Workers Compensation Insurance

Occupational Insurance vs Workers Compensation Insurance

If you own a business with employees, you need to make sure you have the correct measures in place to protect yourself and your business. Employees can easily get injured or even killed while working and it is vital that you have the proper coverage in case something happens. There are two types of coverage you can get that apply to your employees. These are workers’ compensation insurance and occupational insurance.

Workers’ Compensation Insurance

This type of insurance is generally more popular than occupational insurance for a number of reasons. First, it is state regulated which provides a certain amount of security for your business. It also pays lost wages and all medical expenses, even those that come up after the injury occurs. Additionally, it covers legal expenses in situations where you are sued by one of your workers.

Occupational Insurance

Occupational insurance stands as a cheaper alternative to workers’ compensation and only costs about half of what workers’ compensation generally costs. It covers lost wages and medical expenses like workers’ compensation, however, it does not cover legal costs if you are sued. This means that you are assuming a certain amount of risk by choosing occupational insurance over workers’ compensation.

There are pros and cons to both workers’ compensation insurance and occupational insurance. You need to weigh both options and decide which one is better for your business. Owning a business with employees can be risky and it is very important to have the correct insurance coverage.