Occupational Accident Policy

Understanding the Benefits of an Occupational Accident Policy

As a business owner, you want to protect employees from sustaining workplace injuries that lead to exorbitant medical expenses. There are several forms of insurance that cover accidents on the job, and you should carefully consider whether you want an occupational accident policy or workers’ compensation insurance.

Key Differences in OAI and Worker’ Comp

The primary difference between these forms of insurance is that OAI covers contract workers and others who are not covered under a traditional workers’ comp policy. An added benefit of OAI is that you, as the employer, determine the level of coverage and the deductible. An occupational accident policy is also typically less expensive than workers’ comp. However, one key drawback with an occupational accident policy is that you are responsible for covering employee medical costs if those expenses exceed the policy’s coverage.

Choosing What’s Right for Your Business¬†

It can be difficult to determine the right package for your business, and you will know if OAI is the correct choice if you are looking for a policy with the following benefits:

  • Flexibility in the coverage provided under the policy
  • Lower costs to secure a policy
  • Ability to determine the deductible and limits of coverage

Depending on the level of protection you are seeking, an occupational accident policy may be the right form of coverage for your business.