The High Cost of Not Having Occupational Accident Insurance

The High Cost of Not Having Occupational Accident Insurance


August 2nd, 2023


In the world of trucking, safety is paramount.  However, despite the best efforts of Owner Operators and Motor Carriers, accidents can and do happen.  That's where Occupational Accident Insurance (OAI) comes into play.  More than a mere safety net, OAI is a crucial coverage option that provides much-needed financial protection for Owner Operators. 

 

The High Cost of Work-Related Accidents


According to the National Council on Compensation Insurance (NCCI), the average cost of Workers Compensation claims in 2019-2020, the most recent data years available, was a staggering $41,353.  This figure alone should be a wake-up call for Owner Operators and Motor Carriers alike about the potential financial risks associated with work-related accidents. 


However, the financial implications can escalate even further.  The costliest lost-time Workers Compensation claims, those arising from motor vehicle crashes, averaged an even more alarming $85,311.  These figures are not just numbers; they represent the potential financial burden that can be imposed on an uninsured Owner Operator or Motor Carrier.


The Gap in Workers Compensation


In most states, Owner Operators are not required to be covered by Workers Compensation.  However, this absence of a requirement does not eliminate the possibility of a financial catastrophe.  An uninsured Owner Operator who gets hurt on the job might attempt to pursue the Motor Carrier as a “statutory employer” to access Workers Compensation benefits.  This scenario can lead to substantial financial implications for the Motor Carrier.


The Solution: Occupational Accident Insurance


At Workforce Insurance Underwriters, we believe that taking chances with your Motor Carrier clients' financial security and peace of mind is not an option.  That's why we offer high-quality Occupational Accident Insurance for Owner Operators and Contingent Liability Insurance for Motor Carriers.


Our OAI coverage is designed to protect Owner Operators (and Motor Carriers) from the financial pitfalls associated with work-related accidents.  It provides a viable alternative to Workers Compensation for Owner Operators, offering essential coverage options to ensure they are protected when they need it most.


Our low-touch operations mean that getting covered is a straightforward and hassle-free process.  Plus, our commitment to innovation ensures that we continually strive to provide our clients with the best products and services.

 

The Bottom Line


In the trucking industry, safety is paramount, but accidents can still happen.  The average cost of work-related accidents can be crippling, but Occupational Accident Insurance can provide a much-needed safety net.


Don’t gamble with your client’s financial stability or peace of mind.  Secure Occupational Accident Insurance from Workforce Insurance Underwriters today and drive confidently, knowing you're covered.


To learn more about Workforce Insurance Underwriters and our new Truckers Occupational Accident Insurance program, click here.


Follow us @workforceinsurance on LinkedIn, Facebook, Instagram, and YouTube.

Source:

National Safety Council


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