Workers Compensation

Choosing the Right Insurance To Protect Your Employees

For companies with the option to choose between occupational accident insurance and workers' compensation, there are a lot of things to consider. Depending on where you operate, you might find a requirement to opt into a state-mandated workers' compensation program, but if not, you could realize some savings from occupational insurance. As is explained at, OAI provides protection up to the coverage limits, rather than coverage for all medical expenses and lost wages no matter how extensive. This limited coverage costs less, but as with any other insurance choice, you need to make sure you buy enough coverage to avoid exposure.

Coverage vs. Liability

Like any accident or injury coverage with policy limits, your exposure and your coverage need to line up or you could be left liable for costs in excess of the policy. That means you need to shop carefully and fully assess your choices, but it doesn't necessarily mean you need full workers' compensation coverage. If your company realistically has lower risks than that coverage is built to handle, your business could save a significant amount with a policy built to fit, and that lowered overhead means more cash for reinvestment, which can also lead to a faster growth cycle as you scale up. Don't overpay to protect your employees, just protect them.

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