The commercial trucking industry is one of the largest and most lucrative in the nation. Large-scale freight shippers account for most of the business in that industry. These companies employ millions of people all over the country.
They cannot solely rely on their full time employees, though. They often require the help of independent owner/operators to carry loads for them. These independent haulers earn a good living without having to be tied down to any specific company.
The tradeoff comes in the form of the reduction of employer-provided benefits. Specifically, independents may have to provide their own commercial truck insurance in order to protect themselves and their assets.
There are many different policy options to consider. Check out the following two for a better understanding of truck insurance for independents.
Physical Damage Insurance
In order to make your living, your vehicle has to be in good working order. General maintenance costs can be very high, so why gamble on physical damage costs as well? Proper coverage can keep you from suffering the full brunt of those burdens.
Regardless of fault, physical damage coverage provides protection in the event of an accident such as a collision or an overturn or roll. It will also cover the cost of damages associated with fires, vandalism, theft, or natural disasters.
Non-Trucking Liability Insurance
This is a type of coverage you will want to consider. As you know, motor carriers' commercial truck insurance will cover independent owner/operators while they are under dispatch. This provides you with important liability coverage in the case of an accident.
Unfortunately, this coverage is invalid when you are not actively on the job. Any incidents are your sole responsibility. If you do not wish to purchase your own full primary liability policy, bobtail insurance might be the way to go.
welcome to Insurances.net (https://www.insurances.net)
