Occupational Accident Insurance
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Whether you're an independent contractor or a small-business owner, it's vital to research your rights and responsibilities when it comes to employee benefits and potential liability claims. Worker's compensation insurance is a legal requirement for employers over a certain size in some states. Occupational accident insurance sometimes replaces occupational accident insurance for contractors and others who don't qualify for worker's compensation.
Occupational accident insurance is designed to cover lost wages, medical expenses, and other costs for people who have experienced a work-related injury. It's often used by independent contractors and is particularly common in the trucking industry, where 1099 truck drivers are unlikely to be covered by workers' compensation insurance.
Occupational accident insurance for truckers covers a number of costs associated with work-related injuries, including:
In some cases, the policy may also cover the cost of legal expenses if the trucker is involved in a lawsuit after an accident. However, this isn't always the case. Many insurers require truckers to take out supplemental coverage for legal expenses. There are also strict exclusions covering self-inflicted injuries and accidents that occurred while the driver was under the influence of drugs or alcohol.
If you're a contractor operating in an industry where work-related accidents are a risk and you'd struggle to support yourself if you were unable to work, it's worth looking at occupational accident insurance policies. Even if you're an employee (or owner-operator), you may benefit from occupational accident insurance if you aren't covered by workers' compensation.
If you're unsure if this type of insurance is right for you, review the insurance rules in your state and familiarize yourself with compensation limits and requirements.
Workers' compensation policies are a legal requirement for companies that employ a certain number of people or employees who work over a certain number of hours per week. The exact regulations vary between states, but workers' compensation offers a relatively high degree of protection.
In contrast, occupational accident insurance is optional and typically costs around 30% less than workers' compensation coverage. However, these policies offer less coverage and may have a higher deductible. In addition, if an employee's expenses exceed the limit of an occupational accident, the employer will have to cover the excess.
The cost of occupational accident insurance depends on several factors:
Occupational accident insurance is available for independent contractors, small fleet owners, and owner-operators.
At Tivly, we help businesses find protection by matching you with the right insurance provider. Fill out the above form to be put in touch with one of our specialists who can help you right away with an occupational accident insurance quote.