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9111 SE St Helens St
Clackamas, OR 97015

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What is the Difference between Occupational Accident Insurance and Worker’s Compensation?

Many employers have workers who are considered independent contractors or non-salaried workers.  If they decide to provide work-related accidental injury coverage for them, they could do so by enrolling in an occupational accident insurance policy.  This type of policy helps employers provide medical and financial coverage for their contractors who aren’t covered by a worker’s compensation policy.  At Choice One Insurance Inc. serving Portland, OR, we can help you decide which type of policy is right for you and your business.  Here are a few things you need to know about occupational accident insurance and worker’s compensation.

Difference Between Occupational Accident Insurance & Worker’s Compensation

Occupational Accident Insurance Usually Costs Less than Worker’s Compensation

One of the major differences between the two policies is the cost factor.  In most cases, occupational accident insurance is cheaper for employers than worker’s compensation, with them usually paying 50% less.  It may be best for employers who don’t need a traditional worker’s compensation policy.  However, it doesn’t provide as much coverage for legal expenses as worker’s compensation does.  This means that the employer is financially responsible for any type of legal obligation to an employee.

Worker’s Compensation is More Regulated than Occupational Accident Insurance

Another important thing to know about the differences between the two is that one is mandatory.  In the state of Oregon, employers with employees in their businesses are required to have a worker’s compensation policy.  The Worker’s Compensation Division (WCD) in Oregon oversees programs and services that help with timely medical treatment and account for time-loss benefits to injured workers.  An occupational accident insurance policy is considered to be private and optional for employers.

Contact Our Insurance Agents For More Information

While both occupational accident insurance and worker’s compensation do have similar coverage benefits, both policies do have their differences. If you want more information on which policy is right for your business needs, we can help. Contact our Portland, OR insurance agents at Choice One Insurance Inc. today.

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