What coverages are included in occupational accident policies?
Whereas workers compensation generally follows state-regulated requirements, occupational accident policies allow owner-operators to customize their policy’s protections much more. Some coverages to consider are:
- Liability Coverage, which may cover injuries and property damage that an owner-operator is responsible for causing.
- Medical Expense Coverage, which may cover medical costs arising from owner-operator injuries incurred during an accident.
- Chiropractic Benefit, which may extend medical expense coverage to include chiropractor visits.
- Passenger Accident Benefit, which may extend certain coverages to passengers in the truck.
- Temporary Total Disability Coverage, which may provide income protection if an owner-operator is temporarily unable to work due to injuries.
- Permanent Total Disability Coverage, which may provide income protection if an owner-operator is indefinitely unable to work due to injuries.
- Accidental Death & Dismemberment Coverage, which may provide financial support to the family if an owner-operator dies while driving.
These coverages typically only apply to incidents directly caused by a workplace accident, predominantly vehicular collisions or similar incidents. They generally don’t cover other causes of injury, disability or death.
The limits for accidental death and dismemberment coverage are frequently equivalent to a year’s salary or income for an owner-operator, butt limits and deductibles might be customized. A knowledgeable agent can help check for higher limits and different deductibles.
Who is responsible for paying for occupational accident coverage?
Although owner-operators can opt to purchase their own occupational accident coverage, it’s often paid for by the companies that contract with these operators. Companies provide this coverage as a benefit to their contracted drivers, and to better shield the company from potential liability.
If drivers were to be injured while under contract with a company, they might attempt to sue the company for medical costs and/or lost wages. Occupational accident coverage may provide a vital defense against such a lawsuit.
What are the premiums for occupational accident policies?
Premiums for occupational accident policies can vary significantly based on several factors. The driver’s license, any endorsements they have, their driving record, the equipment used, and the regions traveled are just some of the details that insurance companies check.
An independent insurance agent can assist in finding a policy that delivers robust coverage at competitive rates. Independent agents are able to compare customized policies from many different insurers.