Occupational accident coverages are similar to workers’ compensation protections. Independent contractors and those not covered under workers’ comp benefit from these policies.
What is Occupational Accident Insurance?
This insurance covers costs related to on-the-job injuries or mishaps for workers under the following conditions:
- Independent contractors: Workers of this type do not have the benefits employees have regarding workplace injuries.
- Trucking companies: Truck owner-operators are typically freelance contractors, not employees of the company. Individuals can procure a policy, or the trucking companies can offer it to their owner-operators as a benefit.
Can Employers Choose This Kind of Coverage?
Some states allow employers to opt-out of workers’ comp. To save money, they may choose to cover their employees with an occupational accident policy instead. This kind of insurance offers owners more flexibility to design their plans, select deductibles and coverage amounts.
What Does It Cover?
After the policy-holder meets the deductible, occupational accident coverages pay for things like:
- Medical bills stemming from mishaps while performing work duties
- Disability benefits for on-the-job injuries
- Expenses related to an accidental death
- Assistance for survivors
- Costs related to accidental dismemberment
Unfortunately, misfortune occurs in the workplace, and independent contractors must have protections to mitigate their financial risks. Occupational accident coverages help reduce potential job risks and associated expenses.