Three usage based insurance coverages available
Want to learn more about usage based insurance?
Whether you’re interested in Usage-Based Insurance, Occupational Accident, or one of our other custom, on-demand solutions, reach out below and a member of Team Bunker will be in touch within the week!
Tell us a bit about your business, and we’ll start crafting the perfect insurance program for your network!
Too excited to wait? Schedule your appointment now!
Frequently asked questions about usage based insurance
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.
