Work accident insurance is mandatory for all companies regardless of the number and size of employees. Whether you own your own business or work for someone else, it’s important to understand how this insurance works.
Since 1913, employers have been responsible for protecting their workers and the costs associated with workplace injuries. Not having work accident insurance is considered an administrative infraction that, in addition to paying all the expenses associated with a possible accident, can lead to large fines for the company.
What does work accident insurance cover and who covers it?
In Portugal, around 200,000 occupational accidents occur each year, according to PORTABLE. Despite the commitments made to prevent these undesirable situations, unforeseen events continue to occur, with consequences for companies and families. That is why work accident insurance is so important.
All accidents, travel to and from work, and travel on behalf of employers (also within foreign territories) that occur during business hours.
Insurance that covers this type of accident protects all company employees (probationary, eventual, term and active), as well as interns and two employers.
The following expenses are covered by the work accident insurance:
- Medical, hospital and pharmaceutical expenses . Transportation expenses are also covered, even in the case of continued treatments, such as physiotherapy sessions;
- Compensation in the event of an accident at work, permanent or temporary disability ;
- Compensation in case of worker’s death . Funeral expenses are included.
When an accident at work occurs, it is up to the insurer to guarantee the worker’s compensation during the time that he is prevented from performing his function.
Is all work accident insurance the same?
As with any type of insurance, there are many variables to consider when an accident at work occurs. Insurance is not all the same and will vary depending on how much is insured, what condiments it includes, occupational hazards, etc.
Each company has its own needs and characteristics. Criteria for calculating premiums are taken into account, such as the EWC of the employer, the geographical area and the number of employees and their salaries (including vacations, Christmas and meals).
Regarding the risks associated with the activities, it is important to remember that although factory workers are more vulnerable than administrative workers, the insurance against accidents at work is collective and depends on the risk of the company, not the worker.
There are two possibilities that employers should consider as to why the award is a concern. Insurance premiums can be set if the number of employees and the amount of compensation are known in advance. Of general application to small and micro-enterprises.
When the number of employees and salaries change, so do the bonuses. In this case, the proposal presented to the insurance company must be an estimated projection of the number of workers and their salaries. Settlement occurs at the end of the year (or contract).
How to hire the best insurance at the best price?
Hiring the best work accident insurance always requires careful market analysis. In addition to the normal updates that happen with any insurer, the offerings in this marketplace have grown considerably in recent years.
As more and more insurance companies operate in Portugal, the range of services offered to companies has continued to expand, as have the prices and conditions offered. So if you’re looking to buy workers’ compensation insurance or renegotiate your policy, don’t settle for the first offer.
At DS SEGUROS we know how difficult it can be to analyze a wide range of insurance policies before finding the one that brings the most benefits to your company. We have alliances with almost all the insurers in the country and we do it for you for free so you don’t have to travel. Request a drill today so our team can get in touch.
