When you’re shopping for Truckers Occupational Accident Insurance, it’s a must to speak to agents who understand the trucking industry. An improperly tailored policy can leave you with unexpected gaps in your coverage after an incident occurs.
We can help you find the best mix of cost and coverage by connecting you with experienced trucking agents who understand occupational accident insurance and the trucking industry.
We’ve helped over 100,000 truckers shop for insurance and earned a 4.9 star rating on TrustPilot. See how HQ can drive down your occupational accident costs today! It’s fast, efficient, and free!
What is Truckers Occupational Accident Insurance?
Truckers Occupational Accident Insurance, or Occ Acc for short, is a type of insurance intended to cover truck drivers, that are leased-on owner-operators, from financial losses that happen as a result of work related injuries.
This coverage can provides payments for lost wages, medical bills, disability leave, and can also provide benefits to family members if the injury results in an accidental death. It’s comparable to workers’ compensation but specifically designed for independent contractors.
Did you know that over 30% of all occupational deaths are transportation related? Having the right coverage here is a must.
How Much Does Occupational Accident Insurance for Truckers Cost?
Trucking Occupational Accident policies, typically cost between $60 and $160 per month, per driver. This assumes policy benefit limits of between $500,000 and $1,000,000.
For motor carriers with multiple contract drivers that are leased on, savings can add up quickly—a policy that saves $70 per driver per month results in $4,200 in annual savings for a motor carrier with 5 independent drivers.
Several factors affect the cost of Occupational Accident coverage:
- Coverage and Policy Limits: Higher limits or broader coverage typically cost more.
- Insurance Company: Each company calculates risk differently, leading to varying premiums. Shopping around to find the most competitive rate is key.
- Past Safety Record and Deductible: A good safety record can lead to lower premiums, while adjusting deductibles can also impact cost.
The best way to save is to compare quotes from different companies that specialize in trucking coverage.
What are the main coverages of an Trucking Occ-Acc policy?
Typical benefits and coverages of an Occ Acc policy are below. Of course, polices do differ from one another, so it’s important to read the fine print.
- Medical Expenses: Coverage for medical bills resulting from on-the-job injuries.
- Disability Income Benefits: Payments for lost income if the driver is unable to work due to an injury.
- Accidental Death and dismemberment Benefits: Financial support for the driver’s family in the event of a fatal accident or loss of a limb.
- Survivor Benefits: Ongoing payments to dependents following a covered accident.
- Accidental Dismemberment: Benefits for the loss of a limb or other body parts.
- Passenger Accident Coverage: Protection for passengers in the truck at the time of the accident.
- Non-Occupational Coverage: Optional coverage for injuries that occur outside of work.
Who pays for Occ Acc coverage?
Good question! It all depends on how the Motor Carrier structures the lease agreement.
In some agreements the Motor Carrier will provide this coverage to you. In other lease agreements you are required to purchase this on your own. Keep in mind, if you have to purchase an occ/acc policy on your own, the lease agreement will specify what limits, coverages, and other requirements your policy must have.
3 Ways to Save on Your Occupational Accident Policy
In either case, a Motor Carrier providing coverage for their drivers, or owner-operators and independent drivers purchasing a policy on their own behalf, we can help find affordable occ acc!
Here are 3 ways to bring down your Occupational Accident Insurance costs, even further, without sacrificing coverage:
Compare Insurance Companies
Trucking is a high-risk industry. Choosing the right insurance policy is complicated by the fact that truckers operate across different states with different occupational injury laws. That’s why you need multiple options to compare, ensuring you find the best policy that fits the nuances of your trucking business at the cheapest rate.
Some of the trucking insurance companies that write occ/acc are Chubb, Great West, Great American, Zurich, and Crum and Forster. Let us help you compare your options!
Customize Your Occupational Accident Coverage
When setting up your Occupational Accident Insurance policy, you’ll need to decide on:
- Liability Limits: The amount your policy pays for medical bills or other liabilities.
- Disability and Death Benefits: The benefits provided to the injured party or their family.
- Deductibles: Raising your deductible can reduce monthly premiums, though lower limits increase your exposure in case of an incident.
Work with an experienced agent to ensure your coverage is balanced to protect your business while keeping costs in check.
Consider supplementing with Contingent Liability Insurance
Occasionally, independent contractors who feel inadequately compensated after a work-related accident have sued motor carriers for coverage under workers’ compensation, claiming they were actually employees. These lawsuits can be costly for motor carriers, especially if the contractor wins.
