Workers Compensation

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Occupational Accident

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Looking for Workers Comp insurance?

A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, Workers Compensation coverage provides you and your employees with important protection.

You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.

A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.

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Workers Compensation Insurance

Am I required to have Workers Comp?

Worker’s Compensation covers claims for medical payments and lost wages by employees who are injured on the job in the course of employment. This insurance protects you against injuries sustained while on the job.

Workers Comp is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.

In most states, work comp insurance is required.

Workers Comp Pros & Cons

  1. Employee medical expenses and lost wages are paid through the Workers’ Compensation system.
  2. Benefits are protected by a guarantor or guaranty association.
  3. Employees hold the burden of proof in an work-related injury lawsuit.
  4. Except in certain cases, workers cannot win lawsuit judgements for punitive damages or pain/suffering. This significantly reduces liability on the part of the employer.
  5. Plans are relatively simple – if an employee is injured on the job, coverage can begin almost immediately and without confusion.
  1. Typically, employer costs are higher than those associated with Occupational Accident Insurance
Workers Compensation Insurance

How Much Is Workers Comp?

Because coverage requirements vary by state, the cost of Workers Compensation depends on where your business operates. Other factors that affect your rates include…

  • The number of employees you have.
  • The type of work your employees do.
  • Your claims history.
  • Your industry.

Like all insurance, Work Comp is priced based on risk.

Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes.

Each type of work or industry has a unique code that classifies the industry and risk, and helps the insurance carrier determine a suitable rate.

One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.

We understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.

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Occupational Accident

Occupational Accident Insurance is an alternative to Workers’ Compensation. It is designed for those wanting employee injury coverage, but not able to afford Workers’ Compensation or those who hire owner operators or independent contractors.

This coverage is available to both fleets and independent truckers. It offers coverage for medical insurance, life insurance, and disability insurance for injuries sustained on the job.

The Occupational Accident policy provides coverage for claims up to a specified limit and may help provide coverage for owner-operators or other drivers who qualify as independent contractors and are not always considered “employees” for Workers’ Compensation.

Occupational Accident insurance cannot be considered as a complete replacement for Workers’ Compensation coverage. However, since Occupational Accident coverage has specified limits, deductibles, and coverage options it can be less expensive than traditional Workers’ Compensation coverage.

In Texas, Occupational Accident insurance will typically satisfy contractual “Employer’s Liability” requirements for many of the clients you contract with.

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Occupational Accident Pros & Cons

  1. Occupational Accident plans typically cost the employer less than coverage under workers’ comp plans.
  2. These plans offer the employer the option to control or limit the amount of coverage for employees.
  3. Occupational Accident plans often have more flexibility than their workers’ comp counterparts, especially for the employer. Plans can include coverage for survivors benefits, temporary or permanent disability, or accidental death if the employer so chooses.
  4. Occupational Accident plans can cover both W-2 employees and 1099 Contractors.
  1. Under these plans, the employer bears the burden of proof in an injury lawsuit brought by employees.
  2. Employees can also win judgements for pain/suffering and punitive damages. These judgements may have certain limits. Occupational Accident significantly increases employer liability.
  3. If the injured employee’s medical and lost wage expenses exceed plan coverage limits, the employer is responsible for covering the remaining costs.
  4. Legal fees are generally governed by the terms of the policy.
  5. Plans and their coverages are vastly more complex than workers’ comp plans.