The Basics of Occupational Accident Insurance

https://www.usrisk.com/

Two types of insurance are well known for financially protecting employers and employees after a workplace injury occurs. One is the occupational accident insurance, and the other is workers’ compensation insurance. While they both strive to offer benefits to the injured employees, there are differences between the two. To help you understand those differences, here are the basics of occupational accident coverage.

The Pros of the Insurance

One of the biggest benefits for employers when purchasing OAI is the understanding the policy allows for the terms of any given injury situation. Another advantage is that the plan often costs a lot less for the employer than worker’s comp. As with many insurance plans, there is also the possibility of limiting coverage for employees, although this can sometimes cause problems when serious or life-threatening injuries occur. Source: https://www.usrisk.com/

The Cons of the Insurance

The biggest problems with OAI is that expenses are charged to the employer if the injured employee’s medical costs are more than the plan’s limits. Another difficulty is that although legal fees are governed by the policy terms, the employer is responsible for the burden of proof in any legal case.
Having insurance to protect you, your company and your employees is an important consideration for any business owner. Knowing the differences between worker’s comp and OAI can help you decide on which type of policy is right for you.