Occupational Accident Insurance: What Is It and Do You Need It?

Occupational Accident Insurance

As a business owner or employer, you have to think about the wellbeing of you and your staff. This is often where workers’ compensation comes in. Did you know that there are options beyond workers’ compensation? Occupational accident insurance or OAI can offer coverage options to employers that are more flexible than workers’ compensation coverage. Here is what you should know.

What Is OAI?

If you aren’t sure whether you need occupational accident coverage, you may need to learn more about it. Occupational accident coverage protects employees and employers if someone is injured on the job. While like workers’ compensation plans, OAI allows the employer to choose the coverage amounts. These plans are solely for lost wages and medical expenses up to a coverage limit.

Benefits that may also be included in OAI are:

  • Temporary disability
  • Permanent disability
  • Survivors benefits
  • Accidental death

What Are the Benefits of OAI?

Occupational accident insurance tends to cost less than workers’ compensation policies. As an employer, you also can control or limit the coverage that your employees have. This allows for more flexibility.

When it comes to your business, you need to be able to protect your employees if they are injured while providing service to the company. Additionally, OAI can provide financial protection in case of litigation.