Unexpected injuries can lead to financial stress for many workers. With accident insurance, employers have an opportunity to provide additional financial support to employees.

What Accident Insurance Entails

Accident insurance policies provide cash payments directly to the insured to help cover costs related to injuries sustained in covered accidents. These lump-sum payments can be utilized to pay medical bills, replace lost wages, and cover other expenses that arise from the accident and recovery process.

Standard accident insurance plans often include benefits for fractures, ambulance transportation, emergency room treatment, doctor visits, hospital stays, and more. Additional optional benefits like mental health services, pet boarding, surgery, physical therapy, and extra protection for organized sporting activities may also be available.

Payout details vary depending on the unique circumstances of the accident and services utilized. Still, the average claim amount ranges between $3,500 and $7,500, according to insurance experts.

Why Accident Insurance Matters?

Accident insurance serves as a supplemental layer of financial support on top of an employee’s major medical insurance. A recent report found 63% of Americans do not have savings to cover a $500 emergency expense. With accident insurance, employees gain extra funds to cover surprise out-of-pocket expenses that accompany injuries.

Accident insurance claims do not take income level or other insurance coverage into account. As long as the policy requirements are met, the insured individual will receive cash benefits.

This guarantees employees additional money at their disposal without having to drain savings accounts, rack up credit card debt, or struggle to make ends meet after an unforeseen injury.

The Growing Appeal of Accident Insurance

As employee benefit offerings continue expanding, accident policies are becoming increasingly common. Drawn by the relatable need for extra financial protection against surprise injuries, employees frequently enroll in and utilize these policies.

In fact, outside of general health and wellness claims, accident insurance plans see the most claims for expenses like doctor visits, x-rays, ER trips, lab work, and broken bones.

Catering Coverage to Employee Interests

Accident premiums cost employers relatively little and offer good value at low cost. Plus, their flexibility allows employers to hand-pick plans that align with employees’ needs and interests.

For multi-generational workforces, benefits that support mental health services, caregivers, and youth sports can have wide appeal. Even niche interests like golf, cycling, and pickleball can be covered.

Yes, pickleball. As shocking as it may seem, pickleball injuries are driving up accident insurance claims. Billed as one of the fastest-growing sports in America with over 48 million players, pickleball’s popularity extends beyond just retired folks.

Most players fall between the ages of 18 and 44 years old. And while players over 50 account for 91% of pickleball-related ER visits, strains, sprains, and fractures plague players of all ages.

So whether your employee base trends older or younger, active or not, adding custom insurance tailored to their lifestyles demonstrates a commitment to their financial well-being.

Provide Peace of Mind

Life’s unexpected moments can derail anyone’s stability. By offering accident insurance, employers empower their workforce with an easily accessible financial safety net.

Should an employee fracture an arm biking with their kids or tweak a knee during an intense match of weekend warrior basketball, they can rest assured that cash benefits will soon be on their way.

With the rising popularity of accident insurance for filling financial gaps, employees increasingly expect access to this supplemental coverage. Meet their needs and demonstrate a commitment to supporting workers beyond just traditional major medical health insurance.

For more Employee Benefits resources, contact INSURICA today.

Copyright © 2024 Smarts Publishing. This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.