Accident insurance is an insurance coverage that an individual takes to protect him or herself against bodily injury or death because of an accident. It does not cover negligence nor does it cover natural disasters. Moreover, if you are involved in some risky activities like car racing, skiing, and bungee jumping you will be excluded from getting any compensation from the insurer.
How it relates to workplace benefits
An employer can provide the insurance to employees as a way to strengthen their financial security while building attractive benefits package. It lets your employees decide on a solid financial plan as they know that they will be much protected when the unexpected occurs.
Who it is for
Accident insurance is for everyone including those who work in high-risk jobs. It does not need underwriting process to assess one’s eligibility to acquire the policy. Therefore, people who have been considered uninsurable and who in many cases are in need of insurance can have financial protection.
How it works
This type of insurance undertakes to indemnify the assured against expenses, loss of time and suffering caused by accident. In case of death within the term of the policy, the assured inheritors get paid a fixed amount per month.
Different types of coverage
It covers medical expenses and out- of -pocket expenses that you may incur after an accidental injury. This includes medical examinations, hospital bills and other expenses you may incur such as lodging and transportation needs.
For employees, it provides payment for diagnosis and treatment of accidental injuries that are covered. Employees get paid regardless of other insurance coverage to enable them to offset the various expenses ranging from the scan, X-rays, surgical procedures, dislocation, and physical therapy among others.
Procuring this type of insurance is vital to remain financially stable in the event of an unfortunate outcome caused by accident. The insurance will protect you and your family from likely hardships in case of an accident. Your family may suffer both financially and emotionally if something happens and leaves you incapacitated or unable to pay your medical bills.
This coverage is important in the unfortunate event of death because family members can pay the expenses that are left behind by the assured including medical bills, and funeral expenses.