This is how your household finances would be affected if you had an accident

Having an accident isn’t something that many people like to think about – but being prepared financially does at least give peace of mind when something goes wrong.

Whether it happens while carrying heavy items, going down stairs, playing football or even out walking the dog, more than half (56%) of people have sustained an injury from an “everyday” activity, a survey has found.

Nearly a quarter (22%) of adults have suffered injuries from road traffic accidents, nearly a fifth (19%) have been hurt during sporting activities and nearly a third (32%) have come to harm after simply tripping or falling over, according to the research for insurance and employee benefits provider MetLife.

Everyday tasks around the home can also take an unexpected turn, with some people saying they had been injured while cooking or gardening.

Accidents can also have a significant impact on people’s finances while they recover, so to help prevent money woes, Rich Horner, head of individual protection at MetLife UK has some tips:

1. Consider the protection in place for yourself and your finances

People often overlook the need to protect themselves and their families from everyday situations until it’s too late, says Horner.

Some accidents may cause not only injury, but an inability to work, which have financial consequences too.

That’s why he says it’s key to think about whether you have the right protection in place for you and your loved ones.

2. Think about seeking professional help

Horner says there are many types of protection and insurance available on the market and prices will also differ.

He suggests that an adviser can help people to find the cover that best suits their budget, lifestyle and specific needs, adding: “This can be done via a quick phone call or online conversation, or going further to take full financial advice.

“There are also plenty of online review platforms out there that provide good recommendations for advice and help you navigate the market – it’s all about landing on the best level of cover for your specific needs and budget.”

3. Be mindful of how your savings could be affected by an accident

MetLife UK’s research indicated that people would need on average £1,217 to cover the bills if they were unable to work and recovering at home.

“That is a difficult sum for many to afford,” says Horner.

“For those lucky enough to have built up some savings, it might mean dipping into that pot. If this is the case, then don’t be too hard on yourself, just set yourself the goal to get yourself back on financial track once you’re fully recovered and are able to.”

4. Be open with others on the support you need

More than half (52%) of people say they’d need financial support if they had no choice but to take time off work due to an accident, according to MetLife’s research.

Some people may only need a few weeks to recover, while for others, the repercussions could be much longer-term.

Horner says: “Whatever is needed, it’s important to approach conversations with employers and/or family members and friends openly.

“Have a clear picture of the most pressing concerns for example, flexing work patterns, scaling back to the necessities, and looking to others for help in your time of need before focusing on your recovery.”

5. Make sure you have adequate cover if you’re self-employed

“For this large group of people, having protection and financial provision in place is even more of an imperative should you have an accident and can no longer manage your own business for a period of time,” says Horner.