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Accident Insurance

Facts about Accident Insurance

Accident insurance is good supplemental insurance to other types of insurance. If you are injured in an accident, then your health insurance will pay for some medical costs. But what if it won’t pay for other costs, such as lost income and travel costs to and from your home for physical rehabilitation? Accident insurance will cover some of these costs.

In a nutshell, accident insurance covers costs resulting from an accident that your health insurance and other policies don’t cover. Some companies have accident policies for their employees as part of voluntary or supplemental benefits. The employer doesn’t pay anything, but allows employees to buy through them. This gives the employees low group rates.

Who Needs It?

This type of policy is mostly recommended for people who work in high-risk jobs. For example, construction workers are at high-risk for workplace accidents.

How it Works

An accident policy pays a specific sum for a covered event. If you are injured at work and miss several days, then your accident policy would cover some of your missed income. That money is yours to use as you wish. You could pay bills or medical expenses – anything that you would normally pay if you had your regular income.

Types of Coverage

Most accident policies differ on what types of events they cover. But other than that, it’s a typical insurance process. Some policies cover critical illnesses, such as cancer, and will pay if you are diagnosed.

The major benefit of this coverage is receiving a cash payout. It helps pay medical and other bills you may have while you are out of work because of the accident.






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