Thursday, August 30, 2012

Commercial Truck Insurance for Owner/Operators and Company Drivers

Small business owners are the lifeblood of the economy, which is why many savvy entrepreneurs set out to get their piece of the American pie. If you re thinking about owning and operating a big rig, you ll be joining the ranks of the thousands of transport professionals on the road today. The benefits of being an owner/operator are many, including creating your own schedule and routes, deciding which cargo to haul, financial freedom and taking pride in being your own boss.

On the other hand, you may not be ready to take that leap to own your own big rig yet. Commercial truck ownership means higher insurance rates and dealing with the rising cost of fuel. If you lease your commercial truck with a trucking business, you enjoy several advantages, such as trailers provided by your company and being able to use an expense account for tolls, gas and permits.

Whether you work for someone else or you call the shots, you need proper commercial truck insurance to protect your investment and your peace of mind. The following is a list of policies available for owner/operators and those who are company drivers:

Comprehensive coverage. This popular type of coverage offers protection for non-collision losses, such as fire, smoke, windstorm, theft, lightning, hail and vandalism.

Liability insurance. For many truckers, this is mandatory insurance which pays for any damage you cause to property or other drivers with your big rig. If you are caught driving without carrying this type of insurance, it is considered an offense and could result in heavy fines.

Replacement cost coverage. This gives you peace of mind by covering personal property that is stolen, damaged or destroyed.

Trailer interchange coverage. For the company driver, if you have a trailer interchange agreement, this coverage helps protect you while you're in possession of a container or trailer that you don't own.

Occupational accident coverage. If you are injured on the job and you need to see a doctor or make a trip to the emergency room, this coverage pays your medical bills for certain covered accidents while you're working. This type of insurance can be highly beneficial if you don t currently carry health insurance.

Commercial truck insurance can be much higher than auto insurance, which is why it pays to shop around. Speak to an insurance agent about coverage amounts and how to save on the various policies listed above. Protect your livelihood and your precious cargo today.