What is Accident Insurance?
Different professions have different chances of being injured at work, but even in the seemingly least traumatic jobs there is a chance of being injured or becoming critically ill, for example with oncological diseases, heart attack or stroke. Accident insurance will create additional security for the work team by reducing the costs incurred as a result of incapacity for work.
In the event of an injury, the insurer will cover both medical expenses and the injury indemnity, and in the case of critical illness, a lump sum indemnity that the insured person can use according to their needs.
The price of the insurance policy will depend on the risk level of the employee's occupation - the riskier the occupation, the higher the premium. Office work is considered the least risky, while forestry, construction, underground, air traffic, etc. are considered dangerous.
What is covered by an Accident Insurance Policy?
The range of risks covered can be tailored to the needs of each employer. The main accident insurance risks covered by an insurance policy are usually:
- Injuries and broken bones, e.g. after a road accident, electric shock, frostbite or burns, etc;
- coverage for life-threatening illnesses such as toxic poisoning, tick bite, heart attack, stroke, etc;
- reimbursement for hospital treatment, covering the hospital daily subsistence allowance;
- daily subsistence allowance in the event of temporary incapacity for work for each working day of incapacity for work;
- compensation in the event of invalidity or death as a result of an injury sustained in an accident;
- medical expenses and compensation for medical services incurred after the accident, including the purchase of various aids such as wheelchairs, crutches, operations, X-ray diagnosis, cosmetic surgery, etc;
- reimbursement for the services of a psychologist or psychotherapist if the accident has caused disability or the employee has been diagnosed for the first time with a life-threatening illness. In the event of death, the support of a specialist may be provided to a relative.
What is the area covered by the Insurance Policy?
The territory of the insurance contract may be Latvia or the whole world, but the reimbursement of medical expenses will only apply in Latvia, regardless of the territory of the contract, unless otherwise specified in the contract.
The insurer may also choose to cover employees only when they are at their place of work during working hours.
What is not covered by the Insurance Policy?
Most often, insurance does not cover losses due to injury or illness, for example:
- if the insured was under the influence of alcohol, drugs or other intoxicating substances at the time of the event;
- if the insured person was driving without the right licence or if he/she was in serious breach of the rules of the road;
- if they are the result of malicious intent or unlawful conduct;
- if the injury or infection, which is not visually apparent, has not been confirmed by a doctor of an appropriate speciality
- if the illness is due to ageing or is chronic;
- if the accident was caused by a mental or psychiatric disorder, etc.
Important! When taking out an insurance contract, read the exclusions carefully, as they may differ from one insurance company to another. It is important that the policy you buy corresponds to the risk level of the employee's position.
What to do if an insurance event occurs?
If an insured event occurs, you should inform the insurer as soon as possible and fill in an application form. If requested, you must submit additional documents so that the insurer can assess what happened and decide on the amount of the claim.
What customers say about us
Insurance is one of the most important elements of risk management in business, therefore, at the time of establishing cooperation, the choice of insurance broker was made by "L-Ekspresis" LTD with special care. In cooperation with the team of "RED insurance brokers" LTD we have established a professional and at the same time very friendly relationship. We receive comprehensive advice and a thorough, tailor-made service in a wide range of insurance types - health, transport, property, third party and car insurance. Everyone in our company knows that we are in safe hands, because every insurance-related issue is always handled and executed to the highest standard. We are pleased with our choice and will undoubtedly continue to work with RED insurance brokers LTD in the future. We wish the RED team to continue in the direction we have taken and to reach new heights of professional challenge.
Rolands Gorodeckis
Chairman of the Board
L-Ekspresis, Ltd.
