Occupational accident insurance, or OAI, is an insurance option that provides both employees and their employers a certain level of financial protection in case of an injury incurred on the job. Several factors go into the coverage amount, such as the perceived risks of employers and their workplaces. Occupational Accident Insurance provides an affordable alternative for employers who seek to reduce the costs and risks associated with job-related accidents. Where allowed by law, employers may choose to opt-out of the state workers' compensation program or self-fund all of their programs.

Occupational accident insurance covers the employees against a mishap and relieves the employee's family from bearing any financial losses in case of such accidents. As an employer, the key to getting the best accident insurance policy is to choose the suitable master plan to suit your organizational needs. If you are still skeptical about buying occupational insurance, here are a few more advantages to convince you.

Your Occupational Accident Insurance Options
Because benefits are not mandated by law, occupational accident insurance is more flexible than workers' compensation. Your coverage choices include these options:

• Accidental death benefit
• Survivors benefit
• Accidental dismemberment
• Accident medical expense
• Temporary total disability
• Permanent total disability
• Non-occupational accident benefit
• Hernia and hemorrhoid benefit
• Chiropractic benefit
• Passenger accident benefit

• OAI plans typically cost the employer less than workers' comp plans coverage.
• These plans offer the employer the option to control or limit the amount of coverage for employees.
• OAI plans often have more flexibility than their workers' comp counterparts, especially for employers. If the employer chooses, plans can include coverage for survivor benefits, temporary or permanent disability, or accidental death.
• Combined Single Limits are available from $100,000 to $500,000 for all benefits payable to an employee due to a single accident.
• Accidental death and dismemberment benefits are available for up to $500,000, subject to 10 times the annual salary.
• Accident medical benefits are available with deductibles from $250 to $2,500 and benefit maximums from $100,000 to $500,000 per covered employee.
• Accident disability benefits up to $600 a week, including work incentive benefits that pay the difference between part-time pay received by a recovering employee and 100% of pre-disability earnings.