Group Accident Insurance: Is it worth it? | finder.com

Group accident insurance

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

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

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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 can use payout for loss of income, mortgage, rent, medical expenses or any other financial need. Other benefits of group accident insurance include:

  • Benefits usually don’t depend on income or health.
  • Family often included as part of the plan.

What does a group policy cover?

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

Standard coverage

  • Ambulance and air lift
  • Emergency room
  • Burns
  • Injuries such as lacerations, fracture and dislocations
  • Hospital stays
  • Paralysis
  • Adaptive home and vehicle
  • Adult companion lodging
  • Child injury due to organized sport accident
  • Emergency dental
  • Eye injury
  • Physician’s visit
  • Prosthetics
  • Surgeries
  • Transfusions
  • Traumatic brain injury

Extra coverage

Depending on your provider, you may be covered for:

  • Coma
  • Diagnostic testing
  • Family care
  • Gunshot wound
  • Joint replacement
  • Rehabilitation
  • Anesthesia

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. Coverage can cost anywhere from $5 for an individual, to $30 for a family.

What riders are offered in group accident coverage?

If you’re looking for extra coverage, some insurance companies offer optional riders, including:

  • Wellness rider. Include benefit payment up to $150 a year to complete wellness procedures or screenings.
  • Accidental death and dismemberment. Get additional payments in the case of accidental death, dismemberment and catastrophic loss or if you need an accommodation to your home or vehicle.
  • Hospital confinement for sickness. Get coverage for each day you’re in the hospital due to sickness.
  • Disability. Payment if you become disabled and unable to work from 26 to 52 weeks.

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 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 often are used 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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