Accident insurance gives cash cover up to a policy holder when he/she experiences injuries as a result of an accident. The insurance assists a policy holder pay hospital and medical bills; it also gives cash benefits to family members if the policy holder passes away in the accident. The insurance, applicable for 24 hours a day, 365 days a year, is also generally known as personal accident insurance.

There are different types of accident insurance:

• Individual – This policy can be taken by anyone and can include the spouse and their children. Several activities are excluded from this insurance so this is not applicable to people who engage in extreme sports such as rock climbing or bungee jumping.
• Children – This insurance provides financial support to parents if they are unable to work or if they accumulate expenses because of an accident.
• Group – This policy is utilized by companies to cover employees for accident-related expenses.
• Self-employed – people who are self employed individuals are not eligible for employee benefits, so they are in danger when injured in an accident.
• Team: This is used by organizers to cover for all the members of a sports team.
• Professional: This insurance is designed for self employed professionals, like athletes, actors, lawyers or doctors, who have special requirements.
• Over 50: This policy targets the elderly aged 50 and above, because accidents can cause more severe injuries to them.
• Travel accidents: This policy offers benefits in case the person experiences an accident while on travel.