What Is Occupational Accident Insurance?
At its core, Occupational Accident Insurance is a policy that benefits independent contractors and employees not covered under workers compensations. If an employer refuses to provide workers compensation, they still have to find a way to provide legal obligation to their employees who suffer injury or death on the job. This is made possible through OAI which gives the employer the means to fund this obligation at a lower cost than a workers compensation policy.
What It Covers
Since Occupational Accident Insurance is not mandated by law, you can choose from the following benefits to be added to your plan:
- Accidental death benefit
- Survivors benefit
- Accidental dismemberment
- Accident medical expense
- Temporary total disability
- Permanent total disability
- Non-occupational accident benefit
- Hernia and hemorrhoid benefit
- Chiropractic benefit
- Passenger accident benefit
Why You Should Have Occupational Accident Insurance
If you run a trucking company, you will benefit from the plan for many reasons. Especially in cases when an owner-operator attempts to make a workers compensation claim against you, you will be covered. Plus, there is a higher chance that owner-operators will try to contract with you if they know you have this plan. To learn more about the benefits, give your local agent a call. They can help you decide what is best for you and your business.