If you have ever held a position in the gig economy, you understand that you will not be extended any benefits from most employers. Instead, the employer will hand you a contract that needs to be signed before any form of contractual work can begin. With this said, many people are wary of taking contractual work because they fear the potential consequences of not being adequately protected by the employer. However, with occupational insurance, employers who frequently hire contractors can take out this type of policy to protect these individuals. Depending on the type of work, it would be wise to have this type of coverage if you are continually hiring contractors for physical labor.
An alternative to Workers Compensation
Traditional workers compensation packages protect employees that work for employers on a full-time or even part-time basis. Many employers will not bring on an employee until they are adequately covered under the worker’s compensation policy. The last thing an employer wants is a new employee to injure themselves at work on the first day and have to foot the entire bill. With the gig economy catching on, a lot of these employers do not have traditional workers compensation policies. Instead, occupational insurance coverage is used as a legitimate alternative to conventional workers compensation policies.