Protect Yourself With Independent Owner Operator Insurance For Trucking
Independent Owner Operator Insurance For Trucking
Whether you are a new trucker or a seasoned pro, it is vital to protect yourself with the proper Independent Owner operator insurance for Trucking. Obtaining an insurance policy is a significant investment that protects your income. If you are at risk for damages, it’s better to get insurance now than to be caught without it later. Investing in a good insurance policy is an investment you won’t regret.
Commercial liability insurance is the basic requirement for owner operators working on their own authority. While federal law requires that an owner operator have at least $750,000 of auto liability insurance, most shippers and freight brokers will require you to carry at least $1 million of coverage. In some states, however, the minimum auto liability insurance is not enough. If you run a trucking company, you must also purchase additional insurance to protect yourself. This insurance policy will help you pay the rest of the loan if you have to make a claim.
Besides liability insurance, independent owner operators need occupational accident, physical damage, and non-trucking liability insurance. It’s important to understand the different types of insurance and the types they offer. Independent owners can opt for either primary or non-trucking liability insurance. Primary liability insurance coverage may not cover injuries and damage to other people and property. In addition, it may not cover damages to their own truck. So, it is important to get a multi-policy policy from an insurance provider.
Protect Yourself With Independent Owner Operator Insurance For Trucking
Regardless of what type of Independent Owner Operator Insurance you choose, you’ll want to know that you’ll have 24/7 claims service. The sooner you contact an insurance company, the faster the claim can be resolved. The faster you can get back on the road, the better! You’ll also be protected from financial losses caused by collisions and other accidents. This type of insurance can cost $8,000 to $14,000, but if you don’t compare prices, it could end up costing you more money in the long run.
Other types of insurance you’ll need for your independent trucking business include occupational accident, workers’ compensation, and physical damage insurance. Some contracts also require you to carry this type of insurance. By obtaining insurance, you can customize your policy to meet your needs and budget. If you are unsure of the exact coverage you need for your business, you can ask the insurance company for recommendations. There are also many different types of insurance available to fit your needs.
As an independent owner operator, you’re responsible for the daily business, including insurance expenses. Independent Owner Operator Insurance for Trucking is crucial to your success as a trucker, but remember that it’s also an investment in yourself. With a good insurance plan, you can build your business slowly and sustainably. If you’re still unsure of how to find the right coverage, consider a driver who has worked with a large fleet before. Often, an owner operator will have more experience in driving, which will help them get the best rates on insurance.