If you’re a larger company or employer, you might have heard of injury and illness insurance.
However, if you’re a small business owner, the concept may be unfamiliar to you. In this guide, we will define what injury and illness insurance is and how it works.
Injury and Illness Insurance
Injury and illness insurance is a type of insurance policy that covers the costs of treatment and rehabilitation for an illness or injury.
It’s also called personal injury insurance, accident insurance or accident and illness insurance.
For example, if you trip on a poorly maintained sidewalk in front of your house and fracture your ankle, the injury and illness insurer would pay out enough money to cover the cost of medical treatment for repairing the fracture (including surgery), physical therapy sessions with a specialist who can help restore mobility in your ankle following surgery, as well as any other medical expenses related to recovery from this accident such as prescriptions or over-the-counter medications that may be prescribed by your doctor(s).
What Is Injury And Illness Insurance?
It’s an add-on policy to your employer-sponsored health plan, which means you must purchase it through your employer.
How does injury and illness insurance work? You pay a monthly premium that covers most types of injuries or illnesses you might incur while working for your employer.
For example, if you were hurt in an accident at work, this coverage would pay for treatment related to that accident—such as physical therapy and prescription medications.
The amount paid by employers varies from company to company but typically ranges from about £20 per month for individual plans up to £500 per month for family plans with two children under age 19 (including spouses).
It’s important to note that this type of coverage doesn’t cover pre-existing conditions or injuries sustained outside of work hours such as those sustained during recreational activities like sports or hiking outings on weekends out of town; however it will cover injuries sustained while commuting between home and work if they occur within regular commuting hours (usually defined as 6am – 5pm).
Injuries Covered By An Injury And Illness Policy
An injury and illness insurance policy can cover the cost of medical treatment for injuries or illnesses.
The policy also covers lost wages while you are recovering, rehabilitation costs, home health care and long-term care.
How Does An Injury And Illness Policy Work?
Injury and illness insurance is a type of short-term disability insurance that pays out a lump sum if you are unable to work due to injury or illness.
The policy will provide you with income while temporarily disabled, allowing you to stay at home until your recovery period ends.
This allows workers who are injured on the job or become ill with an illness that prevents them from working their regular jobs to continue receiving paychecks while they recuperate.
Learn what injury and illness insurance covers
Injuries can happen in the workplace, while commuting to and from work, while travelling on business or holiday, or while taking part in recreational activities like fishing and golfing.
They can also happen during sporting activities like playing football or basketball.
Injury and illness insurance will cover you for injuries sustained as a result of your employment (like getting hurt on the job) as well as injuries sustained during any other activities that are not related to work or not specifically excluded from coverage.
Injury and illness insurance is designed to help protect your family if you are unable to work because of injury or illness. It provides financial support should loss of wages occur due to:
- A specific illness incurred by an employee during his/her employment;
- An injury incurred by an employee during his/her employment;
It’s important to understand what injury and illness insurance covers and what it doesn’t. Injuries can happen at any time, so keep this information in mind as you plan your next trip outside of work or home.