Insurance for Owner Operators

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Occupational Accident and Disability Insurance for Owner Operators

Occ Accident Insurance described

Occupational accident insurance covers owner operators when they are injured in the course of their work. This being said, some disability policies cover 24 hours a day-7 days a week. Occupational insurance is in many ways similar to Worker Comp insurance and some states allow Occ Accident insurance in lieu of work comp for Owner Operators. From a standpoint of the driver, in many ways the coverage provided by these policies exceeds that offered by Employment Compensation Plans. In disability coverage, sickness and/or accidental coverage is available. As the name implies, sickness covers time lost due to illness, usually after some period of elimination before benefits are received. Accidental coverage covers time loss to accidents covered in the policy.

The elimination periods are usually, 0 days, pays from the first day lost. to 30,60,90. 180 and 1 year. Costs increases for less elimination time, based on the assumption that you are more likely to be off work for one month than be out for a year. Obviously, a zero elimination period is expensive based on the likelihood that you will use it. A zero elimination policy that covers both accident and illness will obviously be much more expensive than a 6 month accident only policy. Other areas of the policy you should examine closely.The duration of the benefit, is it one year, until age 65 or lifetime? You will need to discuss your options with the company or agency you speak with. There are a variety of policies out there, many look very similar and are.

Are there preexisting condition clauses? It is a little late to buy insurance on the way to the hospital in the back of an ambulance, but people have tried to. Insurance companies are not your benevolent uncle who will take you in despite your mistakes. If they find fraud they will pursue it and they should. It drives up the rates of everyone else.

I like Occupational accident coverages for owner operators due to its coverages mirroring many of worker's comp without the hassle of a worker's comp claim. I like the 24-7 disability coverages since they cover accidents and possibly sickness that are not job related. The companies I wrote disability policies for I don't believe are still actively writing coverages. But my experience was, that those that had it and kept it for a length of time usually ended up using it. Most of the policies I wrote were on truck drivers not covered by worker's comp or who could not afford worker's comp rates. I saw many claims, most were minor, some were death benefits. The most frequent claims I saw had nothing to do with driving but with the process of loading and unloading, strained backs, broken bones from binders on flatbeds, and slipping from equpment during inclement weather.

Some claims were unusual, one driver had a vulture end up in his cab after the bird was spooked by his truck and he had his windows down. The driver died just a few years later from complications of that wreck. His brother called me following that accident and purchased all the coverage we could underwrite for him. Some time afterward, the brother also had a wreck and was fortunate to survive the crash and he did so with minor injuries. Here I will plug Peterbilt, after looking at the total destruction of the driver's cab, The truck protected him from what easily could have been a fatal accident. His most signifigant injury was ligament damage to his knee from his shifter.

Is this an insurance you can do without? I wouldn't think so. If you are off the truck sick or laid up, that truck payment is still due and your family will still have to eat. There are choices out there, just make the one that best fits your needs.

If you are an insurance provider we are seeking a partner or partners to provide coverages for our visitors. Please contact us at trucking insurance We are in the process of finding a quality company with whom we can partner with to provide trucking insurance to our visitors. Premium Owner operators is visited by 30000 drivers each month and this is an excellent chance to grow your business if your coverages and rates are acceptable to the majority of drivers. Life insurance is also an area where there are possibilities, but my focus is on the insurance directly related to trucking and owner operators. The number of inquiries each month grows constantly, more trucking company owners are contacting us for rates and quotes and we need partners in this area. If you are a transportation specialists please contact us.