In today’s day and age, all companies want to be global in their approach. This means employing foreign employees. While foreign worker insurance is mandatory in many countries including Singapore, it has many advantages. Getting this insurance will not only protect your employee but you as well.
Advantages of getting this insurance:
- Saves you from high medical bills
No one can predict when misfortune can strike. But a medical emergency not only means health issues for your employee, it also hurts your pocket. That is why this was made mandatory by the government to protect employers from high medical bills.
- Added perk for the employee
In this increasingly competitive market, potential employees select those companies who provide the most incentives along with the salary. They want a comprehensive package that takes care of their welfare. For foreign employees, especially, they are away from their countries and are naturally apprehensive of how they will be taken care of should they fall ill in a foreign country. The better comprehensive package you offer, the higher the chances of you getting the cream of foreign applicants for your company.
- Repatriation expenses
In case a foreign employee dies or is permanently disabled, this insurance indemnifies you from bearing the cost of transferring the body to his/her home country.
- Personal accident during off hours
Depending on the comprehensiveness of the insurance policy, several important benefits are covered.
- Disability, dismemberment due to any accident
- Some plans even safeguards your employees against any financial issues due to loss of income; in case disability from the accident prevents the employee to be able to work
- Surgery, dental, maternity expenses, are some of the areas covered by these insurance companies
- Outpatient treatment
Some amount of outpatient treatment is always covered by all types of insurance; however the coverage varies. From dental to general check up to specialist consultation and cost of tests, there are a variety of outpatient coverage options.
This type of insurance protects both you and the employee for a minimal fee. It protects you from incurring financial loss and insures the employee’s life and takes care of any additional cost should tragedy occur. It also earns you good will from the employee. This in turn ensures lesser attrition over compensations offered, and higher chances of attracting the best in the market. Therefore choose the coverage that is beneficial for both you and your foreign employees.