Accidents can happen in any workplace and at any time regardless of how much attention and care is given to safety procedures and the like. Accidents occur frequently in physically demanding jobs but also in work situations in which the employee takes up most of the work day in a chair staring into a computer screen.
In the interest of being competitive with other businesses, employers often try to offer the most comprehensive employee benefit packages they can afford. Occupation insurance is generally an option for employees, which affords workers a sense of peace of mind due to all the many protections for the employee in a myriad of workplace environments. Accidents can happen anytime in the workplace and the coverage available with these types of policies can provide long-term protection for all worker in any particular business.
This type of coverage offers great protection to both the employer and the employee. This part of a workplace benefit functions as part of an entire package that can help compensate for the difference of outside expenses an employee may face after an accident that is not usually covered with a traditional health care policy. This coverage essentially goes beyond basic health insurance coverage and is supplemental to an existing health insurance policy.
How it works
Accident (aka “occupational insurance”) can pay out a lump sum amount or in graduated payments to employees as required. Someone opting for this kind of a policy will need to consider the following:
• Accidents Liability limits
• Benefit Level for Disability and Death
• The Deductible Amount per Incident
Each policy will have numerous levels of coverage depending on the workplace environment and the employee benefits offered in the whole package. Coverage types range from the provision of medical payments for a single incident to a full disability payment regimen that matches (or comes close) to the employee's salary for a certain pre-determined time period.
Types of Coverage
An accident policy can be in the form of a specific liability coverage type or as a more comprehensive plan. This kind of liability coverage is often referred to as “contingent coverage” and is usually better for those who function as independent contractors or have an owner-operator status within a business. The policy kicks in once a claim is made and can often have optional benefits such as supplemental coverage for the employee’s spouse and children. Many comprehensive plans will offer benefit tiers that begin when the claim is filed. There are AD&D (accidental death and dismemberment) coverage, medical Expense Assistance and long-term hospital care.