Group Accident Insurance

Group Accident Insurance Adds Another Layer to Your Benefits

No one ever sees an accident coming, so when it does, group accident insurance can help employees with the financial strain that can result from an injury off the job. Millions of people are injured every year and seek medical care as a result. Ambulance charges, emergency room copays, deductibles, co-insurance—the expenses can add up fast.

Lump Sum Payments Can Be Used for Whatever the Employee Needs

Group accident insurance plans typically pay out a lump sum when an accident occurs. The amount could be based on the type of injury sustained, the type of treatment rendered, or a combination. The money can be treated by the employee as reimbursement for expenses they incurred. However, they can also use it to pay for additional child care, transportation, or any other needs. The amount paid by the group accident plan is generally paid regardless of the out-of-pocket expenses left over after health insurance pays.

It is important to note that accident insurance is different from disability insurance. Disability insurance provides recurring payouts equal to a percentage of the employee’s salary if they are injured or sick. Accident insurance, on the other hand, only pays out when an employee experiences a qualifying accident, and generally only pays out in the form of a one-time lump sum.

Additional Riders Are Often Available

Many group accident insurance policies have additional riders available to meet the needs of your employees. For example, this can include benefits for when an employee and their family stay accident-free for a period, a wellness benefit for obtaining preventative care, hospital confinement, accidental death and dismemberment, and more.

Increased Payouts for Child Athletes Could Be Possible

Children may be more prone to accidents than adults. However, children who play sports like football, soccer, lacrosse, and other sports have a higher chance of becoming injured. Many group accident plans include higher benefits for children who are injured while participating in organized sports.

To explore your options as an employer for offering group accident insurance, request a free accident insurance quote below today, and an MSIG employee benefits specialist will walk you through them to find a policy right for your company.

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As an independent agency, we are here to help you find the right Group Accident Insurance coverage.