When you make the transition from driving for another company to becoming an owner-operator, you'll have a lot of details to address that you might not have had to deal with before. One of the most important ones is commercial truck insurance. Before you go out and buy the first policy you can find, you need to consider some of the important coverage options and details. Here are a few things that you should know about commercial truck insurance policies.
You Should Have Coverage For Your Truck
The first thing you should look for in your policy is coverage for your truck. The truck itself is your largest capital investment and needs to be protected. You should have coverage for collision damage as well as weather and comprehensive damage. Make sure that your truck insurance also includes replacement cost coverage in the event of an accident that totals the truck.
You Should Have Coverage For Your Trailers
Your commercial truck insurance policy should also include coverage for any trailers that you are hauling. The coverage for your truck won't typically extend to the trailer because it is detachable, so you'll need separate coverage lines for the trailer. Trailer coverage usually only protects the structural trailer itself, not any contents.
You Need Coverage For Your Cargo
Cargo coverage is a separate line on your commercial truck insurance. The cargo coverage protects any load you haul in the event of an accident. This eliminates the risk of having to pay for a load if it's damaged in an accident because the insurance will cover it.
To ensure adequate coverage for your loads, you'll need to think about the overall value you expect of any loads you will haul. Depending on who you will be transporting loads for, you may want to ask about the maximum value that you should ensure coverage for.
Ask about coverage for damage or losses that occur during loading or unloading or losses due to a load refusal.
You Need Lost Income Coverage
One of the hardest parts about being an owner-operator is the fact that you won't get paid when you aren't running loads. You can improve your financial stability by opting for commercial truck insurance that provides you with lost income coverage for times when your truck is off the road for repairs. Lost income coverage will help to cover some of the money that you lose when your truck isn't running. You'll typically only get a percentage of your average income, though.Share
15 September 2020
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!