Accidents can happen at any time and at any job regardless of the care taken to minimize the chance of them occurring. Accidents befall those in a physically demanding job as well as those who spend most of their day as desk jockeys. Many employers attempt to be competitive but can find it quite challenging to offer the comprehensive employee benefit package that is better than their compatriots, but that doesn’t stop them from trying!
Accident insurance can pay out a lump sum amount or graduated payments to an employee (and his or her family in some policies) as needed. Someone choosing this type of coverage will need to consider the following:
• Accident liability limits
• Benefit levels on disability and death
• The deductible required per incident
This kind of policy can be comprised of specific liability coverage a as a more comprehensive plan. One’s policy is activated once a claim is made and often includes optional benefits such as riders for the employee’s family. Many of these more comprehensive plans offer benefit tiers that begin when the claim is filed and include AD&D (accidental death and dismemberment), medical expense assistance and even long-term hospital care.
In short, accident insurance helps to pay the medical out-of-pocket expenses that can easily add up after an accidental injury. Each policy will have a myriad of coverage levels depending on the workplace environment and the benefits that the business owner offers to his or her employees. Coverage ranges from the payment of medical expenses as a result of a single incident to full disability payments that match the employee’s salary for a pre-determined and definite period of time.
Accident insurance helps to cover not just the expense of emergency treatment, but the costs associated with stays in a hospital, extra medical exams and even one’s transportation or lodging needs. The major benefits of opting for a plan like this are the significant financial assistance for the often exorbitant costs incurred after an accident. And the benefits are paid directly to the policyholder. Also, it is certainly reassuring to know that as you are in treatment and on the road to recovery, your finances are protected until you are able to return to the job and some semblance of a normal life. That peace of mind is priceless.