The Specialty Accident And Sickness / AD&D Insurance Guide
Accident And Sickness / AD&D Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Accident And Sickness / AD&D Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Accident And Sickness / AD&D Insurance policies they might need to do business.
Learn about Specialty Accident And Sickness / AD&D Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Accident And Sickness / AD&D Insurance Types
Click on the links below to learn more about Specialty Accident And Sickness / AD&D Insurance types and coverages:
- Amateur Athletic Programs Insurance
- American Expatriates Insurance
- Business Travel Accident Insurance
- Celebrity Or Spokesperson Death, Disability Or Disgrace Insurance
- Excess Medical Stop Loss Coverage–Self–Insured Risks
- Firefighters Accident, Death and Disability Insurance
- Global Medical Insurance
- High Limit Disability Insurance
- Professional Athlete Insurance
- Race Car Drivers Insurance
- Special Risks Accident Insurance
- Student Accident Insurance
- Team Sports Medical Accident Insurance
- Truckers Occupational Accident / Workers Compensation Insurance
- War Risk Accident Insurance
- Youth Sports Programs-Accidental Death And Disability Insurance
What Type Of Insurance Do Amateur Athletic Programs Need?
Accidental Death and Dismemberment (AD&D) and medical expense coverages are very important to amateur athletic programs in colleges, universities, and Amateur Athletic Union (AAU) clubs such as track, wrestling, basketball, and other amateur sports activities. Specialists cover National Collegiate Athletic Association (NCAA) programs for sports injuries in larger programs such as football and basketball. Coverage includes high AD&D limits, which covers the participant's disability if he or she cannot participate in the sport because of a sports-related injury or because of an illness that is discovered such as heart disease. Individual colleges or clubs offer coverage to their participants and may offer significant limits for star athletes headed for professional careers in football, baseball, basketball, or track.
What Type Of Insurance Do American Expatriates Need?
United States workers on foreign assignments need property insurance coverage to protect their personal property from loss or damage. They also need liability insurance coverage to protect them against claims and/or suits due to allegations of injuries. This blanket coverage is available to corporations with multiple expatriate exposures. The master policy is issued to the corporation and certificates are provided to individual employees. The employer purchases a base layer of property and liability coverage for its expatriate employees. The employee can increase these base limits to fit his or her needs for an additional fee. Each plan covers personal liability and both scheduled and unscheduled personal property.
What Is Business Travel Accident Insurance?
This is travel protection insurance for business executives, and employees. Full- and part-time employees and volunteers who work for nonprofit groups can also be covered. All plans cover accidental death and dismemberment, emergency evacuation, and repatriation of remains. Most plans also include emergency medical assistance coverage. Coverage plans may be worldwide or limited to only specifically named countries.
What Is Celebrity Or Spokesperson Death, Disability Or Disgrace Insurance?
Marketing promoters can purchase insurance coverage to protect them from financial losses when a celebrity or a spokesperson dies, becomes disabled, or falls out of the public's favor because of certain activities that result in his or her disgrace. Well-publicized problems with a number of sports figures, actors, and other celebrities highlight the need for such coverage. It covers net loss of production costs that cannot be recovered, certain contractual obligations, and expenses incurred to revise a promotional campaign that features the same product due to loss that this policy covers. Because coverage is nonstandard, the definition of disgrace varies based on the carrier. High limits are available.
What Type Of Insurance Do Excess Medical Stop Loss Coverage Self–Insured Risks Need?
Stop loss insurance for self-funded employee benefit plans varies with the size of the insured group and the individual client's plan requirements. The package of benefits can include aggregate and specific stop loss insurance, medical conversion for terminating employees, group life, accidental death and dismemberment (AD&D), and a fully insured short-term disability plan.
What Is Firefighters Accident, Death and Disability Insurancee?
Firefighters face hazards and exposures that require special accident and health policies. Policies are available that compensate for accidental death, dismemberment, permanent disability, and certain specified diseases. Members of fire departments who respond to fire alarms or perform other firefighting duties are usually eligible for these coverages. Some insurers offer premium discounts for associations of fire departments. Emergency Medical Technicians (EMT) that are part of the fire department may also be eligible for these insurance benefits.
What Is Global Medical Insurance?
Accident/medical/sickness coverage for diplomats and world travelers can be purchased by foreign nationals visiting the U.S. and U.S. citizens who travel abroad. It is long-term coverage for individuals who do not have adequate coverage from an insurer in their home country. Several different accident and sickness plans are available. Each has its own deductible and coinsurance conditions. Each automatically includes provisions for emergency medical evacuation, return of bodies, emergency family reunions, and local ambulance expenses. AD&D benefits are also available, as are optional coverages for hazardous sports such as skiing, scuba and sky diving, motorcycle/motorbike racing, and bungee jumping.
