Did you know that personal accidents, along with property damage and liability incidents, are the three most common risks in small and medium-sized businesses? But don’t worry: there are also insurance solutions for that situation.
There are insurances that, whether we have it or not, are familiar to all of us and we have some idea about what they cover: Auto, Home, Burial or Health, for example. But there are others that, despite being just as useful, are less well known. One of them is Accident Insurance, a very interesting protection both from a personal, professional and business point of view .
What does accident insurance cover?
As its name indicates, accident insurance covers bodily harm that the insured person may suffer as a result of an accident ; It includes both mishaps in private life and in the development of professional activity.
It is important to clarify that, according to its definition, ‘accident’ is an act or fact that derives from a violent, sudden, external and involuntary cause that causes harm to people. This aspect differentiates it from, for example, Life Insurance. Thus, the accident insurance coverage would only come into force when the event that deserves such qualification has occurred.
For this reason, despite its clear advantages, it is especially important to advise ourselves well when hiring it, so that the aspects that most interest us in our case are covered and be well aware of what is excluded.
What types are there and how do they work?
This type of insurance can be contracted linked to another type of insurance or independently. And, in turn, if they are hired alone, there is the individual or collective option.
Individual accident insurance
The Insurance Personal Accident starts in case of an accident causing damage to the insured as a result of the activities under the policy. In general, this type of insurance includes:
- capital in the event of permanent or total disability , caused by accident.
- health care expenses within the limits set in the policy.
Likewise, they also usually include compensation for the Beneficiaries established in the Policy in the event of death due to the accident of the insured person.
Group accident insurance
For its part, Collective Accident Insurance (with similar coverage) is characterized by covering, through a single contract, various policyholders who make up a group (for example, employees of the same company). This accident insurance option can be an interesting investment for any business that wants to cover unforeseen events.
Let’s not forget that, traditionally, personal accidents are one of the three most common risks in small and medium-sized businesses, along with property damage and incidents related to liability.