Top 10 reasons for getting an accident insurance
By definition – an accident is an unexpected event resulting in damage or harm. Accidents can happen anywhere – on the road, in your office, in an open area or at your home. Depending on who is in the premises and what the damages are, there are wide variety of impacts. Each impact triggers a claim. People react to an accident different ways. Accidents change lifestyles and wreck families who are not prepared. Hence having an accident insurance is the foremost step to mitigate risk and help people to recover. People ask, what are the top 10 reasons for getting an accident insurance – the answer is: an accident insurance protects the insurer from the financial impact of an unexpected event.
Top 10 reasons for getting an accident insurance – An accident creates several impacts for the affected parties – an emotional impact, a physical impact, a social impact and above all a large financial impact. An insurance can protect you from these adverse impacts. Many times some impacts are irreversible, but having an insurance restores you back to a suitable level.
Top 10 reasons for getting an accident insurance – An accident can put you out of work for several days, weeks or even years. Having adequate coverage gives you not only the mental strength to face the uncertain days ahead, but also assists you in the financial stability to take care of the huge medical costs associated with the accident.
Top 10 reasons for getting an accident insurance – There are fortunate situations where an accident leaves you unscathed, but unfortunately maims another person or damages someone’s property. This is called a third party damage. An accident insurance ensures that you have the sufficient legal help and funds to take care of this liability, through many types of liability coverage.
Top 10 reasons for getting an accident insurance – Accident Insurance covers both life and non-life domains, either as a single product or independent product. Where life is involved, the policy cover adequately compensates your family either in terms of cash payouts and/or pension and survivor benefits, ensuring that your loved ones are not helplessly left behind by your absence.
Top 10 reasons for getting an accident insurance – An accident insurance also acts as a good form of saving when life is normal and no accidents occur. One can encash the sum assured at the end of the policy period. Therefore this acts as a double benefit – protection with peace of mind and saving potential.
Top 10 reasons for getting an accident insurance – Many of the accident insurance policies provide for statutory tax breaks, since they are promoted and encouraged by the governments.
Top 10 reasons for getting an accident insurance – Many businesses have accident insurance coverage for all their employees to ensure protection. This kind of coverage also builds a safety feeling for the employees, especially in industries which are non-static and risk occurrence is more likely.
Top 10 reasons for getting an accident insurance – Accident insurance also includes travel accident insurance to cover for incidents while employees are on official travel. Many of these covers have been useful in major disasters like airline crashes, train collisions or even vehicle accidents.
Top 10 reasons for getting an accident insurance – Accident insurance for employees in a ensures that the employees does not get into a damage or injury while on an assignment to a customer location. Accident insurance in some ways helps businesses to constantly evaluate risks and provide mitigations.