Large companies

Supplementary Insurance

The legally-required workplace accident insurance has a limit based on wages: it only covers your wages up to a maximum of 2947.97 euro a month.  With the all-encompassing Supplementary Insurance, the part of your employees’ wages which is over the ceiling is still covered.

Example of fee calculations

You can choose from two formulas for the calculations of costs:

  • Fees equivalent to those provided for in the (basic) law on workplace accidents.
  • Fees based on the total annual salary.

We will give an example based on the 2012 figures, using the first calculation formula.  Supposing a workplace accident leaves your 40-year-old employee incapable of working.  This employee usually earns 55,000 euro a year (gross).  According to workplace accident legislation, the maximum wage required to be covered is 38,564.91 euro a year (gross).  

Is your employee temporarily unavailable for work (i.e. for a period of 31 days)?

  • Then the legal protection in the Workplace Accident insurance will pay a maximum of 2947.79 euro per month (gross).
    (€ 38,564.91 x 90%) / 365 = € 95.09 x 31 days = € 2,947.79
  • The monthly payment in the Securex ‘Additional’ Insurance amounts to:
    (€ 55,000.00 – € 38,564.91) x 90% / 365 = € 40.52  x 31 days = € 1,256.12
    This amount is on top of the legally-required contribution and brings the total for your employee to 4,203.91 euro (gross) for the 31 days in which your employee is unable to work. 

Is your employee permanently unable to work?

  • Is your worker completely unable to work?  Then the legal-required contribution with Workplace Accident Insurance is 38,564.91 per year (gross). 
    € 38,564.91 x 100% = € 38,564.91
    This annuity comes in monthly or tri-monthly payments. 
  • The Securex Supplementary Insurance pays the difference between the actual wage (€ 55,000.00) and the wage used in the calculation used for the legally-required contribution (€ 38,564.91).  In other words:

(€ 55,000 – € 38,564.91) x 100% = € 16,435.09 euro.
This annuity is paid out in full.  For an employee who is 40 years old, this means a total of: 273,161.06 euro (16,435.09 euro x the age coefficient = 16.6206).

Did your employee die in the accident?

  • Under the legally-required insurance, the surviving spouse will receive a yearly annuity of 11,569.48 euro (= 30% of the legally-required maximum, being 38,564.91 euro).  This annuity is not paid out in full, but in payments made on a monthly or three-monthly basis. 
  • Under Supplementary Insurance, the surviving spouse will receive an annuity payment of 4,470.05 euro.
    (€ 55,000.00 – € 38,564.91) x 30% = € 4,930.53
    This is immediately converted into capital and paid out.  For the spouse of a 40-year-old, this means: 81,948.37 euro (4,930.53 x age coefficient 16.6206).

Would you like to know the results of the calculation based on annual salaries?  There are different combinations possible in this situation, but we are happy to calculate and discuss all the possibilities together with you. 

Ask for a detailed calculation from your Securex advisor