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?
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