Commercial Truck Insurance for Owner/Operators and Company Drivers

Small business owners are the lifeblood of the economy, which is why many savvy entrepreneurs set out to get their piece of the American pie. If you’re thinking about owning and operating a big rig, you’ll be joining the ranks of the thousands of transport professionals on the road today. The benefits of being an owner/operator are many, including creating your own schedule and routes, deciding which cargo to haul, financial freedom and taking pride in being your own boss.
    On the other hand, you may not be ready to take that leap to own your own big rig yet. Commercial truck ownership means higher insurance rates and dealing with the rising cost of fuel. If you lease your commercial truck with a trucking business, you enjoy several advantages, such as trailers provided by your company and being able to use an expense account for tolls, gas and permits.
    Whether you work for someone else or you call the shots, you need proper commercial truck insurance to protect your investment and your peace of mind. The following is a list of policies available for owner/operators and those who are company drivers:

    Comprehensive coverage. This popular type of coverage offers protection for non-collision losses, such as fire, smoke, windstorm, theft, lightning, hail and vandalism.
    Liability insurance. For many truckers, this is mandatory insurance which pays for any damage you cause to property or other drivers with your big rig. If you are caught driving without carrying this type of insurance, it is considered an offense and could result in heavy fines.
    Replacement cost coverage. This gives you peace of mind by covering personal property that is stolen, damaged or destroyed.
    Trailer interchange coverage. For the company driver, if you have a trailer interchange agreement, this coverage helps protect you while you're in possession of a container or trailer that you don't own.
    Occupational accident coverage. If you are injured on the job and you need to see a doctor or make a trip to the emergency room, this coverage pays your medical bills for certain covered accidents while you're working. This type of insurance can be highly beneficial if you don’t currently carry health insurance.

    Commercial truck insurance can be much higher than auto insurance, which is why it pays to shop around. Speak to an insurance agent about coverage amounts and how to save on the various policies listed above. Protect your livelihood and your precious cargo today.

Big Rig Insurance for the Owner/Operator

As the driver of a big rig, you ride down the highway in a mobile office, especially if you are an owner/operator. When you’re in business for yourself, not only do you have the pleasure of traveling the beautiful countryside as you transport goods, but you also enjoy financial freedom. The very financial independence that you worked so hard to attain as a small business owner can be blotted out in an instant in the event of a crash.
    As a driver working under your own authority, you have to take special measures to protect your investment that truckers working on behalf of a motor carrier don’t have to worry about. It makes good financial sense to buy as much big rig insurance as you can afford up front, so you don’t end up shelling out an exorbitant amount of money for property damage and medical expenses after an unfortunate collision.
    The following three types of commercial truck insurance can help protect your investment and your livelihood:
   
    Liability insurance. Big rig coverage can be expensive because commercial trucks are often the largest vehicles on the road and can cause the most damage. Liability insurance protects you in the event that you injure another driver or cause damage to their personal property during a trucking accident. Speak to your insurance carrier today to determine the amounts of coverage you need.

    Non-trucking liability insurance. As an independent trucking professional, you need this form of insurance in the event that you’ve delivered your cargo and sustain an accident while your big rig is not in use for trucking purposes. For example, if you are on the way home after transporting goods, and you cause a crash, non-trucking liability insurance provides coverage when you are not in business.

    Cargo insurance. Your reputation is built on safely delivering goods and merchandise from one location to another. This type of insurance is invaluable for owner/operators. It offers protection for the precious cargo you’re transporting in the event of theft, fire or an accident. Speak to an insurance professional to determine the necessary coverage levels.

    You’ve worked hard to grow your business, but one accident can wipe out your sole source of income. Drive smart with proper commercial truck insurance. Your business will blossom as a result.