Commercial Truck Insurance: Think Like A Business Owner

When you first entered the trucking business in Tennessee, you had a long list of visions of all the wonderful and exciting things the industry would have to offer. As an owner-operator, you would be the one making the decisions and calling the big shots. You would also be traveling the country while earning a nice income. 

In order for this to happen, everything would need to go according to plan. As we all know, everything always goes the way we planned it, right? As much as we wish this was the case, we all know it is not. Unfortunately, traffic accidents happen, cargo gets lost and/or stolen, and carriers can go out of business. 

When these things happen, you have to make sure you will be prepared to step up and do what it takes to keep your visions and dreams alive. This is why it is important to have the proper commercial or owner-operator truck insurance. If you are not seasoned in this industry, you may not know about some common mistakes that drivers and owner-operators make in this industry.

One of the major mistakes that many owner-operators make is that they fail to think like a business owner. When you are looking for the best insurance for your business, you have to step in the shoes of a business owner and not an employee. As a business owner, you have to look for ways to grow and excel. You will also need to look for opportunities to be cost-effective and efficient. 

How can thinking like an employee and not an owner hold you back? If you are an employee, you will depend on the employer to take care of various expenses, including insurance needs. As a newer owner-operator, you may think of a motor carrier as the employer. If the motor carrier offers the commercial or owner-operator insurance you need and takes the premium from settlements, you may take it and not consider any other options.

As an owner-operator, there are other options you may not have known were available. As an owner-operator, you should shop around according to your expenses and your budget. If you have an established credit history that will allow you to be approved for credit, did you know that you can seek your own insurance plan that is not offered by the motor carrier? 

We encourage you to shop around before agreeing to any insurance plan because it will allow you to make a better decision. The insurance plan offered by the company may be a better fit, but you will not be able to make an accurate determination until you shop around. When you are shopping for insurance, remember to think like a business owner and not an employee.

For more information on commercial or owner-operator truck insurance, contact us today.

David Ott

David Ott