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2 Mid America Plaza Suite 1015 Oakbrook Terrace, IL 60181
Contingent Liability
Note:
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This type of coverage safeguards a motor carrier in the event that an independent contractor asserts to be an employee and sues for inclusion under workers' compensation. The insurance policy provides reimbursement for the contractor's settlement if they win the case, as well as covers the court costs incurred by the motor carrier.
While utilizing leased owner operators instead of hiring company drivers can offer numerous advantages to a motor carrier, there are also specific risks involved. Leased O/Os require Occupational Accident Insurance, which is more cost-effective, compared to W2 drivers who necessitate the pricier Workers' Compensation coverage.
One particular challenge that motor carriers occasionally encounter is when an independent contractor becomes involved in an accident and subsequently claims to be an employee of the company, aiming to receive Workers' Compensation Benefits.
PinPointing main features
Understanding the significance of robust insurance coverage in the trucking industry, it is vital for companies to prioritize appropriate protection. Let's delve into four essential aspects to consider.
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Mandatory Liability Insurances
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Higher Coverage Recommendation
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Hazardous Cargo Requirement
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Additional Coverage Options
Even if the motor carrier compensates the contractor through Occupational Accident benefits, it might not encompass all of their medical expenses. In such instances, the independent contractor may seek Workers' Compensation benefits from the Motor Carrier.
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Talk to our insurance experts
Feel free to reach out to our team of insurance experts if you have any questions or need assistance in finalizing your plans. We're here to help! Our dedicated staff is always delighted to speak with you, provide guidance, and offer support.
