When you work for a trucking company, the company handles all the complicated issues with maintenance, insurance, and otherwise. However, as you make the transition into becoming an owner-operator trucker, you will be faced with a lot of intimidating business decisions. Perhaps some of the most challenging are decisions related to commercial truck insurance. Building a good policy is critical, and you can face many unique financial threats as you operate your business.
To make sure your commercial truck and your new business are rightly protected, you may need to go beyond the basics where insurance coverage is concerned. Here is a quick rundown of some of the extended coverage options to consider as you build your commercial trucker insurance policy.
Cyber insurance is a relatively new type of commercial insurance, and trucking companies are not immune to cyber threats. Since technology supports the modern business landscape, you may be using technology to process client payments, keep track of invoices, and more. In the event that something you do somehow exposes a client's vulnerable information, you could be held liable. Having insurance to step in and cover the costs of such an event could be the one thing that saves your trucking business as an owner-operator.
Hopefully, the truck you are starting out with as an owner-operator is in excellent shape. However, you never know when something could happen during a haul that could leave you stranded. Paying out of pocket for the full costs of towing your business vehicle and the load to a safe location can be a costly endeavor. With a towing coverage benefit listed with your commercial truck insurance, you can rest assured that some of these costs will be covered.
Cargo Theft Coverage
While you may pick up insurance to protect the cargo you haul, make sure you have substantial cargo theft coverage. You don't want to face a theft situation and not have enough insurance coverage to cover the costs of the loss. This is an issue that a lot of owner-operators run into when they file a claim with their commercial truck insurance carrier after the theft of their cargo. Whatever coverage you believe you will need to cover theft, it is always a good idea to take out a bit more.
For more information about commercial trucker insurance, contact a local insurance agent. They can offer you advice on how much insurance you will need based on your current loads and business trends.
When you start thinking about getting insurance, it can be overwhelming to hear the advice from family and friends. While some people might encourage you to stockpile money and insure yourself, others might warn about the expense of paying for car repairs or a stay in the hospital. However, even the most conservative financial experts talk about the importance of having sound insurance. Because it can be difficult to find the right policies, I decided to create a website completely dedicated to providing free information about insurance. Every situation is different, but if you are like most people, you will need a decent homeowners, medical, auto, and life insurance policy to protect you from unforeseen circumstances.