Stepping away from the major trucking industry and striking out on your own as an owner operator truck driver can be one of the most rewarding career changes you will ever make. However, the change in structure means you are by all rights becoming your own business owner. Along with being your own business owner comes some pretty hefty concerns and responsibilities, and finding adequate trucking insurance is one of them. Here are a few of the most common questions new owner-operator trucking business owners tend to have about obtaining trucking insurance for their equipment and business.
Where should you go to find the most affordable insurance?
As a small business owner, it is a good idea to heavily research your insurance options before you settle on a particular company for your trucking insurance needs. In general terms, insurers who specialize in products for independently-owned trucking companies tend to have the most suitable policy options and pricing, simply because their insurance policies are designed with people like you and businesses like your own in mind. However, not all of these companies offer the best rates all the time, as their enrollment numbers can be lower than large-scale commercial insurance companies.
Is it necessary to carry liability insurance for passengers even if you travel alone?
Some states do mandate the carriage of liability insurance for passengers with trucking insurance, even if you claim you always travel alone. In the event you pick up a passenger, it is best to have this liability coverage in case of an accident for the greater good of your business. Keep in mind, however, opting for the lowest liability coverage will suffice if you are looking to keep the costs of your policy as low as possible.
What factors could drive up the cost of your trucking insurance as an owner operator?
There are a handful of reasons why your insurance policy could be higher as an owner-operator than the next guy or gal in the trucking business. For example, if you consistently carry hazmat loads and materials, your premiums can go up because there is a greater risk of damage to not only your property, but others around you in an accident. Likewise, if your truck is outfitted with a car hauler, your policy could be higher, as there is a greater likelihood that you would be towing a second vehicle along with your commercial load.
For more information, contact companies like North American Brokerage Inc.