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Accident Insurance

Accident Insurance Overview


Accidents can occur to anyone and at anytime in the workplace. This remains true no matter of how much attention and care is given to safety procedures and being prepared. Accidents occur often in physically demanding jobs but they also happen in work situations in which the employee sits at desk in front of a computer most of the day.

Who can it help?

To remain competitive with other businesses, employers will try to offer the most comprehensive employee benefit packages their budget will allow. Occupation insurance is generally a choice for employees, which gives workers a sense of peace of mind due to the many protections afforded the employee. Again, accidents do happen anytime in the workplace and this kind of coverage can provide long-term protection for all workers in any kind of industry or business.
This kind of coverage offers great protection to both the employer and the employee. This part of a workplace benefit operates as part of an entire package that can help pay out for the difference of outside expenses an employee may face after an accident that will not be usually covered with traditional health care coverage. This kind of a policy basically goes beyond basic health insurance coverage and is supplemental to a traditional health insurance policy.

How it functions

Accident (otherwise known as “occupational insurance”) can compensate with a lump sum amount or in sectional payments to employees as needed. Someone choosing this type 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 kind of workplace and the total employee benefits offered by the company. Coverage types range from the provision of medical payments for a single event to a full disability payment regimen that matches (or comes close) to the employee’s salary for a certain time period.

Kinds of Coverage

An accident policy can be in the form of a specific liability coverage type or come in the form of a more comprehensive plan. This kind of liability coverage is often referred to as “contingent coverage” and is often more suited for those who function as independent contractors or have an owner-operator status within a business. The policy activates once a claim is made and can often have optional benefits such as supplemental coverage for the one’s family.