Below are some of the more frequent questions we receive as an agency. If you have a specific question please do not hesitate to give us a call or email.
Premiums for Usage-Based Insurance (UBI) policies are paid monthly in arrears, meaning you pay for the previous month’s coverage (e.g., pay for April in March). Each month, you are required to send one email containing a spreadsheet to both Bunker and the Carrier. This spreadsheet should detail independent contractor payroll totals, hours worked, miles driven, contractor identifiers, dates, and states where operations occurred. It is crucial that this email is submitted within the first five days of each new month. Additionally, you will receive one invoice per month from the carrier, which accurately reflects the usage for all independent contractors covered under the policy.
To apply for usage-based insurance, you’ll need to follow these steps and provide the following submission requirements:
- Complete a short application form.
- Provide a spreadsheet detailing independent contractor usage over the prior six months, if possible.
- Include loss runs, if applicable.
- Submit a sample independent contractor (IC) agreement from your gig firm.
- Provide a sample ‘Terms of Use’ or client agreement.
- List the states in which your operations are conducted.
- Outline your background check process and requirements.
- Demonstrate tracking capabilities for independent contractors, typically through a website or app.
- Submit audited financials, if applicable.
- Include Motor Vehicle Records (MVRs), if applicable.
Occupational Accident Insurance (OAI)
Occupational Accident Insurance (OAI) is a widely used insurance policy among Gig Firms, providing similar protections as workers’ compensation. It includes customizable benefits such as medical expenses, death/survivor benefits, and disability payments tailored specifically for independent contractors.
General Liability
General Liability (GL) Insurance offers blanket coverage for independent contractors, with various coverage limits available. It can be customized based on factors such as hourly rates, mileage, per-job terms, and more to suit the specific needs of the contractor.
Hired Non-Owned Auto
Hired Non-Owned Auto Liability (HNOA) Insurance is designed for gig firms that employ independent contractors as drivers. It provides blanket auto liability coverage, ensuring protection in scenarios where contractors use their vehicles for business purposes.
We handle almost every state in the country. Please complete the application, or reach out to Bunker Protect, Inc. to learn more or start a click here to start quote online.
The workers’ compensation requirements for household employers are unique in every state. To learn more about the requirement in your state specifically, click here.
Families that don’t have workers’ compensation insurance coverage take on significant risk if there is ever a workplace injury. This means paying out-of-pocket for the employee’s lost wages and medical expenses. A significant accident could be financially devastating.
In addition to financial liability, in states where workers’ compensation is required, there are substantial fines for non-compliance. Finally, workers’ compensation insurance provides legal protection because employees who accept benefits generally forfeit their right to sue the employer – regardless of fault.
Many large enterprises have the same requirements for independent contractors as they do for full scale businesses. Education can go a long way in helping them lower them to better match industry standards. Show them benchmarks and statistics, and if you need help, call Bunker!
We’re happy to be your resident insurance experts and sit in on any meetings where our knowledge can be of service to you and your contractors.
While certificate holders are allowed to access policy information, and (in most cases) are informed of any changes, only an Additional Insured endorsement makes it so that the insurance actually applies to you. This becomes important when your business is sued for a contractor’s mistakes.
When a contractor has a claim, their insurance carrier may decide to later try to recoup the loss from other responsible parties – that means you. A waiver of subrogation takes away this option.
An umbrella policy extends the limits of the coverages a contractor already has. If a contractor has $1M General Liability and $3M Umbrella Liability, they can only use the Umbrella policy on General Liability claims that surpass the initial $1M limit.
Many don’t realize that what Cyber really covers is data. If a contractor’s computer is hacked, it would cover the data lost in the cyber attack – but it would also cover them if a file with client information was stolen from their car. What it doesn’t cover, are things like damaged electronics or lost revenue from a bug in a freelance developer’s code.
This is not an easy answer. Different insurance companies will have different formulas on determining your insurance premium; one of which can be claim frequency and severity. It is our recommendation to discuss your specific claim with our claims manager to see if turning in a claim makes sense. However, all possible liability claims need to be turned in; as the insurance company needs to be put on notice.
An adjuster is a representative of the insurance company that helps settle a claim. They are not employed by us. We do not settle claims as this is done by the adjuster. However, we will assist in making sure a covered claim is paid fairly and promptly.
All payments should be directed to the insurance company unless specifically stated by your representative. Please see our “billing” section if you wish to pay by phone or have a question on your billing account.
