Occupational accident insurance can provide several benefits for workers that file workers’ compensation claims. One of the essential lessons COVID-19 taught us is how crucial the trucking industry is to our day-to-day lives. This realization became apparent early on during the pandemic when shipping delays and supply shortages affected businesses and individuals across the globe. Even now, as the economy begins to recover, trucking plays an essential role in many aspects of our lives.
But some glaring issues remain. In particular, occupational accident insurance seems to be neglected by many employers and insurers. It is wise to address this as soon as possible, as this coverage is vital to the risk management program of any trucking firm.
Occupational Accident Insurance Defined
To better understand occupational accident insurance, consider the relationship between contract drivers or independent owner-operators and trucking firms. These truckers aren’t usually full-time employees of the company, which means they don’t qualify for workers’ comp. It places them at a disadvantage if they suffer an injury on the job.
Occupational accident insurance protects such drivers, covering medical, disability, death, and other work-related risks. Some insurance policies even cover certain diseases and health conditions related to their work as truck drivers. Others even enable disabled drivers to work in other roles if they can no longer drive.
Why Occupational Accident Insurance is Essential
Occupational accident insurance benefits truck drivers working for a firm, whether they are independent operators or contract workers. Although it will not replace workers’ comp, it does provide similar benefits.
But occupational accident insurance also benefits the trucking company. Suppose an independent owner-operator sustains an injury on the job and sues for workers’ comp. In that case, the firm may be in legal trouble if it doesn’t have the appropriate insurance coverage. Additionally, it could result in lengthy and costly claims disputes that could tie up the company’s finances and possibly even jeopardize its future.
Many trucking companies and even insurers neglect to get occupational accident insurance simply because it isn’t a legal requirement. Nevertheless, it provides an extra measure of protection that companies should take advantage of if they want to protect their assets.
Statistics on Truck-Related Accidents
According to the annual Large Truck and Bus Crash Facts (LTBCF) report, nearly 5,000 trucks and buses were involved in fatal crash incidents in 2020. This figure represents a 5% decrease in fatal crashes in 2019. But truck and bus fatalities per 100 million miles rose from 0.162 to 0.177 from 2019 to 2020. This increase is only 14% lower than the highest mark in the 21st century, which was 0.205 in 2000.
Fatal truck and bus crashes declined by 34% from 2005 to 2009. But this rose by 31% from 2010 to 2020. Crashes went down by 3%.
As for truck and bus-related injuries, the number decreased from 102,000 to 60,000 from 2002 to 2009, representing a decrease of 41%. But this increased by 63% to 97,000 from 2009 to 2015. Figures declined by 4%‒from 112,000 to 108,000‒from 2016 to 2020.
Intercity buses accounted for 11% of all buses in fatal accidents from 2010 to 2020. School buses accounted for 38%, while transit buses accounted for 35%.
Conclusion
As you can see, occupational accident insurance provides essential coverage for trucking and bus companies. Be sure to advise your client about this type of insurance and keep its importance manageable.
Your client will need all the protection that insurance provides. Without occupational accident insurance, they could risk finding themselves in lengthy and costly legal proceedings. So, help them protect themselves and their company by providing excellent insurance advice.
About InsureMyWorkComp
InsureMyWorkComp is a digital brokerage that helps clients find the right workers’ compensation solution for their business needs. Unlike other online platforms, we will help you to work with an agent who can provide you the right solution for your risk profile. Our staff has over 50 years of workers’ compensation underwriting and sales experience, and we are confident that we will provide you the support that you need. For more information or to get a quote, contact us today at (855) 340-9138.