Truckers have a wide range of insurance types and coverages to choose from, and it can be hard to know what is worthwhile and what constitutes unnecessary extra spending for very little benefit. However, one policy that is often overlooked is occupational accident insurance.
Whether the policy is being purchased for a single trucker or an entire fleet of employees, it can be a wise investment to keep drivers safe and secure while they are doing their jobs. Here’s what you need to know about how occupational accident insurance works.
Occupational accident insurance is on-the-job protection against some of the hazards associated with trucking. No one ever plans for bad things to happen, but sometimes truckers experience medical emergencies or accidents that result in their disability, dismemberment, or even death.
While trucking companies may do everything they can to prevent such drastic outcomes, it is still important that they maintain proper insurance coverage in case the worst does happen, and this is the purpose of occupational accident insurance.
What Types of Events Are Covered?
The exact coverage offered in an occupational accident policy will vary depending on the amount of coverage you select and what the insurance company offers. However, some of the more common elements of this type of accident insurance include:
- Medical and Dental – to help cover expenses related to injuries sustained during a covered accident on the job. Some policies may include ambulance transport, physical therapy, and home health care.
- Accidental Death, Dismemberment, and Paralysis – to reimburse a trucker or their family for the substantial loss of income or the ability to work. The amount paid out from a policy will depend on its conditions, but in general, policies will cover events like loss of life, quadriplegia, paraplegia, loss of limbs, loss of sight, or loss of multiple fingers on the same hand.
- Disability Income – if a trucker becomes temporarily or permanently disabled while on the job, they may rely on this aspect of occupational accident insurance. Many temporary benefits pay up to 70% of the usual compensation for between one to two years after a covered accident. Continuous total benefits for those who cannot return to work may last until age 70, with a total limit dependent on the policy.
Things That Usually Aren’t Covered
While many injuries can occur related to trucking, not all of them may be covered by occupational accident insurance. These include:
- Self-inflicted injuries
- Drug or alcohol overdose
- Certain Heart attacks or strokes
These are just a few of the most common policy exclusions. Be sure to read the details of any policy that you are considering to see a full list. Moreover, an occupational accident insurance policy will not necessarily always cover things like total permanent disability or accidental death. While these are popular additions, base policies for the lowest cost may exclude them.
Always check to see if everything that you want is included; it is often possible to add riders or other elements to an occupational accident insurance policy for aspects that are important to your company, such as survivors’ benefits.
Is Occupational Accident Insurance Mandatory?
In short—no, it is not mandatory that a trucking company purchase an occupational accident insurance policy. While they are certainly required to abide by regulations regarding the offering of workers’ compensation, occupational accident coverage is a private option, and failure to hold a policy will not result in any legal or liability issues.
However, it is wise to consider an occupational accident insurance policy to ensure that truckers are fully covered for expenses that may otherwise be very expensive. Because large trucks can cause significant damage to both property and people, the injuries faced by truck drivers can be severe, life changing, and costly without the coverage of an occupational accident policy. Thus, it is recommended to purchase at least some coverage, even though it is not mandatory.
Trust the Pros to Help You Choose the Right Combination of Insurance Coverage
Deciding which varieties of insurance to purchase for your trucking company can feel like an exercise in futility. You want to choose the right coverage to keep you safe and protected, but you also want to avoid spending money on something that will never get used.
The experts at Burton & Company can help you create an ideal blend of coverage that includes occupational accident insurance and more. Reach out to learn more about the trucking insurance services we offer or to schedule an appointment to get started on a policy.