Contractors have to look out for themselves. But who looks out for you when something unexpected happens on the job?
That’s why there’s Occupational Accident Insurance (OAI). It’s designed to help contractors like you when they have an injury at work. This article dives into what it is, how it can help, and how to sign up with Wingspan.
What is Occupational Accident Insurance (OAI)?
OAI functions as a safeguard for contractors who are injured due to an accident at work.
Generic business insurance may not cover injuries that result from the specific risks you face as a 1099 contractor. That’s why Wingspan’s OAI is different. It’s insurance built for contractors who work in the following roles:
- Claims Inspection
- Inspecting and assessing damage to property or vehicles to report on a claim
- Professional & Administrative Services
- Providing technical, creative, administrative, or other professional support services (e.g., development, design, data management, contact center work)
- Driving & Delivery
- Operating a motor vehicle to transport goods, materials, or people
- Auto Detailing
- Performing cleaning, washing, polishing, or restoration services on the interior or exterior of vehicles
It’s always a good idea to read the fine print on any insurance. Here’s what you need to know:
- The policy does not cover sickness or disease, as it only applies to injuries resulting from a covered accident. Pre-existing conditions are also excluded.
- It does not cover damage to a client’s property.
- OAI is not a worker’s compensation (WC) policy, and may not act as a substitute where Worker’s Compensation is required by law.
- If you sustain injuries while traveling to or from the location where you’re performing a service, OAI cannot cover those injuries.
What does OAI pay for?
Missing work due to an injury can be debilitating for contractors – there’s no such thing as “taking a sick day” and getting paid for it. That’s why OAI can be a life-saver; it can cover medical expenses, lost income (also called disability), and accidental death.
That can mean reimbursements of up to $1,000,000 of medical expenses with a $0 deductible. You can receive 70% of your average weekly earnings up to a maximum of $500 p/week (for up to 104 weeks), or up to $200,000 total if you’re permanently disabled. Death benefits can reach up to $50,000, with survivor benefits of up to $200,000. Benefits for dismemberment/paralysis are up to $250,000.
Are there other benefits of OAI?
Ever had to deal with a broker to get insurance coverage? It can be a serious headache. Speaking of headaches, try filling out an insurance application in a reasonable amount of time. With OAI through Wingspan, you can enroll in minutes, and your compliant coverage starts immediately.
Instant coverage is critical when you’re working with a client that requires insurance. Now you don’t have to worry about losing a contract while you wait for an insurance company to approve you. Wingspan lets you meet those client insurance requirements instantly – you can download proof of insurance immediately after enrollment. Even better, managing your insurance policy and accessing your documents is simple, as it’s all available on your Wingspan dashboard.
How much does it cost?
Wingspan makes it easy to protect yourself today with OAI. When you opt in, it takes just 3% of each payment you receive via Wingspan. Remember: you only pay when you earn. There are no upfront costs. And once you’re set up, you can feel confident that you’re truly safe at work.
Login to your Wingspan dashboard to learn more about OAI, and sign up today.
