Posted on: 1 November 2017
Vehicle owners know that their vehicle should be rightly protected by insurance coverage. Likewise, business owners understand the importance of coverage for their business property. But what happens when the two of these collide and you need business and vehicle coverage as a business owner? This is exactly what you are facing as an owner-operator truck driver. Your vehicle is your business and your business is your vehicle, which means you have to be careful about choosing the right insurance coverage. Here is a look at some of the most common questions about commercial truck insurance as an owner-operator trucker.
Will liability insurance be enough for your commercial truck?
Liability can be enough to protect other drivers, but it will not help you pay for the damages to your truck if you are involved in an accident that is your fault. While you may only be required to carry liability as an owner-operator truck driver, it is a better idea to beef up your policy at least a little for the most adequate protection. While liability will include property damage liability and bodily damage liability, you really should look at other extended coverage options.
What are the extended coverage options for your commercial vehicle?
There are few different extended coverage options you should consider as an owner-operator truck driver who is under your own authority to make choices about your policy. A few examples include:
- Physical damage coverage which covers truck repairs after an accident regardless of fault
- Cargo insurance that protects whatever you are hauling if it is damaged during a run
- General business liability insurance that covers damages you cause to property while conducting business
Additionally, some insurers will offer specific business related coverage options like protection from cargo theft, vandalism, and other damages to your semi.
What are some ways to save money on owner-operator insurance for your commercial truck?
Saving money on insurance will no doubt be a top concern because it will be one of your bigger expenses as an owner-operator truck driver. Thankfully, many insurance companies will offer you discounted bundle rates if you choose to get all forms of coverage through them for your business and business vehicle. You may also be able to bundle life and home insurance policies for additional savings.
If you are unsure about how to build the best policy that includes the extended options yo need, make sure you talk to an agent to guide you through the tricky process. Contact a commercial insurance company, such as Metropolitan Insurance Service Consultants, for more information.Share