Occupational Hazard Insurance for Truck Drivers

Some businesses think cyber extortion won’t happen to them. Here are some common scenarios where small businesses can become the victim:

• Do you sell products online? Either from a warehouse or your kitchen table? Cybercriminals shut down these types of businesses everyday by downloading malware on a website or flooding it with too much traffic. As a sales business, you need your website up and running to make a profit. Can you afford the $10,000 demand that comes with an attack like this?

• Many businesses store client information on the cloud or a server in their office. What happens when a cybercriminal steals client information including social security numbers and credit card information? Many times they demand thousands of dollars to return the information instead of publishing it online. And breach of client records can force a business to pay thousands of dollars in mandatory reporting costs.

Workers Compensation Insurance does not have a limit when it comes to lost wages and medical expenses, while Occupation Hazard insurance does. Business owners will be able to choose these limits, as well as deductibles when purchasing the policy. Because of being able to choose limits, there could be a situation where it is not enough to cover the claim from an employee or subcontractor. This could cause issues with them and perhaps make them sue you anyway since you will likely be held responsible for the remaining expenses they incur from the work-related injury or illness. Another thing to note is that Workers Compensation insurance does not have a deductible, so with Occupational Hazard insurance, you need to be aware of this added expense.

Occupational Hazard Insurance, because it is so flexible, will often be more affordable for an employer than Workers Compensation insurance. Being more affordable makes it an appealing option for many employers since you are almost always looking for ways to cut costs. Insurance companies usually offer both Workers Compensation and Occupation Hazard insurance and will be able to give you quotes and coverage comparisons for both.

For single owner operators, you can expect to pay about $8,000 to $15,000 per year for your insurance policy. On the other hand, leased owner operators can expect to pay between $5,000 and $8,000 each year for insurance coverage.

For more details on costs, check out the Truck Insurance Cost For Owner-Operators.

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