Zurich North America has increased benefit limits in its occupational accident insurance program for independent contractors in the trucking industry.
The changes are intended to address the impact of rising medical costs and inflation on coverage for truckers who are not covered by workers’ compensation policies.
Occupational accident insurance typically covers accident-based medical expenses, disability wage replacement, and accidental death and dismemberment (AD&D) for independent truckers. The new enhancements include a 50% increase in the combined single program limit and Accident Medical Benefit limit, as well as up to a 60% increase in Temporary Total Disability and Continuous Total Disability limits.
The program also now offers higher benefits for injury-related ambulance, dental, and mental health expenses, along with increased coverage for truck payment obligations.
“Across the insurance industry, occupational accident benefit levels for independent truckers weren’t keeping pace with economic realities," said Mike Saporito (pictured above), head of occupational accident at Zurich. "We saw a gap and took action to help close it.”
He also said that Zurich has provided solutions for independent contractors in trucking since 1997 and that the higher limits reinforce its position in the market.
Saporito noted that inflation has reduced the value of existing coverage limits and disability payments, which have remained largely unchanged for more than a decade. He explained that the purchasing power of a $1 million benefit today is only about $700,000 compared to 2009, while medical costs have continued to rise.
“These trends mean that a serious injury can quickly exceed traditional benefit caps,” Saporito said. “We’re resetting the bar so independent truckers get the protection and financial support they need after a work-related injury.”
Zurich said it has received positive feedback from brokers working with motor carriers that sponsor occupational accident programs. Motor carriers often make this coverage available to independent contractors under specific lease agreements, with the contractor paying for the coverage.
Zurich North America has also been active in the cyber insurance market. The company recently acquired cyber insurtech BOXX, expanding its cyber protection capabilities and signaling a broader commitment to addressing evolving digital risks for clients.
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