Does your current employer provide work Cover or workers compensation benefits? Many truck drivers today are unaware of the relevance of workers compensation for transport operator. With a stiff competition, being able to get a contract is the top priority. Everything else is but cherry on a cake. They no longer ask for work Cover or workers compensation, total disability insurance, and other protective clauses to their contract. While other may seem to offer workers compensation in the hope of getting the best trucking services in town, one aspects remains to be seen– is it enough?
Protection from the Inevitable
Work Cover insurance or workers compensation is both a medical and wage replacement benefit to a contracted employee for any occupation illness or injuries at work or aligned to his or her work. Some prudent employers include their contractors to this insurance policy though. It is also mandatory in the Australian government and often, comes with certain stipulations. However, this one also comes with a caveat– a mandatory relinquishment of one’s right to sue for tort of negligence.
Other companies, however, are not as engaging. In the hope of cutting operational costs to a bare minimum, the precautionary provision of insurance protection is often placed on the shoulders of the contractors (that means you, of course). If provided, it may also carry stringent stipulations including limited coverage and various exclusions. As a transport operator employed for a particular project or for a certain duration, some insurance policies may deny claims on the basis of such limitations and exclusions set forth by the law or by the company to their contractors. With owner operators of trucking contractors not putting too much emphasis on this critical precautionary measure, the chances of being embroiled in financial upheavals may be imminent in the event of illness or injury outside of the worksite. In this regard, you may want to consider income protection as an alternative to WorkCover or workers compensation.
Income Protection as Alternative Insurance
If WorkCover or workers compensation for transport operator does not cover you at all, finding an alternative safety net should be done. This is where income protection insurance comes in. Income protection is a voluntary yet affordable workers compensation for transport operator who may not have WorkCover. I allows a level of continuity for a driver and its dependents to enjoy the same lifestyle amid certain financial upheavals.
When you get sick outside of your job, typical workers compensation for transport operator does not provide cover for your income. You may have the typical medical and rehabilitation benefits, but not earnings continuity while recuperating. This is why many owner operators resort to specialty insurance like income protection– and something that you must also consider. To learn more about truck driver financial protection, call our hotline or send us a request for a consult.