Accidents can occur in any workplace at any time regardless care taken to minimize them. Accidents can happen in a physically demanding job or for someone who spends most of the time sitting at a desk. Employers in the attempt to be competitive with other businesses may find it challenging to offer the more comprehensive employee benefit packages that can be had, but they do try! Occupation insurance is generally an option for one’s employees that affords them peace of mind due to all the additional protections for the workplace environment. Accidents can strike anytime in the workplace and the coverage available with these kind of policies can offer long-term protection for all work at any particular business.
This kind of coverage offers great protection to the both the employer and the employee. This aspect of a workplace benefit works as part of an entire package that can help pay the difference of outside expenses an employee may face after an accident that is not normally covered with a traditional health care policy. This coverage basically goes beyond basic health insurance and is supplemental to a primary health insurance policy.
Accident or occupational insurance can pay out a lump sum amount or in graduated payments to an employee as required. Someone choosing this kind of a policy will need to consider the following points:
1. Liability limits for accidents
2. The level of benefits on disability and death
3. The deductible amount per incident
Each policy will have various levels of coverage depending on the workplace environment and the benefits that are offered to employees. Coverage types range from the provision of medical payments due to a single incident to a full disability payment matching the employee’s salary for a certain pre-determined time period.
An accident policy can take the form as either specific liability coverage or as a more comprehensive plan. This liability coverage is often referred to as “contingent coverage” and is generally better for employees who function as independent contractors or have an owner-operator status within a business. The policy is activated once a claim is made and can often have optional benefits such as riders for the employee’s spouse and children. Many comprehensive plans will offer benefit tiers that begin when the claim is filed. They are:
1. AD&D (accidental death and dismemberment)
2. Medical Expense Assistance
3. Long-term hospital care