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Accident Insurance

The 411 on Accident Insurance

Should you be injured in an accident at your place of employment (or elsewhere), it can often indicate that not only will there be daunting medical expenses but also a potentially devastating loss of income if you can no longer work. A unique insurance policy is available that can pay you handsomely should you be faced with an accident that leaves you unable to be gainfully employed.

Accident insurance is a kind of supplemental insurance coverage that compensates you with a lump sum should you be hurt in an accident that is covered by the policy. Companies will often provide this insurance as part and parcel of a benefits package that employees can opt in to purchase.

A good accident insurance policy is potentially a boon for just about anyone, but it is certainly appropriate for those who are employed in which the risk of accidents are greater than normal. For instance, manual laborers and workers in construction are prime candidates. These kinds of jobs normally do not offer any benefits, so an accident that results in an employee being unable to work can be catastrophic, leaving that individual without no income and little help.

If one is faced with the consequences of an accident, he or she will be required to file a claim in order to receive compensation. Should the insurance adjuster affirm that the policy will cover the accident, the company will then pay a lump sum up to the policy limit. The funds that are paid out can then utilized by the insured for any purpose he or she wishes, including medical costs and even household expenses such as a mortgage, for example.

Accident policies are all quite similar with many circumstances of the accident being covered, but with a few others not being covered. For instance, some policies may only handle accidents that happen while the policyholder is at work, while others may cover other kinds of accidents as well. Some policies will even provide coverage for both accidents and serious illness.

The big plus of good accident insurance coverage is the extra funds you enjoy, which can help with your medical expenses and cover any lost income you may experience due to your inability to work. When an accident policy is offered as a part of a workplace benefits package, you will enjoy the benefit of paying lower group rates, which are substantially less expensive than coverage that is designed for individuals.