Commercial Truck Insurance:Special Considerations For Independents

Working as an independent owner/operator in the commercial truck
industry can be a great way to earn a living. You never have tofeel
tied down to one particular company. Not as many company mandated
driver metrics to worry about. You always have a feeling of being on
the move and going where the wind takes you.
Certain sacrifices have to be made for that sort of freedom, though.
You will never have the sense of security that comes with being a full
time driver for alarge-scale motor carrier.
That security comes in many forms. First and foremost, you know that
you have steady work and a paycheck always on the horizon. Another
important piece of that sense of security is knowing that youare being
provided with adequate truck insurance coverage. Most drivers at large
freight companies don't have to worry about insurance because their
respective employers take care of truck insurance coverage needs.
As an independent, you mayhave to see to it yourself that you have the
level of insurance coverage that both you desire and the lawrequires.
Motor carriers willprovide you with the minimalliability coverage that
the law requires (while on dispatch only) but the rest is up to you.
For example, after the load is dropped off, and the truck is empty,
often times the company's insurance coverage for an independent driver
ends. Even though the truck insurance coverage is gone, the driver
still needs to either take the empty truck back or drive home. At this
point in time it is the driver's responsibility to have the
appropriate insurance coverage, as no one is looking out for the
driver at this moment. He orshe will be held personally liable to pay
for damages inthe event of an accident. Trust me, truck accidents are
incredibly expensive, and proper commercial truckinsurance is
critical.
Below are the more common types of truck insurance specially designed
for independent owner/operators working for motor carriers. Take a
moment to review these coverage options and decide if any is right for
you.
Physical Damage Coverage
Physical damage coverage provides you with the security that if your
truck isdamaged, stolen, or vandalized, you will not be burdened with
the cost of repair or replacement. No matter what happens, or whose
fault it is, physical damage coverage will make sure your property is
repaired or replaced. Motor carriers generally won't offer this
coverage and youare therefore responsible for protecting your own
property.
Non-Trucking Liability
You want to protect your assets even when you're not out on dispatch,
right? This is an important policy to consider for staying insured
when off the job. Whether you are using your truck for personal useor
on a return trip, you need to be sure that you still have the coverage
youneed.
What Else To Consider
Be aware of local regulations as well as cargo-specific regulations.
Different states may dictate different levels of coverage. Also, the
nature of your cargo (hazardous waste, for example) may also require
separate coverage.