Occupational accident insurance (OAI) is a type of policy that provides benefits and coverage to employees that have been hurt or have died in a job-related accident. Additionally, this policy is also suited to offer benefits and coverage for independent contractors and employees alike, who may not be covered under a traditional worker’s compensation policy.
Why Would You Choose OAI?
OAI is commonly used by trucking companies to provide benefits for their owner-operators, who don’t qualify as employees. In legal circumstances, the owner-operators may be seen as employees of the company, which leaves the truck company open for liability if an injury claim is filed against them. OAI provides coverage for the owner-operators if an injury occurs, so there’s nothing to worry about.
The professionals at insuremyworkcomp.com/ state that there are situations where occupational accident insurance can protect employers, as well as employees. Some states allow employers to opt-out of worker’s compensation. While the employer doesn’t have to pay monthly premiums to an insurance company, they are still legally obligated to cover an employee’s work-related injury or death. An OAI policy is a good option in this scenario as it gives the employer the ability to fund this obligation.
OAI can bring peace of mind to you in situations where you find yourself open for liability. It’s worth the peace of mind to know that you are fully covered. Accidents do happen, and unfortunately, you never know when that might be.