People can be injured, leading to lower productivity of firms and reduced wages for workers. Business often seek out insurance companies that offer workers’ compensation insurance to safeguard their workers and their employees. Companies can choose between workers’ compensation or occupational accident insurance. Which option is better?
The narration of the video explains that occupational accident insurance can be a viable option for businesses that are not required to have workers’ comp insurance. It’s important for businesses to understand the law that applies to each state, and whether they require insurance for workers’ compensation. If they do not, they might have issues with the officials.
The insurance for accidents at work typically covers advantages like accidental dental, dismemberment income, medical or disability benefits, death and medical costs. Occupational accident insurance also includes protection for accidents outside of the workplace, like medical and death.
Workers’ compensation on the other hand will cover the cost of lost earnings, medical treatment for injuries and rehabilitation. It also covers the possibility of liability insurance if employees decide to pursue their employer for their compensation.
Even though it’s more costly however, workers comp could be the better option for employers. Why? because it safeguards the business if employees decide to sue. In addition, it gives more coverage than insurance that covers occupational employees, which shows that it is a company that cares about the employees it employs.
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