As an owner-operator of a commercial trucking company, you encounter several risks both while you are hauling loads and while you are running your business. Securing the proper owner-operator insurance can provide coverage for various exposures you may encounter.
At Elliott-Hartman Agency, we can help you obtain the insurance you need. Contact us today for more information.
What Types of Insurance Does an Owner-Operator Need?
The needs of each business vary, but there are typically several coverages available, including those listed below.
Commercial Auto Insurance
Commercial auto insurance may provide coverage for motor vehicles your business uses in its operations, including trucks and tractor-trailers. Policies may help pay for losses that result from accidents, theft or vandalism. Some common coverages include:
· Liability insurance—This may provide coverage if you are at fault in an accident. It may help pay for third-party property damage or expenses associated with their injuries. Federal and state regulations may also establish minimums you are required to carry.
· Collision coverage—This may help cover damages to your vehicle if it collides with another vehicle or object (e.g., a sign or fence)
· Comprehensive coverage—This coverage may provide repair or replacement costs if your vehicle sustains damage through an incident other than a collision. This may include incidents such as vandalism, fire or theft.
· Uninsured/underinsured motorist insurance—This may help if your vehicle is in an accident with a driver who doesn’t have insurance or doesn’t have enough insurance to cover the resulting costs.
· Medical payments coverage—This may pay for accident-related medical bills for you as a driver and any passengers after an accident.
Other Owner-Operator Coverages
Owner-operators may need other coverages in addition to commercial auto insurance. Depending on the structure of your business, your needs may vary. Available options that may help cover losses include:
· Motor truck general liability insurance for coverage of liabilities (e.g., third-party property damage or injuries) that arise from business activities not related to driving.
· Motor truck cargo insurance for coverage of a client’s cargo that may be damaged due to a named peril while it is in your business’s care.
· Non-trucking liability for coverage of liabilities when your truck is used for personal purposes.
· Bobtail liability for coverage of liabilities when you do not have a load or trailer attached to your truck.
· Trailer interchange for coverage of trailers you do not own that you are pulling under a trailer interchange agreement.
Other coverages may be available, and your agent can discuss which ones may fit your operations along with limits and exclusions. To get started, reach out to an agent today.
What Is the Cost of Owner-Operator Insurance?
Costs of owner-operator insurance will vary depending on several factors, including coverage selections, vehicle types and driving history. Your location and claims history may also impact premiums.
Contact Us Today
The team Elliott-Hartman Agency is ready to help you find the coverage you need. Contact us today for additional information or a quote.