Are you searching for a Pearland TX Occupational Accident Insurance policy? If so, consider contacting the insurance professionals at Texas Insurance Agency. Our company has a dedication to connecting you to a reputable insurance agency that can help with your business insurance needs.
Texas Insurance Agency has been serving Greater Houston and surrounding areas for over twenty years. In that time, we have always held to our mission of providing every client with the best and friendliest service possible. Additionally, we have been able to help thousands of clients find the right insurance plan to fit the needs of their business.
We believe that keeping your business afloat during unexpected lawsuits or events means having an insurance policy that helps with the financial aspects of those events.
Are you searching for an insurance policy that will help pay for the medical care associated with employee injury? If so, an occupational accident insurance policy could be what you are looking for. However, please speak with an insurance agent before purchasing this policy and make sure it is suitable for your business.
What is Occupational Accident Coverage?
There are specific financial benefits you can qualify for when you purchase occupational accident insurance. This type of insurance policy is always custom-made to suit the needs of its purchaser and their business. For example, does your company composes a relatively low-risk work environment, where accidents are few and far between? If so, then you might exclude options like disability and death benefits from your insurance coverage.
Conversely, if your employees are in a high-risk environment, like that presented by a construction company, then you will want to consider adding permanent or temporary disability benefits. While an occupational accident policy is more affordable than a comprehensive Texas worker’s compensation policy, the latter is more ideal for high-risk work environments.
As the purchaser of this policy, you are within your rights to customize the policy how you wish. However, keep in mind that even if you exclude things like disability and death benefits, you could be held financially responsible for paying those costs out of pocket.
Occupational accident insurance has a lower price tag than worker’s compensation, but don’t let yourself be fooled by this. The money you save could be obsolete if you ever face a lawsuit for an accident your policy doesn’t cover. In fact, the average settlement for lawsuits that are filed against companies for workplace accidents ranges in the millions of dollars.
If you own a business that presents a low-risk workplace, then an occupational accident policy might be the right answer. It is always a great idea to consult with an insurance agent prior to choosing.
Worker’s Comp. is Different Because…
Worker’s compensation insurance provides a much more comprehensive coverage plan than an occupational accident policy. This is because worker’s compensation includes more benefits that can be used by employees who find themselves dealing with a workplace injury. Some states require businesses to provide worker’s compensation. However, Texas has an exclusion from this rule.
Despite that exclusion, businesses are required to provide some level of team member accident coverage. It is your right as a business owner to choose whether a worker’s compensation policy or an occupational accident insurance plan is better for your company. Generally, worker’s compensation is the most comprehensive type of coverage, with the financial responsibility transferring to the business when an occupational accident policy is chosen instead.
Things to Know
What Does Occupational Accident Insurance Cover?
An occupational accident policy can be custom-made to fit your needs. If you own a small business, you might consider omitting death and disability benefits from your policy. Or, if you own a trucking company, there might be additional coverage you want to add on what your policy covers will completely depend on you, while also taking into account state-mandated requirements.
Before purchasing your occupational accident policy, it is a great idea to speak with an agent who is a leader in insurance and your specific industry field. They will be able to offer you reliable advice about which policy fits your needs and that of your business. The overarching mission is to minimize the financial risk to your company.
Risks of Choosing Occupational Accident Coverage Over Worker’s Comp.
Have you excluded benefits from your occupational accident insurance policy? If so, then you will be responsible for any claims made outside of coverage. For instance, if your employee becomes temporarily disabled due to a workplace accident, you will be liable for their medical bills and leave of absence. This is one of the financial risks associated with choosing an occupational accident policy.
There are many other exclusions to be aware of. For instance, occupational accident policies do not cover legal fees. So the burden of paying for these expenses sits fully on your company.
Furthermore, when you choose this policy, you are responsible for the ‘burden of proof.’ This means you are required to prove whether or not your company was the cause of the accident and medical leave, if applicable.
Insurance transfers the financial risk your workplace presents in the case of an accident from your shoulders to that of the insurance company. This is why you should very carefully consider occupational accident policies. This type of insurance places the majority of the financial responsibility in your hands.
Occupational Accident Statistics
The International Labor Organization estimates that every year just over two million workers suffer a workplace death. Additionally, nearly half a million employees deal with a workplace injury that leaves them temporarily or permanently disabled.
Pearland TX Occupational Accident Insurance
For more information about Texas Insurance Agency, visit our website! There, you can also find our blog, locations and request a quote. Don’t hesitate to contact Texas Insurance Agency when you need a Pearland TX Occupational Accident Insurance policy.
Pearland, TX Fun Facts:
- Early residents built their homes in Pearland, in the late 19th Century.
- In 1934, Pearland residents struck oil.
- Downtown Houston is just twenty minutes away.
- For more information about Pearland, TX, visit our website!