With this type of group cover, you are not just protecting your workers’ finances but also your business. Learn why the leading construction companies are investing in group insurance for construction workers.
Group insurance typically offers standard coverage to eligible members, including employees and members of a superannuation fund or association. Each participating member will be insured and will receive the specified benefit due to death, severe illness, or accident.
Below are the different types of group insurance for construction employees.
Group life insurance for construction workers pays a lump sum benefit to the worker’s beneficiary in case of death or diagnosis of terminal illness. The policy benefit can be used to financially support the beneficiaries or pay for the outstanding debts of the deceased.
Group income protection insurance for construction workers (group salary continuance) temporarily replaces the worker’s income when they are unable to work due to an illness or injury. This policy typically pays up to 70% of the worker’s pre-disability income until the coverage period expires or when the worker can return to work, whichever occurs first.
Group TPD insurance for construction workers typically pays a lump sum benefit when the worker becomes permanently disabled and is unlikely to work again.
However, not all TPD insurance is the same. Below are the different types of Tpd insurance policies.
Own occupation – due to sickness or injury, the worker is unable to work in the same job function (usually for three consecutive months) and is unlikely to return to work ever again.
Any occupation – due to sickness or injury, the worker is unable to work in any job that is reasonably suited to the employee’s education, training, or experience (usually for three consecutive months) and is unlikely to return to work ever again.
Activities of daily living – due to sickness or injury, the worker is unable to perform activities of daily living, such as eating, bathing, or dressing (usually for three consecutive months), and is unlikely to do home duties ever again.
The elevated risks of accidents and illnesses can prevent your workers from coming to work, potentially derailing the timeline of your projects. Your team is exposed to unique hazards and risks ,and ensuring that they are financially taken care of should they be unable to work goes a long way to attracting and retaining the best talent.
The common risks include:
As an employer, letting your workers know that you can provide financial support during tough times sends a strong message to your team.
With the right group insurance, it is not just the employees who will benefit from the policy, but the business as well. Below are some of the benefits of having a construction group insurance:
Benefits to the construction workers
Benefits to the construction company
Determining the right group insurance policy for your construction team by yourself requires a complex process. Following these steps can help you narrow your options to find the right construction group insurance.
With the help of an expert group insurance adviser, such as Curo Financial Services, you can remove all the guesswork and increase your chances of getting the right cover.
At Curo Financial Services, we are dedicated to helping construction companies of all sizes get the right group insurance cover. Our decades of experience working in the insurance industry have equipped us with the right tools and knowledge to provide expert group insurance advice to construction firms.
Our services include:
Curious to know what others say about us? Continue reading below to see how our team works.
Construction group insurance coverage helps construction firms motivate their workers to perform at their best.
Offering comprehensive group insurance as part of the employment package lets your employees know that you value them. In case of an on-site or off-site accident, group insurance can provide financial protection to your employees and their families.
If you want to explore your group insurance options, contact us.
Depending on the risks you want your employees to be covered from, there are several types of group insurance coverage available to construction workers in Australia, such as:
The eligibility requirements for construction group insurance depend on the insurance provider. Typically, full-time employees and part-time employees who meet the minimum working hours are eligible to become members.
The cost of premiums for group insurance depends on several factors, such as:
Workers’ compensation insurance only covers accidents or illnesses that occur while the member is at work—making it difficult for the insured to process claims. Group insurance, on the other hand, covers the employees regardless of whether the accident or illness occurs inside or outside of work.
Talk To An ExpertGeneral Advice Disclaimer
General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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