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 can be a boon for just about anyone, but it is certainly appropriate for those who have jobs in which the risk of accidents are greater than normal. For instance, manual laborers and construction workers 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 with no income.
A typical accident policy will pay a lump sum to the policyholder should he or she be injured in an accident that is under the purview of the policy. 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 like a mortgage, for example.
Accident policies are generally all quite similar in the accidents they cover, but there are some differences. 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 illnesses.
The big plus of good accident insurance coverage is the extra funds you will have at your disposal, 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 designed for individuals.