Accident Insurance

Accident Insurance Explained


Accidents can and do happen any time and in any workplace no matter how much attention and care is paid to safety procedures and preparation. Accidents occur more often where physically demanding jobs are the order of the day but can also crop up in work situations where the employee sits at a desk most of the day staring into a computer screen. One never knows.

Who Benefits

To be more competitive with other businesses, employers will often attempt to offer the most comprehensive employee benefit packages they can afford to prospective employees. Occupation insurance affords workers a sense of peace of mind resulting from the many protections for the employee in a variety of workplace environments. Again, accidents can happen anytime in the workplace and this type of policy coverage can provide long-term protection for all workers in just about all businesses.
This kind of coverage provides great protections to both employer and employee. This component of a workplace benefit operates as part of a whole package that can provide significant compensation for the difference of outside costs an employee may face after an accident that is not normally covered with a standard health care policy. This coverage basically goes beyond normal health insurance coverage and is supplemental to it.

How it functions

Accident insurance (otherwise known as “occupational insurance”) can pay out a lump sum amount or in separate payments over time to employees as required. Someone choosing this kind of a policy will be able to choose from the following:
• Accidents Liability limits
• Benefit Level for Disability and Death
• The Deductible Amount per Incident
Each policy has a myriad of levels of coverage depending on the workplace environment and the employee benefits package that the employer is already offering. Coverage types go from the provision of medical payments for a single incident to a full disability payment plan that matches (or comes close) to your normal salary for a certain pre-determined period of time.

Kinds of Coverage

An accident policy can come in the form of specific liability coverage or as a more comprehensive scheme. This type of liability coverage is often referred to as “contingent coverage” and is usually well-suited for those who work as independent contractors or are owner-operators of a business. The policy activates once a claim is made and can often have optional benefits like extra coverage for the employee’s spouse and children. Many comprehensive plans will offer benefit levels that start when the claim is filed. There is AD&D (accidental death and dismemberment) coverage, medical Expense Assistance and long-term hospital care. Call an insurance professional today for more information.