Workers Compensation Insurance

Posted on June 8, 2018

The trucking industry, like its counterparts, is prone to several contingencies and, often, the brunt of it is borne by the drivers and workers of the company. The threat of fatal injury or loss of life looms over the truck drivers on a regular basis. In case of injury, there are medical expenses to be taken care of whereas the death of the driver might render his family incapacitated. Hence, there are several issues that the workers need to deal with.

Not only the workers, for the employers also this is a cause for concern. Accidents or mishaps not only cause loss of significant amount of money, time and effort but, in some cases, can even cause loss of human resource. Fortunately, there are ways, mainly opting for a Workers Compensation Insurance, to protect your drivers and extend similar benefits to other workers and office staff.

What is Workers Compensation Insurance?

Mandated by law in several places to protect interests of employees, a Workers Compensation Insurance plan offers numerous benefits; like benefits to drivers in case of industrial accidents or compensation policy for workers and office staff.

If your drivers are covered under the occupational accident plan of the worker’s compensation insurance then, in case of an accident the insurance benefits are directly paid to the driver; in case of death in an accident, the insurance money is extended to the deceased’s survivor or nominee. The insurance might also be able to cover for medical expenses and rehabilitation costs depending on the selected plan of insurance.

Not only drivers, even, workers and office staff of a trucking or manufacturing company can be covered under the workers’ compensation insurance and avail benefits in case of industrial accidents, occupational injuries or, even, occupational diseases, in some cases. Several similar insurance plans also cover for lost income or wages of employees which is a big relief to many.

How can Workers Compensation Insurance be enabled?

It is not very complicated to enable a Workers Compensation Insurance plan for a trucking company. There are options that make it easier, like, one can opt to have the insurance premium fee deducted directly from the contract fees or it can also be included with other expenses like leasing fees. This helps to remove complex administrative tasks from day to day operations and the employers can also be free of additional worries. Several other options are also available to facilitate easy assimilation of the insurance plan with any company.

Nowadays there are customized insurance plans available for trucking and manufacturing companies that take into account the fact that no two companies are ever the same, hence, their needs for insurance are also different. Different companies might want to focus more on different areas like industrial accidents, occupational injuries or others. Employers can, thus, see custom insurance plans to find the right plan that suits their fleet size, employee strength, and budget constraints.

How can workers claim workers compensation?

While insurance companies and employers are extending different sorts of coverage plans and benefits to the drivers and workers, there are certain things that need to be taken care of by the employee or their survivors; like –

• Know Company Procedures of Reporting Injuries – The drivers and workers, especially ones working on long haul should know whom to contact in case of an accident or injury. They should also be aware of the procedures in place to file a report of the incident. The sooner an incident is reported, the faster things can work.
• Provide all Required Documents – The insurance company would require certain documents like a doctor’s certificate, accident report or other mandated documents. The drivers (or workers) should be aware of things like these in advance and provide the same whenever required to facilitate the easy claim.
• Maintain Communication with Coordinator – Maintaining communication with the coordinator in-charge of workers compensation is essential in facilitating faster claims and also helps the company in regulating control over the cost of a claim.

Most companies offer drivers and workers job roles in administrative tasks till the time their injuries are healed and they can get back on the road. This helps the employees in several apparent ways, like, earning money in a dignified manner, fewer worries and tension and more. Employees should be aware of such facilities as well as to use them when needed.

Hot Shot Trucking Insurance Requirements

Posted on April 11, 2018

While most people associate commercial trucking with big rigs, it’s actually the smaller segments that have contributed to most of the growth witnessed in this industry. This is particularly true when it comes to hot shot trucking, a segment that has rapidly expanded to become a world of its own. This makes it an ideal territory for entrepreneurs, but it’s important to learn what separates hot shot trucks the rest of the industry.

Hot Shot Trucking

Basically, hot shot trucking refers to freight that’s hauled using a midsize truck, specifically one that falls into Class 3, 4 or 5. What makes them unique from their larger 18-wheel counterparts is their ability to venture into certain areas, since they aren’t restricted by a weight limit. This line of trucking can prove quite profitable for you, as long as you have the connections needed to find loads and have met these insurance requirements:

• -Liability: The FMCSA requires hot shot truckers to carry $750 000 in liability at the very least. However, this won’t cut it from a practical standpoint. Brokers and shippers will require that you have $1 000 000 of the same coverage before they even consider working with you.
• -Physical damage: Although this isn’t required by the law, physical damage coverage for your equipment is strongly recommended.
• -Cargo: Under federal law, you’ll be required to have a cargo coverage of at least $5 000. Shippers will, however, demand a limit of 20 times this amount, with some loads further requiring special endorsements. When hauling multiple loads, each bill of lading will need $100 000 in coverage. It goes without saying that you’ll have to look for a policy designed with such considerations in mind.

A well-designed insurance policy should also contain:

• -Earned freight: This covers the loss of income resulting from a load that cannot be delivered due to a covered cargo loss.
• -Broadened pollution coverage: This caters for the accidental discharge of hazardous materials while in transit, or when they’re being loaded/unloaded from a covered truck.
• -Towing and storage: This caters for all costs related to towing damaged equipment as well as storage.
• -Loading and unloading: This covers shipments while they’re being loaded/unloaded.
• -Combined deductibles: With this coverage, you’ll only need to pay one deductible in the event of a mishap involving both your equipment and cargo as well.

What Else Do You Need to Know?

The annual cost of insuring a single vehicle typically ranges between $6 000 and $12 000, which is significantly less than that what you’d incur with a Class 8 truck. Other factors aside, how much you’ll have to pay for coverage will mostly depend on the agency you use, as well as the companies they’re appointed with. As a rule of thumb, you’ll want to get in touch with multiple agents when shopping for hot shot trucking insurance.

Better yet, why not use the internet and make the shopping process much easier? Here, you can compare multiple agencies to find the coverage you need at the lowest possible price. Not to mention that most companies also offer discounts for online purchases. Buying insurance online could save you up to 10 percent on your quote for the policy, but it’s important that you keep these points in mind while you’re at it:

• -Look for a policy that matches the loads you’ll be hauling, and which is also flexible enough to allow changes to be made at a moment’s notice. This will come in handy when you’re hired to transport commodities that don’t fall under your standard coverage.
• -It’s very important that you review your hot shot trucking insurance quote application before committing yourself. Not all agents will be straightforward when submitting your application — some are known to cut corners as they try to find deals. When checking the documents, pay attention to the types of loads listed and the radius of operation.
• -The best way to save on insurance is to pay in full. Yes, that’s right — it may sound counter-intuitive, but paying for your policy in one lump sum could actually slash its cost by $800. That said, seasoned operators recommend doing this after a couple of years or so of being in business.

Now that you have a glimpse of what to expect in the insurance landscape, feel free to explore and learn more. The name of the game is to buy sufficient coverage at the best possible price, but this will only happen when you have enough knowledge and experience under your belt. That aside, make sure to work with an agent who fully understands the hotshot trucking niche when shopping for an insurance policy.