What happens when you are injured in the course of doing your work? For example, Marcel works for a small home construction company. He is working on a roofing project one day when he slips on some loose shingles and shoots himself in the foot with a nail gun.
This small company is not able to offer health insurance, and so Marcel is lucky that he has decided to purchase occupational accident insurance to cover himself in case of just such an injury.
Occupational accident insurance is very similar to workman's compensation insurance. In fact, in some states companies are allowed to offer their employees occupational accident insurance in lieu of workman's compensation insurance. Sometimes the coverage offered even exceeds that provided by many other plans.
As with any insurance policy, the more generous the coverage, the higher the premium costs for the individual. Occupational accident insurance policies usually have a variety of elimination periods to choose from, from zero days to one year. Obviously premiums get higher the smaller the elimination time period is. A person is much more likely to use occupational accident insurance if their elimination period is only a week or two versus months or a year.
Another factor that will determine the cost of your occupational accident insurance is the duration of the coverage. Do you want to purchase a policy that will cover you for a year? How about for several years, or until you are 65 or older? As people age they are unfortunately more likely to be seriously injured in the course of their work. Reflexes are slower, joints are stiffer, and people tend to become less agile. Because they carry a higher risk, their premiums are likely to be higher as well.
People in occupations which are typically considered more dangerous, such as construction, factory work, or other "blue collar" occupations are going to have more expensive premiums than those with occupations such as banking or clerical work, because the risk of injury is so much higher. If you remember Marcel from earlier, he is much more likely to be injured than someone who answers phones in an office for a living. He is much more likely to find occupational accident insurance to be something that will fit his needs.
As with any insurance policy, each individual considering whether the cost is worth the possibility of needing occupational accident insurance needs to think about all these factors and make an informed decision.
Jason R Davidson owns and operates http://www.accidentinsurancezone.com For more information on what companies offer the best Accident Insurance take a look at our main site. |
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