Are you searching for the best Houston TX Occupational Accident Insurance policy? If so, look no further than Texas Insurance Agency. Our team of experts knows how to find the right insurance for your business so that you can secure its future. Moreover, we only connect you with the best of the best in the insurance industry.
Texas Insurance Agency has been serving the Greater Houston area for over two decades. In that time, we have developed countless relationships with our clients and their businesses. In addition, our mission is to connect you to a reliable insurance plan that will come through for your company during difficult times. Whether that is after a fire that destroys what you’ve built or an employee injury, we are here for you.
No matter what kind of business you run, accidents can happens. Whether they happen due to employee negligence or faulty equipment, chances are you will face financial liabilities.
There are many reasons why an occupational accident policy could be right for your business. However, there are plenty of risks associated with choosing this policy. Keep reading to find out more.
What is Occupational Accident Coverage?
Occupational accident insurance covers workplace disability, death, or injury that happens on the job. This type of policy is always custom-made according to what sort of coverage you prefer. For example, if your company is low-risk for accidents, you might consider excluding death and disability benefits from your plan.
On the flip side, if you run a high-risk business, like a construction or security firm, you will consider choosing a plan that offers more comprehensive coverage. At the very least, temporary or permanent disability benefits are preferable. This is why a worker’s compensation policy is much better for high-risk job environments, although occupational accident coverage tends to be more affordable.
Filing a claim through an occupational accident policy means that you are responsible for proving whether or not the company is directly responsible for the employee’s injury. Additionally, this insurance policy excludes coverage of legal fees associated with the claim.
Therefore, that financial responsibility falls on the company. So, if an employee is not satisfied with the compensation they receive and file a lawsuit, you will have to bear that financial burden. However, it is within your rights as a business owner to choose the type of coverage you have.
Texas Worker’s Compensation Coverage is Different Because…
In comparison to occupational accident policies, worker’s compensation insurance is much more comprehensive. This is because a worker’s comp policy offers more benefits to the employees and more financial assistance to the company. This is also what makes worker’s comp more expensive. While most states will require this type of coverage, Texas is one exclusion.
However, although Texas is excluded, business owners in this state are still required to provide some sort of accident coverage. By a long shot, worker’s compensation is far more comprehensive in what it covers, with the financial responsibility transferring to the business owner when an occupational accident policy is chosen instead.
Opposite of an occupational accident policy, worker’s compensation insurance places the ‘burden of proof’ on the shoulders of the injured party. It is their responsibility to prove that your workplace caused their injury. Furthermore, this coverage includes legal fees.
Things to Know
What Does Occupational Accident Insurance Cover?
Primarily, what this insurance policy covers is completely up to you, so long as it does include coverage that the state mandates are necessary. So, if you own a small, low-risk company, then you might exclude full death and disability benefits.
It is a great idea to talk with your professional insurance agent about what type of personalized occupational accident insurance you should get for your employees. If possible, consult with an agent that specializes in that type of insurance that is specific to your industry. The overarching goal is to minimize your company’s financial risk.
Don’t be fooled by the lower price tag of occupational accident insurance. While this type of policy does offer benefits for some companies, it isn’t for all industries. Take the time to consider what sort of risk your employees face in the workplace.
Ask questions like the following:
- Do employees frequently use equipment that could lead to injury?
- What safety measures are in place to prevent injury?
- Does your company have a safety officer who regularly hosts safety workshops for employees?
- Over the past five years, what is the number of workplace incidents that have resulted in disability, death, or injury?
Risks of Choosing Occupational Accident Coverage Over Worker’s Compensation
For the sake of saving money, have you excluded specific benefits from your occupational accident coverage? If so, you will be responsible for claims that are made outside that coverage. For example, if one of your employees becomes temporarily or permanently disabled as a result of a workplace accident, you will be financially responsible for the gap in coverage. From medical expenses to paid leave, this can add up quickly.
There are other exclusions to be aware of. These policies do not cover legal fees. Therefore, those expenses come out of pocket. Furthermore, the ‘burden of proof’ is also your responsibility.
The point of insurance coverage is to transfer financial risk from your business to the insurance company. This is just one of many reasons to carefully consider whether purchasing an occupational accident policy is right for your business.
Houston TX Occupational Accident Insurance
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