Companies purchase insurance to protect against numerous risks, which they do not explain to their employees. Insurance for companies can be a complex topic, and many employees avoid learning about policies themselves. However, all employees must have some basic Hong Kong insurance knowledge that can protect them in the future.
When employees understand insurance, it can help them deal with accidents or being mistreated by employers. All employees have rights and business protection that they must be well-informed about.
Employees don’t need to read and understand every insurance policy out there- but they should have vital Hong Kong insurance knowledge. Hence the article will help employees understand and point out the main insurance information each employee in Hong Kong must know.
Hong Kong Insurance Knowledge Employees Must Know Now
1. Employers Must Cover Work Injuries
Any job could have an employee injury, from desk to construction jobs. Some jobs are known to be riskier than others, but work injuries could occur anywhere. Work injuries could be anything from tripping over a wire, accident on the way to work or a job-related injury.
Work injuries can require serious medical attention and time off to recover. If an employee is injured and requires medical attention, they must inform employers. As employers are legally liable to compensate for all work injuries or illnesses.
Each employer must have employee compensation (EC) insurance to protect their employers in case of work injuries, illness or death. Employees must know about this Hong Kong insurance requirement. The employee compensation ordinance assists employers in appropriately covering medical, salary and compensation costs.
Therefore when an employer does not cover a work accident – employees must report the company to the Hong Kong labour department. EC insurance knowledge can help employees understand their rights and Hong Kong Law.
2. Public Accidents Are Covered – Don’t Panic!
Some situations and accidents lead to third-party property damage or injury. Third-party accidents can include a customer slipping in the shop to accidently knocking into an old lady while rushing to a meeting. Either way, it can lead to lawsuits against the employee or company.
For instance, an employee is in a meeting and accidently spills coffee all over an important client’s laptop. The client may sue the employee for property damage. Employees don’t need to dip into their savings and pay for the damage themself.
Employees must instantly inform their employers, as they may have public liability insurance. Public liability insurance will protect businesses and employees from third-party accident lawsuits and cover injury or property damage costs. The Hong Kong insurance knowledge can prevent employees from panicking during such situations and taking actions that make the issue worse. Employers predict these unfortunate situations and will always have insurance ready.
3. Cyber-Attacks Need to Be Dealt with Quickly
One wrong click through an email or website can result in threatening cyber-attacks. More employees mean more devices connected to a company server. Any employee could accidently allow a cyber-attack due to fraudulent links, unsecure WIFI and infected devices. Cyber-attacks are getting smarter with the integration of AI. Fraudulent emails are looking more and more realistic and personal.
Thankfully an increasing number of companies have cyber insurance, which helps deal with cyber-attacks. An employee affected by a cyber threat must inform employers or the appropriate team immediately.
The quicker cyber insurance acts towards the cyber-attack, the better it is for the company. However, many employees do not know this insurance knowledge and fear the consequences of their mistakes and delay reporting. Employees need to understand this Hong Kong insurance and understand that the company has protection against such risks.
In addition, employees should be cyber-trained in Hong Kong and informed about internet threats and cyber insurance.
4. Medical Bills May Be Covered
Life is truly unpredictable, especially when it comes to health matters. Anyone could get into an accident or fall seriously ill with no warning. Unfortunately, getting treated isn’t cheap at all in Hong Kong. The more serious the surgery or treatment, the more costly the bill is.
Employees work long days for years to earn a good amount to survive and enjoy life, but one serious treatment can empty that savings account. However, many workers have employee health protection and don’t even know.
A rising number of companies in Hong Kong provide health insurance / medical insurance as an employee benefit. Staff must check if employers offer health insurance. Employees can be under group health insurance without knowing (or forgetting).
Employees must question the Hong Kong insurance and the exact medical cover details. Hong Kong medical insurance will cover most unfortunate medical treatments depending on the policy. The insurance knowledge could be the cover that promotes medical check-ups and health support. (Company health insurance is a benefit and is not mandatory in Hong Kong)
5. Your Liability Is the Company’s Liability Too
Employees are humans too, and can make errors. However, some errors can turn into lawsuits, especially if it was advice that resulted in client financial loss. The mistakes, also known as negligence, may not be entirely the employee’s fault.
For example, a finance industry employee makes a mistake while calculating a portfolio, which leads to investment loss. The client may sue the employee for their loss and employee negligence.
Employees should not fear at this moment, as long as it was accidental negligence. Instead should inform higher management, who have purchased Hong Kong insurance that covers company and employee liability.
Employees should understand the company’s liability insurance, such as professional indemnity insurance. The insurance covers any costs related to negligence claims. In addition, they should understand what the policy covers in their industry. The insurance knowledge can help take the correct action if there is some accidental negligence in their service.
Why Is Hong Kong Insurance Knowledge Important for Employees and Employers?
Employees understanding of Hong Kong insurance knowledge benefits the employee and employer. For example, it can help employees get the required financial help or liability coverage. On the other hand, employers can deal with problems faster when they are reported and understood.
Employees can also avoid mistreatment and possible illegal company practices. Employees will know what insurance coverage a company must have or does have. Additionally, how these insurances can help the company and the employee.
Employers must communicate the necessary Hong Kong insurance knowledge to employees. At points, the information can be a lifesaver in challenging situations related to health or lawsuits.
Insurance is vital to everyone, and you do not need to be in the insurance industry to understand crucial insurance for employee(s).
To Learn More about business insurance and insurance knowledge in Hong Kong & Asia, contact Red Asia Insurance.
