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owner-operator insurance

OWNER-OPERATOR INSURANCE

SPECIALIZED COVERAGE FOR YOUR BUSINESS AND EQUIPMENT

Owner-Operator insurance by Great West protects your trucking operation while you run your business and your truck.

We understand that as an owner-operator, you have a business to manage — securing loads, managing expenses, scheduling, and more — not to mention hauling freight each day as a motor carrier operator. Having the right commercial truck insurance ensures you can protect the livelihood that you have built.

At Great West, we customize your Owner-Operator insurance depending on whether you operate as a motor carrier under your own authority or under lease to a motor carrier, as well as the other unique nuances of how you run your trucking business.

CUSTOMIZE YOUR POLICY TO YOUR OPERATION

GET THE BEST OWNER-OPERATOR INSURANCE FOR YOUR TRUCKING BUSINESS

Because every trucking operation is unique, there are different ways to approach Owner-Operator insurance to maximize your protection while minimizing your premium.

To get you the best coverage for your business, your agent may ask questions like these to help determine the types of trucking coverages you need:

  • Are you under permanent lease to a motor carrier or do you work under your own authority?
  • Do you own or lease your tractors?
  • Do you have employees who drive for you or are you a solo operator?
  • Do you have an office building or shop?
  • What type of freight do you haul?
  • What routes do you regularly travel?
Smiling trucker in semi - owner-operator insurance
AN AGENT THAT ASKS ALL THE RIGHT QUESTIONS

GET OWNER-OPERATOR INSURANCE FROM A COMPANY THAT UNDERSTANDS TRUCKING

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OWNER-OPERATOR INSURANCE

WHILE OPERATING UNDER YOUR OWN AUTHORITY

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

OWNER-OPERATOR INSURANCE

WHILE OPERATING UNDER PERMANENT LEASE

As an owner-operator, when you’re leased to a motor carrier, you’re typically insured under the motor carrier’s company Auto Liability policy.

It’s important to know that you’re only covered by their policy when you’re operating under your lease and their Auto Liability policy only covers injuries to other people and damage to the property of others if the motor carrier is held liable for the accident.

The motor carrier’s coverage does not cover damage to your truck.

That’s why owner-operators under permanent lease need their own Owner-Operator insurance. We select coverages to specifically fill the gaps that could put your livelihood at risk – either by having to pay for damages or from a lawsuit – as the result of an accident.

In addition to the coverages discussed above, here are common additions for owner-operators under lease:

  • Non-trucking Use (NTU) coverage: provides liability coverage for when you’re using the truck for non-business purposes, like stopping at the grocery store or running errands
A COMPREHENSIVE OWNER-OPERATORS INSURANCE BUNDLE

CHOICE COVERAGE® PLUS

A bundle of trucking insurance endorsements designed to protect owner-operators with one to nine units. Choice Coverage® Plus includes Electronic Equipment coverage, Personal Property coverage, Miscellaneous Equipment coverage, and Mechanical Breakdown coverage, plus a Diminishing Deductible that rewards owner-operators who operate safe and loss-free.

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WHY YOU SHOULD CHOOSE

GREAT WEST’S OWNER-OPERATOR INSURANCE

Great West has focused on only commercial truck insurance for more than 65 years. Whether you are an owner-operator working under someone else’s authority or you’re a motor carrier working under your own authority, our deep experience in the trucking industry and understanding of owner-operator insurance means we can help you create a customized insurance policy that matches the risks your trucking business faces.

When you have an accident, the Great West team knows that fast, efficient claims service is crucial to your livelihood and the clients that depend on you. That’s why we provide 24x7x365 claims services. Our proactive claims service specialists will help you find you towing services, answer your questions, and help you file your claim to get things moving quickly.

Semi on empty bridge - owner-operator insurance

This summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.

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