If you own and operate you trucking business, you definitely need the best owner operator truck insurance with policies which must be directed to the type of business they have: owned or leased through another carrier.
Drivers need different kinds of truck insurance policies; however, the specific coverage a truck driver needs and the insurance cost will depend on the status of the operator owner (O/O). There are basically two kinds of O/O statuses: (1) working under their authority and (2) working under lease to a carrier.
Discussed here are seven common types of owner-operator truck truck insurance:
- General Liability Insurance
This insurance covers any physical injuries and property damage resulting from business activities that are not related to driving. This will help the insured pay for any medical or legal costs.
- Trucking Liability Insurance
Trucking liability insurance helps cover for injuries and property damage the insured have caused to individuals involved in an accident while driving.
- Non-trucking Liability Insurance
This type of insurance will pay for bodily injuries and property damage to third parties when the insured is driving the truck for non-business activities. If you are driving your truck while running personal errands ad unfortunately meet an accident, the non-trucking liability insurance will pay for any property repairs and medical bills for the other person.
- Bobtail Insurance
This insurance covers you and your cheap semi truck insurance when you are driving during a business-related activity, like traveling between jobs.
- Physical Damage Insurance
Physical damage insurance pays for cost of repair to your truck damaged during accidents, theft, vandalism, and natural disasters. It’s not legally required, but it is recommended for all drivers. Plus, most lenders require physical damage insurance for financing.
- Motor Truck Cargo Insurance
Motor truck cargo insurance is the type of coverage that pays for damaged or lost cargo carried by the insured.
- Workers’ Compensation Insurance
Worker’s compensation insurance is mandatory in all the states in the US. This coverage pays for lost wages and medical costs for the employees if they got involved in any work-related injuries and illnesses.