Accident Insurance

What You Need to Know About Accident Insurance

Accident insurance helps pay the costs associated with medical care such as health insurance deductibles and copayments, emergency room and hospital admission fees, ambulance transportation fees, surgery and post-surgery recovery fees, and accidental death and dismemberment. Employers typically offer employees this type of insurance as a supplement to existing health or disability insurance plans and may extend coverage to spouses and children.

Additional coverage options offered under some plans include intensive care coverage, total disability benefits, or bone fraction or dislocation coverage. Employees receive reimbursement from insurance companies to cover these costs. In the event of death or dismemberment, an employee or their spouse may receive a specific monetary amount listed on the policy.

Typical accident insurance plans cover on-the-job incidents such as accidental slips and falls, transportation accidents involving company vehicles, injury due to faulty or malfunctioning machinery or equipment, and death or dismemberment. Some policies also provide coverage for off-the-job incidents including personal vehicular accidents, accidental slips and falls, and other injuries caused by an accident or mishap.

This insurance does not typically cover accidents resulting from natural disasters such as floods, earthquakes, hurricanes, and tornadoes, or employee negligence on or off the job. Negligence such as failing to wear proper safety gear, failing to follow proper procedures when performing certain tasks, or operating machinery or equipment while intoxicated could prompt the insurance company to deny an insurance claim.

Industries that offer this type of insurance include construction, restaurant and hospitality, transportation, mining and utilities, and healthcare. Employees in constant contact with people, animals, and those who perform dangerous tasks on a regular basis may also benefit from this insurance. Major benefits of this insurance include the ability to expand business operations by letting clients know employees have complete medical coverage when on the job site, the ability to attract qualified candidates for high-risk positions, and the ability to offer peace of mind to employees.