I was looking at the differences between Worker’s Compensation and Occupational Accident insurance and thought to myself, “What’s the fuss about? And why all the confusion?”
In a nutshell, Worker’s Compensation provides benefits to hired employees through astate-regulated insurance program that pays for medical bills and replaces lost wages if something were to happen on-the-job. Occupational Accident Insurance does provide money to pay for bills and lost wages but it is through a private provider, and it all depends on the coverage level that was set!
Occupational Accident Insurance premiums are usually less than Workers Compensation and employers can control the type and amount of coverage they feel they need.
Occupational Accident Insurance can also save an employer some money if they insure their hired employees since they can choose the coverage and the limits of the contract— But doing it this way provides some risks since the employee can still sue the company they were injured while working for even after their claim. But, with a Worker’s Compensation claim a worker cannot pursue further legal action after the claim is processed!
Say I worked at a mechanic’s shop as an employee and a transmission were to fall on me (God forbid!), Worker’s Compensation covers all related medical expenses to the accident, as well as covering lost-income— even years after, but I cannot sue the employer for more.
In my case, since I am independent, I opting for Occupational Accident Insurance, so I’ll get the coverage that I can afford and am comfortable with! Occupational Accident Insurance like I mentioned before depends on the coverage I had, so I would really feel it in the wallet after an accident if I did not get the right coverage for myself— it is always smart to plan ahead!