Global insurer Chubb has launched a new annual plan for personal accident insurance in Hong Kong tailored specifically for start-ups and small and medium enterprises (SMEs).
Chubb’s eGroup personal accident insurance annual plan includes lump sum benefits for accidental death and disablement, as well as lump sum benefits for medical expenses. There are four fixed plans, with premiums starting at HK$1,000 per policy.
According to Chubb, the financial vulnerability of new start-ups and SMEs when compared to large multinationals or conglomerates led to the creation of this new product. The eGroup personal accident insurance has been specially developed to help SMEs provide flexible and relevant coverage to their employees as an added staff benefit.
Highlights of the new plan include waiving the age limit for policy issuance and renewal, provisions for employee coverage on an unnamed basis, full terrorism cover, waiving of medical exams, and worldwide 24-hour coverage.
“In a buoyant economy, investing in policies that support employee retention is essential as employers recognise the high costs of rehiring and training,” said Stanley Wong, country president of Chubb’s general insurance business in Hong Kong. “Chubb comprehends the challenges faced by the over 300,000 SMEs in Hong Kong which employ almost half of the workforce in the private sector. Therefore, we have developed eGroup Personal Accident Insurance to provide a strong safety net for employees. The plan protects the employer’s business from being disrupted by employees involved in accidents.”
