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What Insurance I Need To Buy For My Staff?
Compulsory Employee Compensation
According to section 40 of Employees' Compensation Ordinance, we need to buy insurance to cover injuries of employees at work, no matter the employment is full-time or part time, and regardless of the length of the employment.
The minimum insurance amount per event is as follow:
|Number of Staff||Amount of Cover (per event)|
|200 or less||$100 million|
|201 or more||$200 million|
When there is any accident or injury incidence to your employees, you should swiftly report to the Commissioner for Labour and also the insurance company.
Please be reminded that cost of securing the above insurance cover cannot be borne by employee.
Is There Any Additional Insurance We Can Offer To Our Staff?
In addition to compulsory insurance required by Employees' Compensation Ordinance, you may also consider offering the following insurance as a benefit to your employees in order to boast morale and engagement:
- Group Life Insurance: This may include life insurance, accidental death and/or dismemberment insurance, disability insurance, etc.
- Group Medical Insurance: This may include benefits payable for dental procedures, outpatient treatments, specialist's visits, surgeries and hospitalization, etc.
In general, the more employees the company employs, the higher discount the company can enjoy when purchasing the insurance.
Another key consideration on group insurance is the industry the company belongs to. Employees of high-risk industry may have difficulties to purchase individual insurance. Therefore, it will be more valuable and important to secure group insurance cover by the company.
Is There Any Additional Insurance We Can Offer To Our Senior Staff Members?
You may consider to purchase key-man insurance for key staff members to protect the company from financial loss due to death of key staff members.
Definition of "key-man" may vary among insurance companies, but the basic principle is that he or she must contribute a significant share of revenue or profit of the company.
Explanation on employees' compensation by labour department