Choosing Better Insurance Coverage

Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.

3 Commercial Truck Liability Insurance Tips For First-Time Owner-Operators

Insurance Blog

Setting off on your own as an owner-operator is a big step. While driving your own truck is a great way to maximize your profits and enjoy keeping your own schedule, it's also a big responsibility. In addition to managing your truck and contracts, you'll also need to take steps to protect yourself and other drivers.

Since semi-trucks have the potential to cause substantial property damage or injuries in an accident, commercial truck insurance is used provide adequate financial protection. However, choosing a commercial insurance policy can be tricky, especially if you've never operated a business. While working with a qualified insurance agent is always a good idea, these three tips will help get you started.

1. Liability Protects YOU

It's a common misconception that liability coverage only exists to protect others. If you cause an accident, your liability coverage will compensate those affected. However, it won't compensate you for damage to your truck. At first glance, this arrangement makes it seem like you're not seeing much benefit from this coverage.

However, the primary role of liability coverage is to protect you against litigation. If you're responsible for an accident, those affected can sue you for damages, potentially putting your truck or other assets at risk. Ensuring you have adequate liability coverage protects you from this situation, reducing the likelihood of lawsuits that can affect your livelihood.

2. General Liability and Auto Liability Are Different

All liability coverage exists to provide compensation if you cause property damage or bodily injury to others. However, there's a significant difference between commercial auto and general liability. In most cases, you'll need both forms of coverage if you're an owner-operator. Where auto liability covers damage caused by your truck, general liability covers other business accidents.

Although accidents are certainly more likely in your truck, most owner-operators also conduct at least some business outside the cab. For example, you may need to help load or unload goods or couple and decouple trailers. Truck liability coverage won't cover accidents during these activities, so you'll typically need a separate general liability policy.

3. You May Need Non-Trucking Coverage

Non-trucking coverage is similar to a personal auto liability policy. This policy provides liability coverage for situations where you're driving your truck off the job. You'll most likely want one of these policies, even if you don't use your truck for personal trips. If you typically store your truck at home when you're not working, you'll almost certainly need one of these policies.

While it might seem like overkill, your other liability policies will not cover you when you're bringing your truck home from a job or moving it in any situation that doesn't involve paid work. Non-trucking liability protects you in these situations so that you don't have to worry about a lawsuit impacting your ability to continue working.


7 February 2023