Being a trucker is a fruitful career financially and in terms of the experiences you have along the way. However, it also puts you at a heightened risk of being involved in an accident, and unfortunately, accidents you’re involved in tend to be a lot more serious than two Sedans getting into a fender bender.
As such, insurance is absolutely necessary, and we’re going to briefly go over one of the most important types of insurance you can have - occupational accident insurance.
What is Occupational Accident Insurance?
You’ve likely heard of Worker’s Compensation. It’s a state-based insurance program that ensures people injured at work can still get money to survive while they recover and can’t work.
However, some truckers don’t get Worker’s Comp. Independent Contractors don’t get it, and some states allow trucking companies to opt out of it entirely. So, their employee truckers aren’t eligible, either.
Occupational Accident Insurance, or OAI as we’ll refer to it going forward, is designed to cover that insurance gap when necessary.
What Does OAI Do?
OAI essentially takes the place of Worker’s Comp when it’s not available.
That essentially means that, if you get hurt on the job without it, you’re stuck relying on your savings for everything. If you don’t have savings, and you can’t work, you can’t make ends meet. That can be a financial disaster.
Consider some of the risks that can occur on the road in your position. A wreck is bad for everybody, but like we said earlier, it’s usually far worse for a trucker. You can end up out of work for months or even permanently.
There is also the strain of your unique career that can cause workplace accidents. Climbing into your truck, you might slip at no fault of your own, and at that height, you might be severely injured. Getting injured while loading or unloading is common, too. It’s not all about getting into serious accidents. There are a lot of risks that you take as a truck driver.
OAI ensures that, even if you are in an accident and not entitled to benefits from your employer or the state, you can still protect your livelihood and feed your family.
Who is OAI for?
While OAI is compatible with Worker’s Comp, it typically becomes an either/or decision. In most cases, OAI is better for independent contractors or employees who don’t qualify for worker’s comp. Its primary purpose is to close a gap in insurance. Not double up payments or enhance an existing policy.
Is Occupational Accident Insurance Required?
OAI is not required. You can go without it, and if you are eligible for Worker’s Comp, that might be a better solution depending on your circumstances. However, if you’re one of the truckers OAI is designed for, it is in your best interest to get a policy immediately.
Anything can happen on the road, in the loading dock, or even just getting in and out of your truck. You need coverage to protect yourself and your family.
Contact Thomas Wilson Group LLC to Protect Your Livelihood
If you’re driving without OAI, you need coverage now. Contact Thomas Wilson Group LLC, and we’ll go over your options to protect your livelihood.
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