A workers compensation policy automatically provides all the benefits mandated by a given state's workers compensation law. The policies offer little or no choice as to available coverage.
However, if you opt out of all or part of your state's workers compensation program, you assume liability for the same benefits you would have available to you under a workers compensation policy. Some very large employers have the financial resources to self insure against worker injuries, illnesses and fatalities. Most others will have to have protection against a large loss or series of losses.
Occupational accident insurance is normally divided into several areas:
- An amount available to pay medical benefits arising from a single accident
- Accidental death and dismemberment benefits, normally limited to a multiple of the employee's annual salary
- Disability benefits that will pay part of a disabled employee's salary for a certain period of time
Alternatively, the policy may have a combined single limit that will have one lump sum available to pay benefits in all three areas.
In any case, the policy will have a per-accident deductible and an annual maximum payable amount.
Installing an insurance program can be complicated. Work with an agent who can help you compare options and rates from multiple companies to give you the best program at the lowest cost.Give Maverick GeneralAgency a call today to go over your options t (2140 208-2100