Accident Insurance Policies
Accidents can occur at places of employment at any time regardless of whatever care may be taken to minimize the possibility. Mishaps can obviously occur in a physically demanding job but this can be equally true for someone who spends the lion share of his or her time sitting at a desk as well. In an attempt to be competitive with other companies, businesses often find it challenging to offer the more comprehensive employee benefit package, but in the interest of attracting the best employees they do try! Occupation or accident insurance is usually an option for one’s employees that affords a sense of peace of mind due to its many additional protections afforded for the workplace environment.
Accident insurance is also commonly known as accidental death and dismemberment (AD&D) insurance. Should the death of an insured person be caused by a workplace accident, these policies pay an agreed upon amount of money as a benefit to the covered beneficiary. Unlike the many forms of normal life insurance, there is no investment aspect to it and it is usually an add-on component to life policies available through many employee benefit offerings.
This type of coverage affords great protection to both the employers and their employees. This kind of a workplace benefit is part and parcel to an entire package that aids and abets payment for the difference of expenses an employee may face in the aftermath of an accident that is not typically covered with a run-of-the-mill health care policy. Essentially, this policy goes beyond basic health insurance and is a supplement to one’s intact health insurance policy.
Accident insurance may pay out a lump sum amount or may do so in graduated payments to an employee when needed. Someone opting for this type of policy will be wise to consider the following:
- The liability limits for accidents
- The level of benefits for disability and death
- The deductible payment amount per accident
Each policy will have a myriad of coverage levels depending on the workplace environment and the whole benefit package offered to employees. Coverage ranges from the help with medical payments arising from a single incident to a full disability payment program that matches the employee's salary for a pre-determined amount of time.
Many of the more comprehensive plans offer benefit tiers that begin when a claim is filed. Examples include:
- AD&D (accidental death and dismemberment) Note that AD&D policies have exclusions for claims that result from events that are not defined as “accidents.” These include war, natural disasters, suicide and deaths or injuries arising from illegal drug use or intoxication. Each policy specifically lists these exceptions and exclusions.
- Medical Expense Assistance
- Long-term hospital care
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