Employees are prone to accident or injury while at work, regardless of the training or safety measures are put in place. The costs of these injuries can include payments for medical treatments, lost wages, and even funeral expenses if the situation led to an employee’s death. There are state and federal regulations in place to require employers to provide financial assistance for work-related injuries or illness, and these are usually covered through a workers’ comp insurance plan.
There are many accidents and injuries that can occur outside of the work environment that will have an equally damaging impact on the finances of an individual. In these situations, workers’ comp isn’t an option for addressing the costs. Non-occupational insurance is another option. This insurance isn’t mandated but can fill in the gap for injuries that are not work-related.
Occupational insurance is a form of coverage that many companies will choose to offer as a way to include financial support for injuries to independent contractors or employees without having to formally enroll in a state-sponsored workers’ comp plan. This can be a more affordable route for the company without sacrificing the benefits. These plans generally include:
- Survivors benefits
- Accident medical expense
- Accidental death benefits
- Temporary or total disability
- Accidental dismemberment
- Non-occupational accident benefits
A company should look at the pros and cons of enrolling in an occupational accident plan over a traditional workers’ comp plan. Regardless of company costs, make sure your employees are taken care of if an accident happens.