One of the best benefits that employers can offer their employees is accident insurance. This type of insurance, also known as worker’s compensation insurance, is designed to provide financial benefits to employees for injuries and illnesses that are work-related or have occurred on the job. In many states, this type of insurance coverage is mandatory.
Coverage Provided by Insurance for Accidents
There are many unforeseen financial burdens that an employee might experience due to a slip and fall or other accident that occurs while they are on the job. This insurance pays for the diagnosis and treatment of injuries an employee experiences in the course of their daily work, such as a strained back while lifting packages or equipment, or broken bones to a slip on an icy or wet flooring surface.
This kind of insurance is very valuable for offsetting the expenses associated with an on-the-job accident, including medical plan deductibles, ambulance services to and from the hospital, diagnostic costs for scans and X-rays, and physical therapy. Any employee covered by workers’ compensation insurance avoids the risk of becoming financially strained due to a workplace accident or injury. The payment from this insurance is usually made as a lump sum payment after an accident has occurred and can be used by the employee as they see fit to cover a variety of out-of-pocket expenses.
Major Benefits
Accident insurance is among the most attractive work benefits any business owner can offer an employee. Although an employee may participate in an individual or group health plan or have a disability insurance policy, those policies often have gaps in them that don’t fully cover all of the unexpected costs associated with an accident that occurs at a workplace. This type of insurance provides peace of mind to an employer that an employee and his family won’t face financial ruin due to a workplace injury and can also protect an employer against unnecessary legal claims that an employee may file to recover the costs they must pay out of pocket due to an injury or accident that happened on the job.