Accident Coverage for Company Employees

Accident Coverage for Company Employees

occupational insurance

Many companies are familiar with state regulations requiring a form of accident insurance for their employees. Workers compensation plans offer employees financial assistance for illness, injury or death that occurs while completing their job duties. There are some who cannot be covered by a workers comp policy, such as independent contractors or part-time employees. Occupational insurance is an alternative way to provide similar financial protection.

Although it is not state-mandated, a policy covering occupation incidents can include many of the same benefits as a traditional workers compensation policy. However, the premiums are generally much cheaper as the limits are not as encompassing as traditional coverage. The employer chooses their limits and coverage based on their assumed risks.
Coverage under an occupational insurance policy may include:

  • Medical
  • Disability
  • Accidental death or dismemberment
  • Loss of wages
  • Rehabilitation

Companies can fulfill their legal obligation to provide employee insurance with this type of coverage, but company choices determine the extent of the assistance. The employer must decide the liability limit for each accident, the deductible associated with each accident, the amount of disability coverage to be offered and the death benefits to be provided. This presents problems in the event an employee claim and lawsuit for insufficient coverage. Speak with a qualified agent to determine the best program for your company.