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 underwritten by the Atlantic Specialty Insurance Company, an Intact Insurance company, and it’s 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. OAI provides coverage for accidents only, not sickness. Pre-existing conditions are also excluded.
- It does not cover damage to a client’s property.
- Coverage is subject to policy terms, conditions, limitations, and exclusions. Availability, benefits, and exclusions vary by state. It may not be available in all states.
- ODICA membership is required, if applicable.
- 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 review the benefit limits here:
- Accident Medical Expense: Up to $1,000,000 per covered accident
- Temporary Total Disability: 70% of Average Weekly Earnings (maximum of $500/week with a 7-day waiting period; up to 104 weeks)
- Continuous Total Disability: Up to $200,000
- Accidental Death: Up to $50,000, with survivor benefits of up to $200,000
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 (non-reimbursable earnings). Remember: you only pay when you earn. There are no upfront costs, it’s pay-as-you-go (subject to change). 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.
Occupational Accident Insurance underwritten by Atlantic Specialty Insurance Company, an Intact Insurance company. This insurance is NOT workers' compensation and provides coverage for accidents only (not sickness or disease). Coverage is subject to policy terms, conditions, limitations, and exclusions; benefits and availability may vary by state. Benefits include: Accident Medical Expense up to $1,000,000; Temporary Total Disability 70% of average weekly earnings (max $500/week, 7-day waiting period, up to 104 weeks). Premium: 3% of non-reimbursable earnings (pay-as-you-go). ODICA membership required (if applicable). Available to contractors in Driving, Auto Detailing, Claims Inspector, and Clerical roles only. Not available in all states.
