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Loss of earnings for illness insurance
- Why take out loss of earnings insurance?
The consequences of an absence for illness are often a burden for employers, particularly in financial terms. Replacing the salary is among the costs. According to Art. 324a of the Code of Obligations, the employer must continue to pay the salary of an employee who is ill. The length of time this payment is to be made is determined according to the scale established by Bern which classifies the obligation to continue payment according to seniority. As well as the financial risk assumed by the employer, this non-transferral of risk to an insurance company makes employees financially and socially insecure. Before the AI and the LPP pension intervene, more than a year could go by without any indemnity. The loss of earnings insurance provides good protection to employees and allows employers to budget for the financial risk of sick leave.
The classic and complete transfer of cases to an insurer after a waiting period is the best solution for independent employers and the liberal professions. Anyone who is absent for more than 14, 30 or 60 days is reported to the insurance company’s claims department. The latter manages the financial aspects, the follow-up of ailments with the attending physicians and the employee’s return to work. This is the optimal model for independents as you can budget and transfer the financial risk relating to absences due to illness. Furthermore, if the policy is profitable, the insurer may grant a surplus participation, i.e. a retrocession of part of the premium.
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