If you are working as an owner-operator of a commercial truck, you are both the employee and the business owner, and you have to handle all aspects of your business, right down to picking the right insurance. As an owner-operator, your truck is your business, and you want to ensure that it is properly protected.
1. Choose a Respected Insurance Company
First, you are going to want to work with a respected insurance company. You will want to check into the rate that the company has of accepting and denying claims. You are not going to want to work with a company that has a reputation for denying claims.
You are also going to want to look into the financial strength of the company. You should be able to find out an insurance company's financial strength rating from an independent agency. You want your insurance company to have a strong financial footing to ensure that they will be able to pay it out if you have a claim.
2. Go for More Insurance Over Less
Second, when setting up your policy, it is better to go for more insurance than less insurance. You are going to want to carry more insurance than you are required to carry by law. For example, the amount of liability insurance you are required to carry by law may not protect you if you get into a serious accident. Your entire business could be on the hook just because you only opted for the minimum liability insurance instead of protecting your business and paying a little more for extra coverage.
You will want to carry enough liability, collision, and comprehensive insurance on your truck that your vehicle can be repaired and replaced. If you cause the accident, you can pay for the damages without losing your business.
3. Carefully Review Your Policy
When signing up for a policy, don't assume anything. Read over every detail of your policy so that you fully understand how your insurance works. This will allow you to take full advantage of your coverage when you know what is and isn't covered by your insurance. If you have any questions about how your policy works, ask your insurance agent.
4. Bundle Things Up
Finally, you can save money on your policy by bundling your commercial trucking insurance with other insurance that you need. For example, you can add a standard liability policy to your commercial trucking policy and enjoy a discount on both.
When buying commercial truck insurance as an owner-operator, work with a company with a good reputation. Get more coverage, not less, to protect your business. Be sure to read and review your policy carefully, and if you have other business insurance needs, be sure to bundle them up to enjoy some nice discounts.