company insurance

Payroll Accounting (PY)

Insurance paid for by the employer and to which the employee has a legal right.

"Company insurance" is an umbrella term which covers all types of insurance policy such as life insurance, health insurance, accident insurance and third-party liability insurance.

Company insurance most often consists of a life insurance policy between the employer and an insurance company for the benefit of the employee. The insurance premiums are paid by the company, although the employee could be required to meet some of the costs.

Concluding a group life insurance policy for a larger group of people results in more favorable insurance conditions.

Company insurance is a type of company pension scheme.