The road to becoming an owner-operator of your own semi-truck, heading up your own fleet operations, can be long and arduous. Years of driving for someone else’s fleet and dealing with long hauls and unfavorable scheduling have finally paid off and it’s time to be your own boss. But while you may be excited to choose your own routes and raise your asking price for jobs, there’s still the matter of commercial truck insurance to handle.
It is a sure thing that all drivers have had their own association with commercial truck insuranceto some capacity in their careers. But when it comes time to manage your own operations, commercial truck insurance becomes even more imperative. What you have to keep in mind are variables like your role and responsibility towards freight brokers, motor carriers, shippers and clients. From choosing to lease with a larger company to dealing with safety concerns on the road, choosing the right program is needed when you step into the shoes of an owner-operator.
Liability Insurance
It’s good start with liability insurance coverage that protects you in the event of an accident. Even if your record behind the wheel is clean, it’s always important to have the right insurance coverage to provide the right financial support. This is usually the most costly part of the owner operator insurance program.
About 4,000 people die in large truck/semi-truck crashes per year, not to mention many more who are injured due to other incidents involving fleet vehicles. When something like this occurs, it pays to have the right commercial truck insurance in your corner.
Physical Damage Insurance
Owner-operators should also look into physical damage insurance, which covers the current value of your truck.. Gap insurance can also be purchased, much like automobile insurance, to help cover for the different between the value of a truck and any loan balance in the event the vehicle is totaled.
Cargo Insurance
Cargo insurance is also noted as a must insurance coverage. . Truckers generally need to carry 100,000 in coverage, but current trends have this limit increasing especially considering the type and value of the freight being hauled. Trucking professionals can also inquire about adding on load-specific motor truck cargo insurance if they contract for a certain type of cargo.
Other Types of Commercial Truck Insurance
Owner-operators often haul someone else’s trailer. This can be covered by something called non-owned trailer insurance. This kind of coverage protects the driver for damage to a trailer not owned. Owner-operators can also look at other coverages available meant to provide a full spectrum of support. From non-trucking liability, to General Liability, Umbrella, and workers’ compensation, owner-operators have a full list of insurance options to stay protected.
About Western Truck Insurance Services
Western Truck Insurance Services is a commercial truck insurance agency with roots dating back to 1954. We have evolved into a highly respected, professionally managed, truck and transportation insurance brokerage. The hallmark of our organization is our desire to provide unparalleled service. We go way beyond what you expect to receive from an insurance brokerage. Equipped with state of the art automation, Western Truck Insurance can provide you with lightning fast truck insurance quotes, customer service, Insurance certificates and coverage changes.