Steps for Getting Owner Operator Trucking Insurance
Buy a reliable used or new semi truck.
If you are leased to a motor carrier, you will be required to carry Non-trucking Liability coverage to cover you when you are operating your commercial vehicle while not under dispatch.
Your financial lender for your equipment will also require you have physical damage insurance on the truck and trailer.
Many motor carriers offer group policies for these commercial truck insurance coverage’s that can be very competitively priced. The downside to this is that if you decide to leave that motor carrier, your coverage does not go with you. Thus, many owner/operators choose to keep their own policy so that the may determine coverage, deductible levels and payment plans.
Consider occupational accident insurance. This coverage is an alternative to traditional work comp, and provides independent contractors medical and survivor benefits for accidents and injuries that occur on the job.
Many motor carriers make their leased operators responsible for deductibles on liability and cargo for at-fault accidents. In response, commercial trucking insurance carriers have created deductible "buy-back" policies that pay down those deductibles for a very nominal amount.
Insurance is vital in trucking because you are protecting your livelihood. Claims happen quickly, and are often catastrophic. Leased operators who are in the industry for the long-term know that it is necessary to insure their equipment, and themselves. Please make sure that you are working with a trucking insurance broker who understands the trucking industry and the exposures it has.