When most companies think about their benefits packages, they only think of the big players: health insurance, life insurance, perhaps vision and dental, and disability insurance. These are a good start, but if you want your benefits package to really be competitive, you should consider offering accident insurance to supplement your existing insurance benefits.
The truth is that accidents happen to everyone, and often it is not a matter of fault. There are some accidents that we can plan for and avoid, but others just happen. In fact, accidents are by definition unexpected, so they are not like other expenses that you can plan for. And when an accident results in injury, it is often something that needs medical attention. This can be an expensive experience, so if your benefits package includes a way for your employees to save some money on those out-of-pocket expenses, it can be a huge benefit.
Won’t Other Insurances Cover It?
The short answer is that it depends. If your employees have health, homeowners, and automobile insurance, those will cover many possible accidents but not all. A lot of accidents occur during sports or fitness related activities. For the most part, medical insurance will cover part of these, but that doesn’t include your deductible. Additionally, some medical insurances will resist and sometimes refuse to cover things that could be covered by some other form of insurance, like the homeowner’s insurance for the house where you slipped. Accident insurance can help your employees cover their bills and keep themselves financially stable while the various insurers duke out who will cover the accident.
Paycheck To Paycheck
The reality of life for most Americans today is that they live paycheck to paycheck, meaning that once they pay their bills in a given pay period and cover their normal expenses, they don’t have much if anything left over. This makes it very hard to build up a savings account, but it also means that an unplanned expense like an accident can cause huge problems. For many, their financial situation is so fragile that nearly half say they would have trouble coming up with even $400 in an emergency situation. And even in the case that medical insurance will cover most of the cost, the average deductible is $1500, which is much more than most people have saved up.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, Google+, and Linkedin.