Definition - What does Occupational Accident mean?
Occupational accident refers to an unexpected event that causes injury or death to a person while in their place of work or while performing an activity that is work-related. Sometimes, employer's opt for an occupational accident insurance instead of a workers' compensation policy due to its lower cost.
Insuranceopedia explains Occupational Accident
Because of the possibility of a vehicular accident, those involved in trucking (truck operators and trucking companies) often secure themselves from the hazards of occupational accidents by purchasing occupational accident insurance policies.
The two other industries who are also known to experience these accidents are the manufacturing industry and the construction business. In the absence of a workers' compensation policy, the employers and employees of those industries might also choose this type of policy.
An occupational accident policyholder is usually entitled to the following after experiencing an accident while at work: payment for health care, an amount equal to a fraction of the annual salary in case of dismemberment or death, and money given for a certain period of time, based on a part of the regular salary.