Professional Risk Underwriting (ProRisk) says a new covid cover, triggered when a person is hospitalised, can help provide financial peace of mind as the virus continues to circulate amid a winding back of pandemic restrictions.

“We know that contracting Covid-19 can negatively impact the health and wellbeing of an individual, but we often don’t think or hear about the financial impact and strain it can have on that person if they are hospitalised,” ProRisk says.

“Covid BounceBack provides a one-off payment to assist with unexpected expenses, the provision of additional services or to cover daily living expenses due to a loss of income.”

The product, which pays a fixed sum between $1000 and $5000 if a person is hospitalised for at least 24 hours, is offered on a group policy basis for organisations such as unions, employers, associations or aggregators seeking cover for members or staff.

The cover is backed by certain underwriters at Lloyd’s.

ProRisk National Business Development Manager Peter Horigan says more employers are encouraging staff to return to the office and the product, which has been in development since last year, is particularly relevant in the current environment.

“With the lifting of restrictions, it has probably become even more pertinent,” he told insuranceNEWS.com.au.