Occupational Accident
A large part of the trucking industry consists of owner-operators. These independent truck drivers are business owners that may work for multiple carriers throughout the year or dedicate their services to just one carrier or product.
Business owners do not have the same protections as employees when a work injury happens. Employees are covered under the company's worker's compensation insurance. Independent drivers who are injured on the job must rely on their own savings and insurance to cover medical costs and lost wages unless they have an occupational accident policy in place.
Understanding Occupational Accident Insurance
Owning your own business has many risks, and business owners know that if there is a way to reduce risk, it is good for them and their businesses. Occupational accident insurance is one of those ways to significantly reduce financial losses when an injury occurs.
When an employee is injured at work, the company's worker's compensation policy will cover the medical costs, rehabilitation costs, and a portion of the employee's lost wages. This safety net protects the employee as well as the company.
Independent drivers with an occupational accident policy in place will have similar protections. An occupational accident policy will cover medical care costs, rehabilitation costs, and a portion of lost wages up to the policy's limits.
If you have been injured while operating your truck and cannot work, these policies can help you avoid a financial catastrophe.
Is Occupational Accident Insurance Mandatory? Is Occupational Accident Insurance Expensive?
Occupational accident insurance is not a mandatory policy to operate as an independent driver. However, if your only income comes from driving a truck and you are injured on the job, you will benefit from having this type of protection.
This type of policy is very affordable. You can set the policy limits and deductibles yourself. When selecting your policy, you will want to ensure that the policy is high enough to cover medical expenses and your lost wages for at least a year as a guideline.
Having a deductible will reduce the premium amount. However, you never want to have a high deductible unless you have that money readily available at all times. You will not receive any benefits from this policy until the deductible is covered. If you do not keep a lot of cash readily available, it may be beneficial to opt for a lower deductible.
Truckers Insured - Your One-Stop Trucking Insurance Agency
Truckers Insured is your place to shop if you are looking for occupational accident insurance or any other type of trucking-industry insurance product. Our team of insurance specialists is dedicated to helping independent drivers and truck companies find all the insurance products they need to protect themselves and their businesses.
We understand the unique needs of the trucking industry, and we are here to help. We work with several insurance providers so that you can get the best policy for the best price.
In addition to offering a full line of trucking industry insurance products, Truckers Insured also offers personal insurance products, business insurance, and employee benefit insurance policies. Speak with one of our reps today to find the policies that you need.