How to Apply for Corporate Insurance
Step 1 Contact the company's specialists.
Step 2 Provide information about the organisation and the number of employees.
Step 3 Determine the necessary insured risks.
Step 4 Agree on the sums insured and the term.
Step 5 Receive a cost calculation.
Step 6 Agree on the terms and conclude the contract.
Get a Consultation
Would you like to insure your company's employees?
The specialists of the Closed Joint‑Stock Insurance Company "ARSENAL‑KYRGYZSTAN" will help you choose the terms of corporate accident insurance taking into account the specifics of your organisation.
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