How does accident insurance benefit the self-employed?
With several insurance options, how does accident insurance benefit the self-employed? Accident insurance provides financial protection for those who became injured or deceased because of an unexpected accident. Continue reading to learn how accident insurance benefits the self-employed.
Accident Insurance for the Self-Employed
Whether significant or small, accident insurance can help you out if you unexpectedly receive an accident at work or in life. Moreover, accident insurance benefit the self-employed by paying them directly so they can use the money as necessary. Self-employed individuals can also use accident insurance to assist pay business or household bills, medical expenses, food, and gas, like co-pays.
The Importance of Accident Insurance for Small Business Owners
Furthermore, accident insurance benefit the self-employed by reducing their financial stress. Self-employed individuals have freedom, but miss out on benefits such as PTO. Many workers can receive PTO or workers’ compensation benefits if they get injured at work. Or, receive a paycheck while they heal and outside of work.
In contrast, small business owners and independent workers typically have freedom but miss out on worker’s compensation and PTO benefits. Every day they lose money because they cannot work due to an accident. Most likely, they will receive medical bills to pay for care or treatment. Ultimately, accident insurance benefit the self-employed by easing their stress so they can focus on improving.
The Process of Accident Insurance
So, how does accident insurance work? You submit a claim to your insurance provider for verification after you experience an accidental injury. Claims generally process within ten business days, and the person should receive a lump sum payment, as long as everything checks out. Fortunately, the payment is made directly to the affected person (not the doctor’s office). This means the person can choose how the money will be spent.
Conditions that Accident Insurance Won’t Cover
Lastly, accident insurance benefits will typically not cover your injury if it was received under the following conditions:
- Any condition protected by a workers’ compensation
- Attempted suicide or suicide
- Intentional self-inflicted injury
- Any act of war
- If you participated in a riot
- And more
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