What Kinds of Insurance Do I Need as An Owner Operator Truck Driver?

Insurance. It has a place in every part of your life. Whether it’s for your car, your house, or even for your life itself, if you live in the United States, you will have many different kinds of insurance. If you’re an owner operator truck driver, you need special types of insurance if you plan on moving freight for a broker. Just to be in business, you’ll need some types of liability insurance. Most packages will come with bodily injury liability, and property damage liability. You’ll also need physical damage coverage; in case yourtrucks end up damaged in the field. You’ll need motor truck cargo coverage as well. This will ensure that should any goods you’re carrying on a job end up damaged, you’ll end up covered. Finally, you’ll need motor truck general liability insurance. This will cover you for any damage you may cause outside of trucking, but that are still related to the business in some way. Now that we have the basic types of coverage out of the way, we can talk about why all of this insurance is necessary.

Why Do I Need All of This Coverage?

Moving freight for a broker, or for any client, can be a dangerous job, and it comes with a lot of risk, not only for the truck driver, but for the client. If something happens to the truck,the driver, or the cargo, you’re going to want to make sure that everyone is being fairly compensated. Without insurance, a broker could hold you liable,but it’s unlikely that a broker would ever even take you on to a job without proper insurance being in place to begin with. You need coverage for at least what was mentioned above before you start working for any legitimate clients, otherwise you will have a really tough time finding any work, and even if you do find work, you’ll be left to deal with anything unexpected that might happen on your own.

How Much Will It Cost to Get All of This Insurance?

The cost of acquiring coverage for all of these instances varies greatly from company to company. Most often, an owner operator truck driver could end up paying anywhere between $8,000 and $14,000 dollars, but these numbers are really just some of what you may end up with for your own business. Insurance companies can be sneaky, a small number being offered upfront may end up becoming much larger later. Not every company is trying to act in your best interests, and they may try to con you into paying more for services you don’t need, or into paying more for services you do need. Just be careful when actually signing off on any deals,you wouldn’t want to end up trapped with an insurance company that isn’t looking out for you in the right way. Also, check out the specialties of each insurance company you consider. Some of them may be better suited for those that haul certain goods like trucking construction material, or they may be better for companies that are focused on long distance hauling, or for any other trucking service. It’s good to know what the company has experience in working with, and the prices of their insurance policies will reflect these specialties, which could them make more expensive for reasons that don’t pertain to you.

Will Anyone Even Check My Insurance?

Yes! Every broker you work with will ensure that your insurance is up to date and will follow up with you if you’re missing a type of coverage they require. Sometimes certain brokers will require coverage that others don’t, again depending on what the job is. You wouldn’t want to get caught by a client that you tried sending an outdated certificate to. You’re better off just getting the coverage that you need. It’s in place to ensure that every party is fairly compensated in the event of an incident, and it protects you and your company as well.

Is There Anything Else I Should Know About My Insurance?

If you’re going to take anything away from this article, it should be that you should never try to go cheap on insurance. You should certainly shop around and look for a good deal, but don’t try and just find the cheapest deal possible. Insurance in the trucking world has a place in every deal, and you don’t want to get caught without coverage in the event that something does happen. Owning your own trucking business can be incredibly freeing and worthwhile, but being the boss comes with additional responsibilities. Making sure that you, your trucks, and your employees are properly covered is a good way to make sure you stay in business.