As a business owner or principal, you know that workers’ compensation insurance policies help cover the medical expenses and lost income for employees who have been injured on the job. Certain industries include work and/or conditions that are inherently hazardous to workers. Having workers’ compensation is not just necessary. It’s good sense as well. Workers’ compensation plans are pretty straightforward and simple to understand. Are you familiar with occupational accident insurance and what it entails?
Taking a Look at Occupational Accident Insurance
Occupational accident insurance provides protection to both employers and employees up to a certain level. Unlike workers’ compensation, OAI gives employers some flexibility in determining coverage limits and deductibles. Other key differences include the following:
- OAI typically costs less than workers’ comp
- OAI plans can include disability, survivor benefits and accidental death coverage
- Employer bears the burden of proof in an injury lawsuit from an employee
OAI coverage may be worth looking at, depending on the type of work your company performs.
Talking to an Expert
As with any type of coverage, it’s important to talk to an insurer that understands the details of your operations and can show you where OAI coverage might work. Your provider will help put together a comprehensive plan that weighs all the advantages and disadvantages. You owe it to yourself and your employees.