Five Great Reasons Why You May Need a Separate Group Accident Policy

Many people believe that if a person is injured while interacting with a business or school, their medical expenses would be paid by the organization’s liability or workers’ compensation insurance. This might be true in some instances, but not all.

Securing a group accident insurance policy is a great way to provide comprehensive protection for your organization that goes beyond traditional policy coverage.

Let’s look at five reasons why having a separate group accident policy is a good business decision.

1. Workers’ Compensation Only Covers Employees

Workers’ compensation insurance is designed to pay for the medical expenses of employees who become sick or injured on the job. No other individuals that interact with your organization are covered under this specialized policy.

Should a non-employee become injured on your property or at an event, they could seek financial relief that workers’ compensation coverage would not cover.

2. Coverage Extends to a Wide Range of People

Group accident insurance covers the injuries of the following types of people:

  • Athletes & Fans
  • Coaches
  • Volunteers
  • Students
  • Chaperons
  • Participants

It is important that your organization has coverage to help protect all participants in your programs.

3. Adds an Extra Layer of Protection

While liability insurance is designed to cover the injuries of people who engage with your organization, group accident insurance provides an extra layer of protection on top of the general liability limits.

In addition, many general liability policies carry a deductible that must be paid before coverage responds.

4. May Decrease the Chance of Legal Action

Many people turn to litigation when they want to be compensated for injuries sustained at a business or organization. Because a group accident policy is designed as a no-fault coverage, it can act as a deterrent against lawsuits.

If an injured party knows that their expenses can be paid by an insurance policy, they are much less likely to seek a legal remedy as a solution to their situation.

5. No Need to Determine Negligence

What many people do not realize is that in order for an organization’s liability policy to pay a claim, negligence must be proven on the part of the business.

For the types of injuries that group accident insurance covers, proving negligence can be extremely difficult. Group accident pays first dollar for the medical expenses of injured people, with no need to establish negligence.

Want to Learn More? Contact Us Today!

Selling group accident insurance from pomi can help you and your client achieve financial goals. If you are ready to learn more about how pomi can help you grow and strengthen your client relationships, send us a message, schedule a zoom chat on our contact page, or email us at [email protected]!

These posts are for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this post may not be appropriate for your situation. Always consult your legal or tax professionals for specific information regarding your individual situation. In providing such information, Great American does not warrant that all potential hazards or conditions have been evaluated or can be controlled. The liability of Great American Insurance Company is limited to the terms, limits and conditions of the insurance policies underwritten.  © 2024 Great American Insurance Company. All Rights Reserved. Great American Insurance Group’s member companies are subsidiaries of American Financial Group, Inc. (AFG). AFG is a holding company whose common stock is listed on the New York Stock Exchange. Policies are underwritten by Great American Insurance Company, an authorized insurer in all 50 states and the DC. Please see Great American Insurance Company’s Legal Disclosures/Terms and Conditions here.

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