How to embed a file as an icon in MS Word 2011
A solution to this is to insert the icon and link the icon to the image file. 



Find the image in Finder. Highlight the icon and select Get Info from the File menu; right-click on the icon and select Get Info from the contextual menu; or select the icon and press the Command+i key combo. Next, click on the icon the appears in the upper-left of the panel.





Press Command+c to copy the icon and then paste it into your document. Resize to your liking. 



If you want the icon to link to the file, right-click on the image and choose "Hyperlink." 


Then click the "Select" button and open your file. Finalize by click "OK"