With multiple insurance options, how does accident insurance benefit small business owners? Accident insurance protects those who get injured or die from a sudden accident. Keep reading to learn how accident coverage helps the self-employed.
The Importance of Accident Insurance
Accident insurance benefits small business owners by paying them directly so they may use the money as necessary. This includes business or household bills, food, medical expenses, gas, and co-pays. Moreover, accident coverage helps the self-employed by minimizing their financial stress.
In addition, independent workers and small business owners usually have freedom but miss out on PTO and worker’s compensation benefits. They will most likely receive medical bills to pay for treatment or care. Overall, accident insurance may help the self-employed by easing their stress so they may focus on improving.
How Does Accident Insurance Work?
So, how does accident insurance function? You submit a claim to your insurer for verification after you experience an accidental injury. Also, claims are typically processed within ten days, and the individual should receive a lump sum payment as long as everything checks out. Fortunately, the affected person receives the payment, not the doctor’s office. This signifies the person can select how the money will be spent.
Conditions that Accident Insurance Won’t Cover
Finally, accident insurance benefits will usually not cover your injury if it was obtained under the following conditions:
- Any act of war
- Any condition protected by a worker’s compensation
- Intentional self-inflicted injury
- Attempted suicide or suicide
- If you participated in a riot
- And much more
Let’s face it: accidents tend to happen a lot. Besides lasting physical pain and harm, an injury can burden your financial life significantly if it impacts your work performance or if you receive expensive medical bills. Also, accident insurance can offer you financial protection and mentally help you in your recovery. Overall, understanding accident insurance may assist you in determining if it’s ideal for you. Call your favorite national insurance broker today at 410-394-9617!
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