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Group accident insurance

See if this insurance is right for your business and employees.

Accident insurance offers benefits beyond health insurance after an accident. Buying into a group plan for your employees protects them in an accident inside, and often outside, the workplace.

Why should I offer group accident insurance?

Offering extended coverage for your employees ensures they get money to supplement any other income after an accident. Health insurance usually stops at medical bills, but accident insurance can cover almost any expense they need.

Policyholders may be able to use the payout for loss of income, mortgage payments, rent, medical expenses or any other financial need. Other benefits of group accident insurance include:

  • They often include a death benefit that is payed out to the family in case of an employee’s accidental death.
  • An employee’s family can usually be covered by the plan as well.

What does a group policy cover?

Depending on the insurance company you choose and the policy your employees pay for, benefits can include costs for:

  • Emergency transporation costs
  • Extended hospital stay
  • Dismemberment
  • Injuries such as lacerations, fracture and dislocations
  • Private or semi-private hospital room
  • Paralysis
  • Adaptive home and vehicle
  • Adaptive workplace
  • Child injury due to organized sport accident
  • Loss of vision or hearing
  • Emergency dental
  • Daycare
  • Convalescence
  • Permanent disability

What features should you look for in group personal accident coverage?

The following are some of the key features to look for in a personal accident policy;

  • Flexibility. Find a policy that can best meet the needs of your diverse employees, considering age, gender and lifestyle.
  • Exclusions. Find out what the insurance company won’t cover.
  • Coverage area. Find out if coverage extends abroad or outside a general region.
  • Cost. Monthly premiums can usually cost around $10.

Are riders offered in group accident coverage?

Yes, some companies will offer additional coverage through riders for their group accident plans. For example, you may be able to add an extended fracture rider, which would cover a larger range of injuries due to fractures. Talk with your insurance provider to determine what riders might be available for your company’s specific needs.

Is group accident insurance worth it?

Though it depends on your situation, group accident insurance could be worth offering to your employees. The cost is low and payouts are relatively easy to get. Payouts can generally be as high as $10,000 for expensive accidents, or as little as a few hundred dollars.

Accident insurance is like disability insurance in that you get paid after an injury. However, you’ll get a bigger payout with disability insurance. They may even be usable together, giving you more income if an accident occurs.

Bottom line

Getting extra payouts outside your health insurance after an accident can be a big deal. If you’re looking to add group accident insurance to your benefits package, compare insurance plans to find the best one for your business.

Because accidents can sometimes have fatal consequences, it may also be worth your time to compare life insurance companies.

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