Financially Protect Employees from Workplace Injuries

U.S. Risk Insurance

Understanding the differences between an occupational accident policy vs workers compensation policy can help you choose the right plan for your business and employees. Both plans help protect against the lost wages incurred when employees are injured on the job. The benefits and differences between the plans can make a difference.

Occupational Accident

The insurance firm U.S. Risk Insurance states that not all companies understand the difference between the two plans. Occupational accident insurance puts the burden of proof on employers should the employee sue the company. Since the plans come with limits, they tend to cost less upfront with the employer responsible for covering anything over those plan limits should an incident occur. These plans are more customizable for the employer.

Workers Compensation

A guarantor protects the money in the workers’ compensation system that covers the lost wages and medical expenses the employee incurred. Employer liability is greatly reduced because the burden of proof falls on the employee in the event of a lawsuit. The cost is much higher than an OAI policy.

There are clear differences between an occupational accident policy vs workers compensation. Employers benefit from litigation protection measures and employees receive some financial protection caused by a workplace accident. However, it is important for companies to understand the differences to select the best one for them.

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