Truck owner-operators face many risks when they head out on a job. Accidents, theft, cargo damage, and more can all lead to downtime from work — and financial loss. Having the right insurance coverage is so important to protect not only the driver but the business, too.
While there are many others, here are a few of the most common types of owner-operator insurance available.
Physical Damage Coverage
If you are involved in an accident, regardless of fault, this collision insurance will help you get the repairs needed for your truck. An owner-operator relies on the truck for their livelihood, so dealing with damage could halt operations – and income – entirely.
With this type of insurance, you can feel confident that the damage to your truck will be taken care of quickly so that you can get back to work.
Comprehensive Insurance
Sometimes damage can occur to your truck that doesn’t involve an accident – or even being on the road at all. Things like vandalism, theft, fire, weather, and natural disasters can cause damage that leads to serious disruptions.
This coverage will minimize your out-of-pocket expenses and will keep your truck repaired and operational when you need it.
Trucking Liability Insurance
Often referred to as general liability insurance, this truck coverage can protect owner-operators from bodily injury and property damage claims that result from day-to-day operations. For example, if you caused an accident or injury to someone, you could risk facing legal battles and great expenses.
Trucking liability insurance covers things like medical bills, legal fees, and settlements. If you have been found liable for an accident or injury, this will keep your business and its assets safe in the event of a claim.
Bobtail Insurance
Bobtail insurance is another type of liability insurance that can protect owner-operators when they are driving their truck without a trailer. Typically this is between jobs which is why it is commonly referred to as non-trucking liability insurance.
Bobtail insurance covers any damages that occur to people, property, or vehicles.
Again, note that this is a different type of liability insurance — one that is used when the truck is not being operated in the daily course of business.
Cargo Insurance
As an owner-operator in the trucking industry, you are going to carry freight from one location to the next. This cargo doesn’t belong to you but has been entrusted to you. Should an accident or some other situation arise that causes you to lose or damage it, you could be held responsible — and this can be costly.
Cargo insurance offers you protection against any financial loss that may be associated with damaged or lost cargo, giving you what you need to cover the replacement or reimbursement of the goods.
What’s more, any accidents that have caused a spill of hazardous material will lead to major cleanup efforts.
Having this extra layer of protection is just one more way to reduce your risk.
Securing the Right Coverage
It is important to secure the right coverage as an owner-operator. There are many options available, in addition to those listed above. Working with someone who specializes in truck insurance is a great way to better understand your options and ensure you are properly covered.
Don’t put yourself or your business at risk – invest in owner-operator insurance.
Daniel & Henry provides comprehensive, value-added commercial truck insurance solutions designed for your trucking business. To ensure you are covered no matter the situation, learn more about their coverage options at https://truckerinsure.com or call 877-406-5915.
