What is accident insurance?

Accident insurance will help you to pay for medical medical and out-of-pocket expenses that you may have incurred after an accidental injury. Included in this is emergency treatment, hospital stays, & medical exams. Other expenses you might run into that are included are, transportation and lodging needs. 

Accident insurance is a financial product that will pay out a lump sum if you incur an injury as a result of an accident. It’s supplemental to your primary health plan. It will help you pay for out-of-pocket medical & non-medical expenses that resulted from an accident or injury. 

What’s covered by accident insurance 

Accident insurance pays a lump sum that can help you cover the costs associated with an injury as a result of an accident. Every accident insurance company has different coverage. So let’s take a look at everything they cover before you take out an accident insurance policy.

Injuries are split up into separate categories to analyze the risk and coverage better. Some of the injuries covered by accident insurance companies are as follows;

• Dislocation
• Laceration
• Concussion
• Fracture
• Eye injury
• Burn
• Dental
• Accidental death and dismemberment

This is important to keep in mind. If your injury is not specifically stated as one of the accidents the company covers, then you will not receive coverage for that accident.

Basically, all bones that can be fractured are covered, with the severity of the fracture and the importance of the fractured bone yielding a higher accident insurance benefit. For example, you will get a higher benefit for a skull fracture than you would for a kneecap injury, which will itself be higher than a fingernail injury. The same payout structure applies to dislocation.

Accident insurance covers the use of medical devices & accessories. Prosthetic limb or crutches are an example of this.

There are a few life insurance policies that come with accidental death and dismemberment riders. They pay out a benefit to the deceased’s beneficiaries if they die or become dismembered due to an accident. It usually comes with similar death and dismemberment coverage. Although, accidental death and dismemberment benefits from accident insurance are usually lower.

Occupational accident insurance 

Occupational accident insurance coverage will provide benefits to a companies employees injured or killed in a job related accident. Here are a couple common examples:

• There are states that allow employers to assume part of the workers compensation risk themselves. This is subject to state approval of course. Occupational accident insurance at times can fund the assumed risk.
• Trucking companies use occupational accident insurance to provide benefits to owner operators who aren’t employees.

Personal accident insurance

Personal Accident insurance is an annual policy that will provide compensation in the event of injuries, disability or death. Caused by violent, accidental, external and visible events.

Group accident insurance

Group accident insurance is a way to provide your employees additional protection to meet their individual needs. All without increasing benefits costs to the employer.

Is accident insurance worth it?

Accident insurance is on average very inexpensive. In addition to that the benefits are usually small. You could potentially benefit from an accident insurance policy. Let’s say your health insurance has high deductibles. With accident insurance you’re offered a one-time payout that can help you afford the medical care you need.

You can also benefit from accident insurance if you are not eligible to receive disability insurance. For example, if you have pre-existing medical conditions that insurers don’t cover.

If you have additional questions regarding accident insurance, give us a call! Our agents are really nice and they know a lot about insurance.