Owner-operators are professional drivers who own their own trucking rigs and either are employees of a trucking firm or take on independent contracts with a number of different clients to haul freight from one location to another. As is true with many professions, there is a need to secure insurance protection that can help allay expenses which can arise due to some type of covered event, such as damage to the goods in transit or some sort of accident or medical issue that arises during the process of transporting goods. There are several different types of owner-operator insurance plans that offer different combinations of benefits, making it possible to choose the right plan based on cost, scope of coverage, and the type of co-pays and deductibles involved.
One of the first steps in choosing the best owner-operator insurance plan is to define the working situation of the trucker. Some plans are configured for drivers who own their own rigs but are classed as employees of trucking firms. For those who function as independent contractors, there are other forms of owner-operator insurance that offer benefits relevant to that type of working relationship. Before spending time evaluating any insurance plans, always define the status of the party to be insured, so policies that are not likely to include the right range of benefits can be eliminated from consideration.
From there, look closely at the scope of coverage included in the owner-operator insurance plan under consideration. Ideally, there will be benefits that help to deal with expenses generated by traffic accidents resulting in damage to the rig or the goods in transport. Medical coverage to help with any injuries that may occur during the course of work is also essential with these types of plans. Liability coverage that can be used to offset claims made by others involved in any covered event should be present as well. Don’t forget to identify not only the scope, but also the total amount of coverage associated with each of the events covered in the terms of the owner-operator insurance plan.
As with most forms of insurance coverage, cost is often a consideration when evaluating different owner-operator insurance plans. Try to balance the need to keep the premiums low with the need to make sure there is adequate coverage. Factors such as going with lower deductibles and securing higher limits on certain types of coverage found in the plan may mean spending more money to secure and maintain the insurance, but unless you can afford to maintain savings containing enough cash to cover higher deductibles and any amounts of indemnity above and beyond the limitations in the plan. While this many mean paying more up front, all it takes is one covered event to occur to make that added expense worthwhile.
