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What is Accident Insurance?
Accident Insurance is a policy designed to provide a payout when a person has an injury or suffers death due to an accident. Although this insurance does not cover negligence, acts of God, or any natural disasters it does act as a safeguard in case something unfortunate should happen. If it does happen, the insured person will benefit by having some of the costs of the accident covered. The following are three of the most common types of accident insurance.
Car Accident Insurance
Car accident insurance is the most common type of accident insurance which drivers purchase in order to help mitigate the costs related to auto accidents. This insurance is intended for any road vehicle such as cars, trucks, and motorcycles. Not only does auto insurance provide coverage for a car’s damage and driver’s injury in a car accident, but it also provides coverage for any potential liability that could ensue as a result. In addition, auto insurance also provides some protection from theft and damage done to the vehicle other than a car crash. However, it is important to note that auto insurance does not cover many mechanical repairs.
Travel Accident Insurance
Travel-related accidents are among one of the most common forms of death or serious injury. Given the high risk, it makes sense for individuals to protect themselves and their loved ones wherever they decide to venture. Travel accident insurance would help cover any medical expenses, financial default of travel suppliers, and other losses suffered regardless of whether they are traveling domestically or internationally. This type of insurance focuses on AD&D (accidental death & dismemberment) and term life insurance benefits which apply while the insured individual is traveling on an insured trip. These plans are known for having flexible benefit options including letting individuals choose the amounts of coverage. Another option travelers can choose is a temporary travel insurance which covers people for a limited amount of days, or a multi-trip plan that covers an unlimited amount of trips within a specified time frame.
Occupational Accident Insurance for Employees
Occupational accident insurance is an affordable alternative for employers looking to mitigate the costs and risks of employee injuries in job-related accidents. It is much more affordable and does not include the strict requirements and unnecessary options that are mandated in many states under Workers Compensation Insurance. Occupational accident insurance usually contains 3 main components: accidental death and dismemberment, accident medical, and accident disability. Unlike medical insurance, which is a much more comprehensive type of coverage, the occupational insurance more closely resembles a specific cause and effect policy that goes into effect when an employee suffers an injury, such as a slip and fall during a delivery while on the job.
The various types of accident insurance policies that are currently available can be purchased directly from insurance companies as a stand-alone policy, or it can be bundled into an already existing policy. Accident Insurance provides flexibility of customization so clients can choose the amount to pay that best meets the needs of the business and its employees.