Understanding Occupational Accident Insurance

The company you contracted with was reputable. You've been an owner-operator for nearly a decade. You figured everything was on the up and up. You were confident everything was covered.

So you took the job and hit the road. You didn't have a concern in your mind. You were out to make some money. That's the name of the game in the trucking industry. Stack that cash.

Things didn't work out as planned. You were halfway through the job when it happens. A drunk driver sped right in front of your rig. Reactions took over and next thing you know you're in the hospital.

The truck had flipped over as you reacted quickly to avoid a horrific crash with the swerving drunk driver. While you barely missed the other car, your rig simply couldn't handle the maneuver.

As the truck toppled over going 70 miles per hour, you knew things weren't going to end well for you. Waking up in the hospital with little recollection of the crash confirmed the thought.

The good news is you're still alive. You're living. You get to breathe another day. The bad news is life will never be the same. The doctor relayed information to you. You're paralyzed from the neck down.

Horrific news. However, things got worse. When you get healthy enough to dig through the insurance mess, you realize there's an issue. You don't have all the coverage you thought you did.

You were an owner-operator of a big rig. You didn't expect to have full workers' compensation coverage, but you did expect something. You figured the company had Occupational Accident Insurance.

They didn't. Nor did you. Now, you're in one of the worst situations possible. No way to work and no income coming in from insurance.

Understanding Occupational Accident Insurance

What is Occupational Accident Insurance?

Occupational Accident Insurance is a coverage type that protects people. The policies are designed to offer benefits to employees or individual contractors who are killed or injured in a trucking-related accident.

The coverage is considered an alternative to workers' compensation policies. Many states allow employers to petition for different option regarding insurance and work-related injuries.

These occupational accident policies offer coverage for:

Medical issues
Disability
Dismemberment
Death

Who Needs Occupational Accident Insurance?

Any and every truck driver on the road should have some form of occupational accident coverage. If you're an owner-operator who doesn't qualify for a workers' compensation program, then the coverage is not optional.

Without occupational accident or workers' comp, a big rig driver subjects themselves to a variety of risks. These risks and complications could leave the driver unable to work without an income source.

What Does Occupational Accident Insurance Cover?

Occupational Accident Insurance covers a wide spectrum of issues for truckers. The policies offer benefits for any accidents that occur while on the job. These benefits include:

Ability to bundle with other coverage
Passenger accidents
Certain non-occupational coverage
Disability calculations created to benefit drivers
Flexible policies
Wide-ranging coverage

How Much Does Occupational Accident Insurance Cost?

Like many trucking insurance policies, Occupational Accident Insurance offers a wide range of costs. However, it's a bit easier to pinpoint exact costs with this coverage.

For a policy that offers up to $500,000 in coverage, you can expect to pay between $100-175 per month. The range indicated is based upon different levels of risk for owner-operators.

On average, an individual owner-operator pays $140 a month for coverage.

If a company is looking to offer employees coverage, the costs can vary. Many companies receive substantial discounts when purchasing comprehensive policies for a number of drivers. Coverage can often break down to $90-100 per driver for $500,000 coverage limit. This depends on the size of the trucking outfit.