Workers Comp has a maximum weekly payout that might not be enough to cover the employees salary. The maximum payout is $725 per week (again that is the maximum). I have seen some accident policies that will cover the employees salary and more. so, if you're looking for a policy that will fulfill the employees financial needs, maybe the accident policy is the best option.
Workers Compensation also protects the employer. So if an employee cuts their hand off and decides to sue the employer, the Workers Comp policy will offer protection to the employer where most accident policies do not offer coverage. Also, Workers Comp covers all related medical expenses even if an expense occurs years after the accident. In my opinion, these two factors make it a better option.
When looking at the overall cost, you simply can't afford not to have one of the two in place. As for which one, I guess it just depends on your needs. I'll leave you with this, I remember going to my first CIC Class (continuing education class for insurance professionals) and the veteran instructor said, "When should you recommend an Accident Policy to an insured?", he replied, "Never". Hopefully the above information has been helpful.
Here is some additional information on Workers Compensation from the Texas Department of Insurance website that might be helpful:
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