Written by:
Lindsey Lessard
Director of Client Services,
Broker Representative for Alternative Balance
Being an independent business owner offers an amazing amount of freedom, and so many of us aspire to be our own boss. It is incredibly fulfilling to work directly and closely with your own clients, but those perks come with a lot of hard work and the possibility of personal risk no matter the precautions you might take or perfect business practices you implement.
If your client is injured while they are at your facility or working with you during the scope of your operations, Participant Accident insurance enables you to voluntarily help them pay for their medical bills, getting them back on their feet in no time, while establishing trust and loyalty between you and your client.
What is Participant Accident Insurance?
Participant Accident coverage allows business owners to compensate a client for their medical bills in the event that they sustain injuries at your location or due to your operations or services. This coverage is completely separate from the Liability policy! A Liability policy pays for claims once a lawsuit or demand for compensation is filed, typically due to slip-and-fall related incidents, while Participant Accident coverage, on the other hand, allows you to proactively pay for your client’s medical bills regardless of negligence.
A few examples:
- A client comes into your facility and breaks their arm during the course of your operations. The break is bad enough for them to need surgery and physical therapy.
- A child that you are applying face paint to has an allergic reaction and needs to go to the emergency room and take a round of medication to get it under control.
In both of these scenarios, you could offer this Participant Accident coverage to the client to get ahead of any insurance claims. If they don’t have medical insurance or they have an astronomically high deductible, this would enable you to save them from a possibly financially devastating event without the need for legal action on their part.
Participant Accident covers a lot of different types of injuries, including dental injuries, accidental death, dismemberment, and/or paralysis. This enables you to have all your bases covered in the event of a client injury.
Medical Expense Coverage vs. Participant Accident
If you’ve checked out your Alternative Balance policy, you may have noticed that the Liability policy includes Medical Expense coverage. While Medical Expense Coverage and Participant Accident may sound similar, they have some key differences.
Medical Expense is included in the Liability policy and is a no-fault coverage that will cover the cost of medical bills, such as slip and fall scenarios. It has a $5,000 sublimit and can be used without admitting negligence. Since it is tied to your Liability policy, a lawsuit or claim needs to be filed against you in order for it to be used.
While Participant Accident coverage is similar in the fact that it pays for medical bills, no lawsuit or demand needs to be filed in order for you to use it. This can save you a significant amount of time dealing with an insurance adjuster and/or lawyers responding to the claim filed against you. It also has a significantly higher limit of $25,000, which offers your client a lot more support in the event of an injury.
Why is Participant Accident Insurance Beneficial and Why Do I Need It?
Clients are the lifeblood of all businesses. Without them, you wouldn’t have a thriving business! Keeping your clients as happy and healthy as possible keeps them coming back to use your services and establishes a loyal customer base.
Still, accidents happen. By proactively helping your client pay for their medical bills, you are not only assisting them financially but also investing in their health and taking an earnest interest in their recovery. Participant Accident helps all Alternative Balance members in several major ways:
- Helps your clients get back on their feet and retain them as lifelong members.
- Demonstrates your investment in your client’s safety, health, and well-being.
- If a client gets injured, you can pay for their medical bills as a gesture of goodwill and keep them coming back. This may help to prevent legal action against you and your business.
- By proactively assisting the injured party, it helps to stop unnecessary lawsuits and claims.
- This reduction in claims helps keep Liability insurance rates low for all Alternative Balance Members.
Participant Accident coverage is included for all Alternative Balance members who purchased their policy after 3/1/2023. The cost is built into the annual membership fee, providing each policyholder with a $25,000 per accident limit. Having this coverage keeps both you and your clients in mind and gives business owners peace of mind.
Lindsey is a licensed agent and has worked in the insurance industry for 6 years, specializing in finding the best coverage for fitness and wellness operations. She is well versed in understanding the intricacies of these businesses to each of her clients are protected properly and have peace of mind. In her spare time, Lindsey enjoys reading, spending time in her vegetable garden, and spending time in the Las Vegas sunshine.