Zurich North America has launched a product for employers to support employees hospitalised due to Covid-19.
The product has been introduced as a Surplus Lines policy.
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Through the new offering, employees hospitalised for over five consecutive days owing to coronavirus can get cash benefits.
The benefits provided through the product include an amount per day. Eligible patients can also get an additional lump sum after discharge from the hospital.
Overall, an employee can secure up to $4,000 of benefits.
The employer is the policyholder in this case and has to submit its reimbursement claims to Zurich.
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By GlobalDataThe new product is aimed at offering financial relief to hospitalised patients of Covid-19 whose primary health insurance may not be able to cover all expenses.
Zurich head of U.S. Commercial Insurance business unit Paul Horgan said: “Seeing the unfolding impact of coronavirus, we developed this product swiftly with input from our brokers and customers, the global Zurich organisation and our Accident & Health team.”
Net profits from the new proposition will go to hunger relief charities in the US.
Large employers with a staff headcount of at least 5,000 can avail the product.
Zurich North America CEO Kathleen Savio said: “This new offering is one way we can help support the resilience of employers and employees coping with coronavirus impacts.
“We want to enable employers to provide financial assistance, beyond medical benefits they may provide, to eligible employees hospitalised for COVID-19.”
