A stock photo of the important paperwork needed by truck drivers.

Insurance is obviously important, but do you have enough of it?

What kind of insurance plans should owner/operators have?

Anyone who has undertaken the journey to become their own boss and operate their own trucking business knows how important insurance is for protecting that investment. The whole point of any insurance policy, be it for personal or commercial property, is to make sure all assets are protected in case something goes tragically wrong. There are a lot of companies on the market offering all kinds of products meant to meet this need. So, what kind of insurance plans should owner/operators have? There are a couple ways to answer that question, depending on what kind of transportation business you’re running. This Patriot Truck Sales blog post is meant to point owner/operators in the right direction. For coverage plans that will apply specifically to you, speak with a licensed insurance agent.

READ MORE: These tips may help you save on insurance costs

Insurance for operators under permanent lease to a motor carrier

If you have a permanent or long-term lease with a larger company, it’s pretty common for owner/operators to be provided with a certain level of liability coverage.

This will cover you for injuries or damage to other people and property if it’s found you’re at fault. However, there could be some gaps that need to be filled. Here are a few plans you may want to consider.

Non-trucking liability — If you’re driving your truck on your own time, you’ll need a separate policy to protect you if something goes wrong.

Physical damage coverage — Repairs to a semi can get very expensive very quickly. This policy will take care of those costs in addition to helping you out if the truck is stolen.

Trailer interchange — This will cover physical damage for non-owned trailers being pulled under a trailer interchange agreement.

Policies for independent owner/operators

If you work solely for yourself and find your own loads, you may need some different kinds of insurance policies. These might be worth exploring with your licensed insurance agent.

Umbrella liability — These plans work like most liability coverages you have on your personal vehicle and will cover damage you may cause to other people and their property.

Motor Truck Cargo — It’s very important that your cargo arrives at its destination safely and on time. However, your problems will get worse if the cargo you’re carrying gets damaged in a collision. This policy will help you with that.

Patriot Truck Sales is home to a large inventory of pre-owned tractors as well as new and pre-owned trailers. If you’re looking to start your journey toward becoming an owner/operator or want to expand your fleet, make an appointment with us today.