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2 Mid America Plaza Suite 1015 Oakbrook Terrace, IL 60181
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Occupational Accident Insurance is a specialized form of contingent liability insurance that serves as a crucial safety net for owner-operators who enter into lease agreements with motor carriers. It is designed to provide comprehensive coverage and financial protection for both the owner-operator and the motor carrier in case of unforeseen accidents or incidents.
Whether obtained by the owner-operator or the motor carrier, Occupational Accident Insurance acts as an added layer of security, particularly when the owner-operator seeks coverage under the motor carrier's Worker's Compensation policy. This insurance arrangement ensures that all parties involved are adequately protected and mitigates potential financial risks.
The scope of Occupational Accident Coverage extends beyond a single aspect of protection. While it includes coverage for accidental death and dismemberment, it also encompasses a wide range of benefits, such as medical expenses, disability coverage, and other available options tailored to meet the unique needs of owner-operators and their work environments.
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.
Mandatory Liability Insurances
Higher Coverage Recommendation
Hazardous Cargo Requirement
Additional Coverage Options
In the unfortunate event of an accident leading to the loss of life or a severe injury, Occupational Accident Insurance provides financial support to the affected party and their beneficiaries. It helps alleviate the burden of medical expenses, ensuring that necessary treatments, surgeries, and rehabilitation services are covered. Additionally, in cases where an accident results in a disability that hinders the owner-operator's ability to work, this insurance offers income replacement or disability benefits to compensate for the loss of earnings.
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2 Mid America Plaza Suite 1015 Oakbrook Terrace, IL 60181
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