Picture this scenario: Imagine it is a regular Monday morning, and you are busy at work. You bend down to lift up a box of documents, and OUCH! You bent the wrong way, and hurt your back. One long doctor's appointment later, you are told that you need to be off work -and off your feet- for the next few months! You are relieved once you remember that Workers Comp is designed for situations like this! But after doing some digging, you realize that Workers Comp does not cover 100% of your pay, just a portion of it. How will you pay for your rent/mortgage, groceries, and other bills for the next few months? Here is where supplemental insurance kicks in. If you are in an accident, supplemental insurance can send you cash in as little as 24 hours, and can help reimburse you for costs related to the accident. You can also use this type of insurance toward dentist and optical visits that your medical insurance does not cover. That's right, it pays you directly.
This type of coverage is also known as indemnity coverage , meaning the goal is putting money back in your pocket.
PRO TIP: This is a great type of insurance for business owners with 10 or more employees to look into to help lower their workers comp costs every year. Business/group rates start at around $10/employee.
FYI: This type of insurance is one of the most affordable (yet underutilized!) out there.