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Cover explained. Plain talking. No jargon
What is a personal accident policy?
The cover provides a lump sum benefit for injury or death of the policyholder, and is usually arranged for employees and restricted to ‘working times’. It is also often found in motor polices. Personal accident policies can also be arranged for what is known as ’24 hour’ cover which would also provide cover for some leisure activities as well as periods outside of working hours.
Who can get Personal Accident cover?
Individuals, families, businesses and motorists.
Do I need this cover?
This is a relevant cover for many businesses and self-employed individuals should also strongly consider arranging this cover. It’s important to remember that a personal accident policy will only provide cover for accident and injuries and not illness. Motorists should ensure that they have this covered wherever possible on their motor policies as in the event of a fault accident, any injuries compensation for the driver would rely on this section of cover.
Some clients have complained about the need to fill in forms and the administration that’s required to make a claim. This is against a backdrop of sometimes a quite small weekly pay-out for injury (even as low as £100 a week) and therefore the administrative cost and time spent sometimes seem disproportionate to the compensation to some clients.
Warning note! Death cover is usually only covered if resulting from an accident and not from illnesses like heart attacks. These policies are not a replacement for a life insurance policy.
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