Occupational Accident Insurance for Workplace Injuries
Many states mandate workers compensation insurance for employees who are injured while on the job. Occupational accident insurance also know as employers contractual liability provides an affordable alternative for employers who seek to reduce the costs and risks associated with job-related accidents. Where allowed by law, employers may choose to opt out of the state workers compensation program or self-fund all of, or a portion of, their own program.
Occupational accident polices give coverage to independent contractors, unlike workers' compensation. Workers' compensation is mandated in most states and paid by the employer. Occupational accident coverage isn't required by states.
This insurance is meant to protect independent contractors that aren't covered by traditional workers' compensation.
If you are looking for an occupational accident insurance definition, this is a policy that is designed to offer benefits to independent contractors and employees who not covered under a workers compensation policy.
Here's some facts to know about the process of choosing coverage:
- Alternative to workers comp: In some states, an employer can choose to opt out of their state's workers compensation law. However, the employer still has the same legal obligation to employees who suffer injury or death on the job. An occupational accident insurance policy gives the employer the means to fund most or all of this obligation at a lower cost than a workers compensation policy.
- Owner operator coverage in the trucking industry: Many trucking companies use occupational accident insurance for truckers to fund benefits for owner-operators who are not employees. Trucking companies like to have this coverage in place because, in some circumstances, owner-operators may be deemed to have become employees or they may assert that they are employees and file an injury claim against the employer.
A standard occupational accident coverage policy covers three main areas: accidental death and dismemberment, accident medical and accident disability. It's different from medical insurance as it's more a cause-and-effect policy that kicks in by specific work-related accidents. This means injuries that occur in an accident on a delivery route or falling during a contractor's duties.
G & H Financial Insurance
Without a occupational accident policy in place, motor carries run the risk to expensive lawsuits from workers or contractors that suffer a serious injury on the job. Don't get left without financial protection and make sure all your employees feel safe while working.
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