What Is High Limit Disability Insurance?
Corporate executives and professionals earn income that greatly exceeds the maximum disability benefits that traditional carriers provide. This coverage solves this shortfall with limits sufficiently high to provide the income protection these individuals require. Coverage can be provided as either a top-up limit in excess of an existing long-term disability product or as a separate coverage form for the entire limit. The coverage provided can be based on either an "own occupation" or an "any occupation" definition of disability.
What Type Of Insurance Do Professional Athletes Need?
Professional athletes' disabilities are distressing to the athlete involved and the financial well-being of his or her team. Coverage is available for the athlete as well as for the team. Coverage may be limited to only the team's superstars or it may apply to all team members. The terms of the athlete's contract determine what coverage, if any, is available for a particular athlete.
What Is Race Car Drivers Insurance?
Race car drivers are in a very hazardous business. This coverage provides accident and health coverage for participants. The insurance companies most likely to write this coverage are the same markets that write similar coverage or programs for other professional athletes. Agencies that specialize in motor sports coverage dominate the field for participant medical coverage for the major auto and motorcycle racing associations. Most programs are national in scope and include all types of drivers. Disability limits vary from company to company.
What Type Of Insurance Do Special Risks Need?
Special risks accident insurance provides Accidental Death and Disability (AD&D) coverage and medical expenses for unusual risks. Examples include accident coverage for race drivers at famous races, income protection if a top motion picture and/or Broadway star is injured, AD&D and blanket medical reimbursement coverage on astronauts or officers and crew-members on nuclear submarines, special accident policies on professional sports teams and special sports celebrities, and hunters AD&D coverages. In addition, many short-term events and spectacular projects are insured, such as a team of mountain climbers ascending a famous mountain or a trip by a team of geologists into uncharted wilds of South America to survey ore deposits. Rates are determined by using a combination of judgment factors and any studies or information available.
What Is Student Accident Insurance?
Student accident and youth group accident coverages are written by certain insurers that specialize in such insurance or that have independent divisions that can handle a large number of policies with small premiums. Student accident insurance is usually arranged through schools and colleges under a group coverage approach with coverage for each student being voluntary. Coverage is written for blanket accident medical reimbursement, accidental loss of life, and accidental dismemberment or loss of sight. Two different plans are usually available: A limited plan and an annual 24-hour comprehensive plan. These plans may cover one or more of the following circumstances: while engaged in school activities during the nine-month school year; on school premises while attending classes; during lunch and recess and while participating in school-related after-class activities; while traveling between the student's residence and school; while traveling with other students in a supervised group to and from school-sponsored activities; or while participating in school-sponsored and supervised athletics. Limitations may apply, such as participation in defined hazardous sports such as football, soccer, hockey, or lacrosse. Athletic teams may purchase special sports activity policies and youth groups, such as the Boy Scouts and Girl Scouts, can purchase accident insurance for these activities, separating them from regular school activities, even though the school may sponsor them.
What Is Team Sports Medical Accident Insurance?
This group coverage involves medical accident expense and accidental death and dismemberment (AD&D) insurance for youth and young adult teams sponsored by youth organizations, churches, recreation clubs, or businesses. Baseball, softball, soccer, basketball, hockey, or just about any team sport can be covered. The attachment point for coverage varies by program. It may be primary, excess, or participate with the individual's other coverage.
What Is Truckers Occupational Accident / Workers Compensation Insurance?
This coverage is sold through trucking companies and covers the owners/operators who contract with them. The trucking company passes the premiums on to the insured truckers. Certain states require that trucking companies provide workers compensation for their contracted drivers and the carriers that provide the occupational accident coverage may provide that mandatory coverage.
What Is War Risk Accident Insurance?
This is travel insurance for persons who work or travel in war risk areas. It may be purchased by a single individual or by a group. It covers accidental death, dismemberment, or disability to civilians who work or travel in areas of the world that are in (or at risk of) conflict. Businesses that send representatives to combat areas or countries adjacent to combat areas especially need this coverage.
What Type Of Insurance Do Youth Sports Programs Need?
Many different organizations, such as the Boy Scouts, Girl Scouts, CYO organizations, Little League, churches, Boys and Girls Clubs, PAL clubs, and schools sponsor youth sports activities. Most liability coverage forms and policies written on such organizations exclude bodily injury to the sports participants. Special group policies partially fill this gap by covering accidental death, disfigurement, disability, and medical coverage for injured youth. Coverage is written on a group basis based on a premium charge for each participant.
Accident And Sickness / AD&D Insurance - The Bottom Line
We hope that the Accident And Sickness / AD&D Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.