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Accident Insurance

Accident Insurance Policies

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Introduction to Accident Insurance

Accidents do happen in any workplace and at any time no matter how much attention and care is paid to safety procedures and the like. Accidents occur more frequently in physically demanding jobs but also in work situations in which an employee spends the lion’s share of a day in a chair staring into a computer screen.

Who needs it?

In the interest of being competitive with other businesses, employers often attempt to offer the most comprehensive employee benefit packages they can afford. Occupation insurance is generally an option for employees, which gives workers peace of mind due to all the many protections he or she might need in a variety of workplace environments. The many coverage types that are available with these policies can provide long-term protection for all workers in any business or job.

This type of coverage offers great protection to both the employer and the employee. The workplace benefit functions as part of an entire package that can help pay for the difference of outside costs an employee may face after an accident that will most often not be covered with a traditional health care policy. This coverage essentially goes above and beyond basic health insurance coverage and is considered supplemental in nature.

How it works

Accident (aka “occupational insurance”) can pay out a lump sum amount or in graduated payments to employees as needed. Someone choosing this kind of a policy will need to consider 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 one’s entire package. Coverage types range from the provision of medical payments for a single incident to a full disability payment regime that matches (or comes close) to the employee's salary for a certain pre-determined length of time.

Kinds of Coverage

An accident policy can be in the form of specific liability coverage or as part of a more comprehensive plan. This kind of liability coverage is often referred to as “contingent coverage” and is usually better for those who function as independent contractors or are owner-operators of a business. The policy is activated once a claim is made and can often have optional benefits such as supplemental coverage for the employee’s spouse and children. 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.



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