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May 24, 2021

Eight Things To Know About Accident Insurance Plans

Eight Things To Know About Accident Insurance Plans

As an insurance agent or broker, your clients come to you because they know they need insurance to protect themselves from unexpected financial losses. Whether it’s life, auto, health, property, or general liability insurance, your clients trust you to help them find the best combination of benefits, price, and service for the insurance they need.

But, one type of insurance coverage that both you and your clients may have overlooked is accident insurance. Many think that these types of incidents would be covered as part of another liability plan. Unfortunately, many people find out too late that isn’t quite the case. Accident insurance is now recognized as having as valuable of a role in providing assistance with unexpected financial loss as other insurance plans. An accident insurance plan provides assistance by paying cash benefits when someone is injured in an accident. These benefits can be used to help cover out-of-pocket expenses and other medical costs.

When included as part of your school client’s complete protection plan, accident insurance could be the missing piece they need to reduce fiscal vulnerability and protect both their reputation and those in their care. It’s a plan that can show its value almost immediately on any given day at a busy school or college.

How Accident Insurance Plans Work

At its simplest, accident insurance is often referred to as out-of-pocket insurance. This is because it is most easily explained as paying funds in addition to an insured’s health insurance when medical treatment is sought after an injury.

At its most complex, accident insurance may pay catastrophic cash benefits if an injury is more serious, life-threatening, or fatal.

At its most well-known, accident insurance often comes into play for school and collegiate sports teams. More than 775,000 children participating in sports activities are injured each year—of which 325,000 are treated in emergency rooms—for sports and recreation-related concussions. But, your school and collegiate clients may find they have just as much (or more) risk outside of sports when they consider college dorm living and K-12 students spending the majority of their waking hours and activities at school.

Eight Steps You Can Follow To Take Your Clients From Accident Problems To Insurance Solutions

Make Sure Your School Clients Don’t Have To Face This Situation Alone

When you take your school clients through these eight points, it will give them a good understanding as to how to reduce or prevent these financial and time-consuming problems.

Take a look at eight areas you can help educate your school clients about, and how they can prevent financial and time-consuming problems:

1. Learn Types of Accidents, Treatments, and How Costs Add Up

Accidents can happen any time, anywhere, whether one is caused by a fall from broken playground equipment or by a dramatic tackle on the football field. But what happens next can impact a child’s recovery, a family’s security, and a school’s reputation.
Group of high school kids standing in a hall grouped together, smiling at the camera.
Resulting injuries that may require medical treatment include:

  • Cuts and bruises
  • Sprains and strains
  • Dislocated joints and broken bones
  • Internal injuries
  • Head injuries
  • Even food poisoning

Even with less serious injuries, treatments and costs can add up, with potential expenses such as:

  • Ambulance
  • Emergency room
  • Hospital stays (including intensive care)
  • X-rays and/or medical imaging
  • Blood or plasma
  • Medicines and prescriptions
  • Lab supplies
  • Doctor bills
  • Physical therapy
  • Surgeries and anesthesia
  • Orthopedic appliances
  • Bandages and other dressings

2. Understand the Extent of the Expenses

When you consider that a typical co-pay for an emergency room visit could be around $250, or that an ambulance could run anywhere from $400 to $1,000, parents and clients will find there are expenses right from the start after an accidental injury.

Also, depending on the accident and treatment facility locations, and the severity of need, an injured child may end up being treated by an out-of-network provider. That could mean the health insurance company may not pay the bill, with the parents ending up with a sizable bill. And, that’s before any of the other expenses listed above are considered. You can see how costs can quickly add up.

3. Understand Who Else May Be Affected By The Accident

At this point, the school may become aware, if it isn’t already, that a child was injured at school and expenses have been incurred and are adding up. The school should keep track of the situation so that it understands financial options and impacts as the situation unfolds.

4. Recognize What Families Face

When faced with these expenses, families that have health insurance will still have out-of-pocket costs, deductibles, and other medical expenses their health insurance might not cover. And, families that don’t have health insurance will be left to handle what could end up being a significant expense by themselves. That is important in either financial situation because a recent survey shows nearly 70% of Americans have saved less than $1,000, a sum that may not come close to paying for care.

5. Realize Why Families Choose to Act

At this point, families that face financial issues may very well come under stress that could impact their child’s recovery or the family’s wellbeing. They may feel that the institution that had responsibility and care for their child when the accident happened should cover these costs. When they reach that point, parents may consider litigation to claim damages, which can accelerate tensions at school, cost the school more money in damages and legal fees, and slander their reputation.

6. Present a Solution

You can provide clients with a solution that fits with the other insurance plans you already handle for them: a solution with a provider that makes the situation comfortable and fair for everyone involved, like one with A-G Specialty Insurance.

At A-G Specialty Insurance, we work with agents and brokers like you on your K-12 and collegiate scholastic and athletic insurance and risk management needs. An industry leader in medical expense savings, we are dedicated to making sure neither parents nor clients are financially derailed, and pain points are eased or eliminated.

7. Provide the Experience, Coverage, and Service You Expect

When a district, group, or school needs the most reliable accident insurance solutions for interscholastic sports, extracurricular activities, on-site students or summer camps, A-G delivers an effective combination of experience, organized products, and service after the sale.

A-G can find the type of coverage your clients’ need, including:

  • Mandatory Plans (where parents are responsible for paying the premiums)
  • Compulsory Plans (where the institution pays the premium)
  • Voluntary Plans which the parent has the option to purchase—with around-the-clock coverage—(interscholastic sports and catastrophic plans are also available.)

8. Assure Your Clients That A-G Specialty Insurance is a Partner They Can Count on to Make Everything All Right

If you’re new to accident plans, you can relax knowing that A-G will be your partner from the very first day you contact us. We work directly with agents like you and provide excellent service before, during, and long after the sale.

At A-G, we believe Everything is Going to Be All Right, and you will too with EGBAR, our powerful claims management system. EGBAR is easy-to-use technology that’s unmatched in the industry. You can trust us to resolve claims fairly and equitably and leave no stone unturned when communicating with medical providers and our clients.

Your Clients Will Thank You for Completing Their Protection Portfolio with Accident Insurance From A-G Specialty Insurance

At A-G Specialty Insurance, we’ve been covering K-12 insurance needs for nearly 40 years. We provide solutions to more than 3,200 K-12 schools and school systems and 3,000 youth sports organizations, including several National Governing Bodies. We’re continually advancing our technology to provide you and your school clients with the best possible service. It’s our history and experience that make the difference.

Visit our easily-accessible website today to learn more about how we can partner with you to help serve your K-12, collegiate, sports, daycare, or first responder clients. Or start here to get a quote.


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