Having reasonable Occupational Accident Insurance limits can help mitigate the risk, but getting Contingent Liability Insurance adds an extra layer of protection. This coverage is designed for situations where an independent contractor sues and claims they were an employee. It’s a smart way to protect your company from the risks associated with occupational injury disputes.
Occupational Accident vs Workers Comp
So what’s the difference between Occ/Acc and Workers Comp for truck drivers?
While Occupational Accident Insurance and Workers’ Compensation Insurance share a common purpose—compensating workers who are hurt on the job—they differ in key ways.
In a nutshell, Workers Compensation provides coverage in case of accidents and injures sustained by your truck drivers that are employees. Click here to learn more about Workers Comp for Truckers.
Occupational Accident Insurance provides similar benefits, but to independent contractors. Owner operators that are leased onto a Motor Carrier are not considered employees, but rather, independent contractors.
Which type of coverage is right for you? As a motor carrier, it depends on the nature of your workforce. If your drivers are employees, paid on a W2, then Workers Comp. If they are leased onto you, and you pay them via 1099, then Occ/Acc.
One reason Motor Carriers often prefer hiring leased owner operators is because the Occ Acc premiums are much less expensive than covering employees with workers comp.
| Truckers Occupational Accident Insurance | Workers Compensation Insurance |
| Covers independent contractors | Covers employees, like company drivers and warehouse workers |
| Not required by law | Required by law in most states |
| Less expensive | More expensive |
| Limits, deductibles, and payout amounts decided by motor carrier’s occ/acc policy | Benefits are usually statutory and fixed by law |
Know the laws in your State
Every State has their own minutia in the wording of your insurance requirements.
Some States, like Texas, have been historically more flexible, resulting in more affordable workers comp polices for truckers.
While in California, where workers compensation is largely unaffordable, some motor carriers have to rely on the state fund for coverage.
Whether you are from Florida, Illinois or New York, or any where in between, make sure your agent is an expert in your states’ laws and requirements.
There are also monopolistic states. These are exactly how they sound.. monopolies. The State is the only place to get WC policies. Ohio, North Dakota, Washington and Wyoming are all monopolistic workers comp states.
What to Look for in an Occupational Accident Insurance Policy
When searching for the right Occupational Accident policy, here are some important features to consider:
- Flexible Coverage Options: Look for a policy that covers a wide range of scenarios.
- Ability to Bundle with Contingent Liability: This extra protection can help prevent costly lawsuits.
- Appropriate Policy Limits: Coverage options of $500,000 vs. $2,000,000, depending on your needs.
- Additional Coverages: Consider adding Passenger Accident or Non-Occupational coverages for more comprehensive protection.
- What’s excluded? Pay close attention to this. Some policies exclude coverage for hernias, but hernias can happen when strapping loads or through heavy lifting.
The Right Policy Does Double Duty
- Attract and Retain High-Quality Drivers
By offering great coverage through your Occupational Accident Insurance policy, you give independent contractors and owner-operators peace of mind that they and their families are protected if the unthinkable happens. High-quality insurance coverage makes your company a more attractive place to work and helps retain quality drivers.
- Preempt Lawsuits
A well-structured Occupational Accident policy with high limits also serves as protection against potential lawsuits. If a contractor’s medical bills are not fully covered, they may be tempted to sue. Contingent Liability Insurance, often bundled with Occupational Accident policies, adds an extra layer of protection by covering claims made by contractors who argue they should be classified as employees.
What if you have been turned down for coverage?
Many commercial truck insurance companies that offer occupational accident polices for truckers will, nonetheless, turn you down. These insurance carriers may have restrictions based on:
- Driving history
- Driver’s age
- Cargo hauled (hazardous materials for example)
- Previous Insurance Losses
- High Risk Drivers
If you have been turned down, don’t despair! Get in touch today and we can help you explore other options and find a policy that covers your drivers.
How to Find the Best Truckers Occupational Accident Insurance
Finding the right policy for your commercial truck business means balancing coverage with cost. Shopping for quotes from multiple insurance carriers is the best way to achieve this.
We can connect you with up to three experienced agents that specialize in trucking insurance and understand Occupational Accident Insurance. They will compete for your business, helping you find the coverage and insurance requirements you need at the best possible price.
It’s fast and free—get your quotes today!
