Texas businesses have more than one option when it comes to providing benefits for on the workplace injuries- Workers Compensation known as Subscriber and Occupational Injury Protection known as Nonsubscriber.
Accidents are unfortunately part of life. The last thing you as an employer hope to see are your employees being injured on the job. To protect both your business as well as your employees, you must consider an occupational accident insurance policy, a more affordable alternative.
Occupational injury insurance applies to all employees, and covers your past and future expenses, as well as loss of income, when you suffer lasting injury. The insurance applies anywhere in the world. Occupational injury insurance also gives your next of kin a right to compensation if you die at work.
By electing to become a nonsubscriber, an employer assumes effective control of employee occupational injury plan and can participate in the savings and management opportunities generated by controlling the exposure, claim cost, and lost time elements of business operations. Fraud and malingering are greatly reduced because of the employer's interest and control of benefits.
A recent survey found that the number one reason given by employers for not purchasing Workers Compensation insurance was high premiums. A surprising finding in a recent study shows that non-subscription employers are more satisfied with their alternative occupational accident programs than are employers covered by Workers Compensation insurance.