Here are some of the more common components of a commercial trucking insurance policy for independent owner-operators who have their own authority. We select only the coverage you need and right-size your policy to fit your business and operations to manage your premium.
REQUIRED AUTO LIABILITY COVERAGE:
Auto Liability coverage: Owner-operators with their own authority are required to purchase an Auto Liability policy (sometimes called Primary Liability) with a minimum of $750,000 in coverage to operate as an interstate carrier in the United States. Many shippers and freight brokers require a minimum of $1,000,000 in Auto Liability coverage to haul freight for them.
Workers Compensation coverage: If you have employees, many states require that you have coverage for those drivers and clerical employees regardless of your independent contractor status.
OWNER-OPERATOR INSURANCE COVERAGE:
General Liability coverage: protects your business from third-party accidents or losses on your premises as a result of your operations
Physical Damage coverage: covers physical damage to your truck and equipment when you have an accident
Passenger Accident coverage: medical coverage for guest passengers riding along with you
Trailer Interchange coverage: provides Physical Damage coverage for owned and non-owned trailers
Equipment coverage: insures your electronic equipment while inside or attached to your truck and covers binders, tarps, tie-downs, chains, and other equipment when you don’t own the trailer
Cargo coverage: insures the cargo and freight you haul
Motor Carrier Reimbursement coverage: covers property loss for which you’re contractually responsible to a motor carrier
Mechanical Breakdown coverage: covers towing and roadside labor due to a mechanical breakdown
Emergency Expense coverage: covers expenses due to a mechanical breakdown, including lodging, meals, vehicle rental, and more
Downtime coverage: provides coverage when your truck is in the repair shop and not drivable
Rental Reimbursement coverage: activates when you need to rent tractors, trucks, and trailers after an accident
Lease Value and Financed Value coverage: provides coverage when the cost to pay off your lease or loan after a total loss exceeds your unit’s actual cash value
Excess coverage: coverage limits above your other liability coverage to shield your trucking company’s financial assets from catastrophic loss