There are some states that allow businesses to opt-out of workers comp insurance. These employers still need the protection offered by worker’s compensation but may choose to use occupational accident insurance. This insurance offers many similar benefits to employees and employers.
The experts at Insure My Work Comp states that the benefit options are flexible. This means that your company can choose to offer extra benefits such as chiropractic and hernia. Survivors, accidental death and disability offer similar coverages as workers compensation.
This alternative to workers comp allows the employer to fund their assumed risk. The insurance helps the employer cover their obligations while allowing the employer to take on more of that risk themselves.
Occupational accident insurance works well for a variety of business models that don’t necessarily fit the workers’ comp mold. Trucking companies who rely on owner-operators can offer this benefit without the high costs associated with a standard workers comp policy. Businesses who use many independent contractors may want to cover some of these costs but fail to find the coverage under a standard workers comp plan.
Occupational accident insurance is not available in all states. It may not be the best option for all employers, but some may be able to save money while still offering quality benefits to their employees.