Reduce Risks on the Road by Getting Owner Operator Insurance
According to the U.S. Bureau of Labor Statistics, opportunities in the owner operator trucking industry have been growing greatly since 2008. This means that you, as a truck driver or a company, have a real chance to do business successfully. But before you dive into it, let’s talk about an important must-have: insurance.
So, are you an independent truck driver or under a permanent lease with a motor carrier? If yes, you will need to obtain an Owner Operator Truck insurance.
The ways you insure your trucking business can make or break your success. Since the trucking industry is under the heavy control of law and the general public, you’ll need more than one insurance. Obtaining multiple insurance plans means you’re covered for different risks at all times.
The types of insurance plans you need will vary depending on the following 2 cases:
Independent Drivers Operating in Nevada
Truck drivers or businesses operating in Nevada independently can pick and chose from a list of insurance plans and packages to improve the performance of their trucking business. The list of insurance plans they need include, but are not limited to:
- Liability insurance - Independent drivers will need to find their own liability insurance. This type of insurance reimburses any damage that you may cause to others during your workday. Since working on the roads is tough, we suggest you look into both bodily injury liability and property damage coverage. You never know when an accident will strike, so better start your day prepared.
- Physical Damage Coverage - If an accident leaves your truck damaged and unable to operate, physical damage coverage will get your vehicle back on the road. Remember, that the coverage is not just for accidents. You will be covered even if a tree falls on your vehicle during the workday.
- Motor Truck Cargo Insurance - If you’re transporting cargo and it’s damaged by fire, accident or is stolen, you can reimburse your loss with this plan.
Drivers under Permanent Lease to a Motor Carrier
Many trucking businesses and drivers in Nevada are under permanent lease to a motor carrier. In these cases, you need to look into the contract with your motor carriers. Some contracts will require specific types of insurance plans that you need to have. Of course, don’t limit yourself with the required list. If your daily operations demand more coverage, look into any other plans that will reduce risks for your business.
Additionally, some motor carriers will act as owner operator insurance providers. As a driver, you can either go with their plans or look into alternatives and build your own coverage.
Acquiring your motor carrier’s insurance plans will be easier and less time-consuming. However, you won’t always get the best rates in the market. If you’re prepared to do some research and find the best rates at the moment, you can save up more.
So, reach out to our friendly team to find the best possible solutions for your insurance needs. Our team of experts is up-to-date with the industry trends and resources, and we are happy to share these insights with our clients.