The Importance of Insurance

Ensure Your Owner-Operator Truck Has The Right Insurance

14 March 2019

Katrina Terry

As an owner-operator, it can feel like you don't have to answer to anyone. While a great feeling, it's important to note that this level of independence does come with a great deal of responsibility. A part of this responsibility is ensuring that your truck is adequately insured. Whether you've been driving for years or you just recently ventured out on your own, there are several things you need to know about commercial truck insurance.

Protecting Assets

As a driver, you spend most of your time transporting the goods of your customers. While you might not own the cargo, when it's in your possession, you are responsible for it. Make sure you protect these products with cargo insurance. 

Cargo insurance is a type of insurance that covers the value of the cargo in the event it's damaged. Remember, cargo insurance can cover common loss, including those involving an accident and theft. Cargo insurance can also cover damage out of your control. For instance, if your truck broke down on the side of the road and the perishable items in the truck went bad, this protection can help. 

Liability Protection

As a driver, you work hard to protect the safety of other drivers on the road. However, there are instances when an accident is unavoidable. Unfortunately, even if the crash was not due to gross negligence, but you are to blame, you will still likely be held liable. 

If the other driver sustained significant physical injuries, you might be left to cover the cost of their medical treatment and other losses. Liability protection can help provide a financial buffer of security in the event you face this type of scenario. 

Non-Owner Coverage

In addition to cargo owned by others, sometimes, you might also haul a trailer that is not your own. Keep in mind that cargo insurance will only cover the actual goods inside the trailer, not the container itself. To protect the trailer, you will also need to invest in non-owner coverage. 

Non-owner coverage is a form of protection that helps protect the equipment you do not own that is connected to the truck. However, similar to cargo insurance, non-owner insurance will help cover losses resulting from a number of different scenarios. 

Make certain your truck is protected. After all, as an owner-operator, your truck is your lifeline. As a result, if something happens to your truck, your income could be significantly affected. Speak with an agent who can help you ensure you are protected thoroughly. 

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