The difference between Workers Comp and Occupational Accident Insurance?

Occupational Accident Inusurance

If in most cases Occupational accident coverage provides a degree of coverage for accidents or injuries while an independent contractor works. It is optional coverage and typically is around 50% less than workers comp coverage. It in many cases might suit companies that do not need all of the benefits that a comp workers' comp policy provides. 

This can be more beneficial than what a workers comp policy can provide, and doesn't require employees and their coverage. However it covers up Occupational accident insurance. It covers lost wages, medical expenses, death benefits up to a certain policy limit. 

You can also have a deductible by your choice.

As an employer you are also responsible for any kind of legal obligation to an employee, not covered by your occupational accident insurance coverage. The initial lower costs can keep business owners to the potential of large lawsuits. 

​If you don't have sufficient coverage this can cause financial obligations beyond what your business can actually handle. With an agent he can help and guide to you achieve the right coverage and the optimal point to which your coverage should be sufficient for you.

Very few statutory limitations exist for occupational accident lawsuits. 

Not only as an employer are there investigative costs not including legal fees for any lawsuit that could arise. 

These lawsuits are lengthy, complex and expensive so it's very important that a person has the correct policy in place which may vary from $1 million to $5 million with employees, that can potentially win judgement reaching the policy, which will cover the limit for pain and suffering and punitive damages.

​The burden of proof of needed coverage, lies with the employee (worker) not the employer. The plaintiff must prove the injury or illness caused their condition their condition. 

Payout for worker injuries and deaths meet the minimum requirements, they also may exceed policy limits. 

​Since coverage provides enough protection, it isn't necessarily face a lawsuit, you need to know you have coverage to pay the defense attorney if they do. The Workers Comp also enforces tough statutory limitations. 

Additionally each state has very specific requirements and ignorance is not an acceptable excuse for violations. These can disqualify you from receiving protection. 

You need expertise knowing what coverage suits your business to minimize risk and costs. 

Workers Comp Coverage

Because workers comp coverage is what most business owners will chose over occupational accident insurance for many reason. It is state-regulated and pays certain lost wages. It is state regulated, and it pays certain lost wages, all medical expenses. Payouts for worker injuries and deaths meet certain minimum requirements and they also may exceed policy limits. 

Like Occupational accident insurance for many reason's the burden of proof is also with the worker and not the employer. The plaintiff must prove the injury, this falls under the burden of the worker. A person cannot sue for the pain and suffering, also cannot receive a judgement for punitive damages. 

Coverage provides ample protection, it is much less likely for your business to face a lawsuit like this, and have coverage, for a paid defense.