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Accident Insurance

Why Accident Insurance?

Since accidents can happen at any time and in any working environment, this is why obtaining coverage can be a very smart move. This remains true regardless of how much care and planning you might give to safety procedures. Accidents will happen more frequently in physically demanding jobs, but they also occur in work situations that you might not normally consider, such as in which the employee sits at a desk for most of the day working at a computer station.

Who Benefits

In order to attract better employees, employers will often offer the most competitive employee benefit packages their budgets will allow. Accident insurance, (aka “occupational insurance”) is generally available for employees, which affords workers peace of mind in knowing they have so many protections in the workplace. Good accident insurance coverage is available with these kinds of policies and can provide long-term protection for any worker in any particular business.
This type of coverage provides great protection to not just the employee, but the employer as well. This component of a workplace benefit package functions by helping compensate for the difference of outside expenses an employee may face after an accident that is not covered with a traditional health care policy. This coverage basically goes beyond basic health insurance coverage and is supplemental.
Any individuals or families that have lifestyles that are active should also seriously consider this coverage. One is well served if not enjoying unlimited resources to cover the costs involved in an injury.

How it Works

Accident insurance can pay out a lump sum amount or in graduated payments to employees as desired. Someone opting for this type of a policy should look into the following:
• Accidents Liability limits
• Benefit Level for Disability and Death
• The Deductible Amount per Incident
Each policy will have various levels of coverage depending on the workplace environment and the employee benefits offered in the entire package. Coverage types range from the provision of medical payments for a single incident to a full disability payment course that matches an employee’s salary for a certain period of time.

Kinds of Coverage

An accident policy can come in the form of a specific liability coverage type or as a more comprehensive plan. This kind of liability coverage is normally referred to as “contingent coverage” and is usually better for those who function as independent contractors or have an owner-operator status within a business. The policy activates once a claim is made and can often have optional benefits such as supplemental coverage for an employee’s spouse and offspring. Many comprehensive plans will offer benefit tiers that begin when the claim is filed. There are AD&D (accidental death and dismemberment) coverage, medical Expense Assistance and long-term hospital care, to name a few. Policies can cover a wide variety of injuries, including burns, fractures, lacerations, dislocations and concussions. Usually covered are services such as physical therapy, the use of an ambulance and an emergency visit to a hospital or urgent care facility.

How it Functions

Normally one simply buys the policy and pays the premiums then, if ever injured, any deductibles are paid and plan picks up any treatment cost not covered by the traditional health insurance policy. This coverage can also pay out for any lost wages, deductibles or co-pays associated with the standard policy.
Speak with an insurance professional for more information.