Are Your Employees Covered on the Job?

Employees

In any workplace there are unexpected situations that may result in injuries, loss of wages and long-term effects on overall health. When dealing with injured workers, it is important to understand the difference between an occupational accident policy vs workers compensation. Employers must have the right insurance to protect themselves, their business and their employees when misfortune arises.

Workers’ Compensation Coverage Simplified

In most cases, a workers’ compensation plan is state-administered, providing coverage for medical expenses, legal expenses and lost wages resulting from a workplace injury that limits the execution of an employee’s normal job duties.

Employees must be able to prove their injury is work-related during a lawsuit. In most cases, employees cannot pursue punitive damage or pain/suffering in a court of law after accepting workers’ comp.

Occupational Accident Policy Explained

Another option is an occupational accident policy, which has a specified threshold of coverage for both employees and their employers should workplace injury occur. Assessments are made regarding the potential risks of employers and their workplaces to determine elected coverage amounts and plan deductibles. These policies have certain benefits:

  • Offers the employer control over the amount of coverage employee receives
  • Provides more customization of options, including survivor benefits, disability, or accidental death
  • Often costs less

However, if the plan’s coverage limits are exceeded by an employee, then the employer must cover remaining costs.

Deciding on the right plan can be challenging, but learning more about an occupational accident policy vs workers compensation can ensure your business and your employees are both properly protected.