Truckers Occupational Accident Insurance is a type of insurance provided by motor carriers to protect independent contractors and owner operators in the event of injury or death on the job. This insurance coverage is designed to cover medical expenses, disability leave, and reimbursements to the driver's family if they are injured or killed while working.
The cost of Occupational Accident policies for truckers typically depends on factors such as the coverage limits, the specific coverages included in the policy, and the insurance company providing the coverage. Generally, policies with limits ranging from $500,000 to $1,000,000 can cost between $60 and $160 per month per owner operator or independent contractor.
When selecting an Occupational Accident Insurance policy, it's essential to look for flexible coverages that apply to a range of scenarios, the ability to bundle with Contingent Liability coverage, appropriate policy limits, and additional coverages such as Passenger Accident and Non-Occupational coverage.
Having the right Occupational Accident Insurance policy can serve two purposes for motor carriers. Firstly, it can attract high-quality drivers by providing them with confidence that they will be taken care of in case of an accident. Secondly, it can help preempt lawsuits by ensuring that the policy provides adequate coverage for medical expenses, thus reducing the likelihood of independent contractors suing the motor carrier for workers' compensation benefits.
To find the best Truckers Occupational Accident Insurance, motor carriers should shop efficiently and compare quotes from different insurance companies. Working with experienced agents who understand the needs of motor carriers can help tailor a policy that provides the necessary coverage at the best price.