New insurance offers protection on daily basis
Insurer says its new product will protect the rights and interest of more than 200 million people.
A new insurance product designed to better protect the rights and interests of more than 200 million people involved in flexible employment has been issued by ZhongAn Online P&C Insurance.
Unlike traditional plans that are underwritten by year, the new cover offers protection for employers and employees on a daily basis.
The daily premium of the employer liability insurance is as low as 0.2 yuan (3 US cents), with coverage up to 800,000 yuan including compensation for death, disability, medical expenses and lost income.
Premiums can be deducted before tax, which will further help reduce the cost of enterprises, especially small, private businesses.
With the rise in flexible employment, there is often no formal labor relationship between enterprises and talent, which may pose potential damage to both sides.
Premier Li Keqiang called for more protection to people with flexible work during a press briefing at this year’s Two Sessions.
“We should give them social security subsidies, better deal with the possible occupational injuries by means of mechanisms, and provide them with basic rights and interests protection, which will be conducive to the healthy and stable development of the flexible employment market," he said.
