Entrepreneurs who own, operate, and manage their own commercial trucks require owner-operator commercial truck insurance. These policies are critical for protecting trucking business owners’ investments and livelihoods as they cover numerous risks, such as accidents, theft, fire, and cargo damage.
Commercial truck insurance is required by law for trucking companies; driving without it can result in fines, penalties, and even the loss of a trucker’s commercial driver’s license. Learn more about commercial truck and owner-operator insurance, including how a Florida insurance service provider can help you save money on your policies. But first, let’s look at;
6 Important Commercial Truck Insurance Policies
If you are an owner-operator, you can choose different types of rig insurance for additional coverage that your primary liability policy cannot provide. For example:
- Primary Auto Liability is a mandatory minimum insurance policy that covers third-party damages and bodily injury if your truck is at fault in a collision.
- General Liability Insurance protects against bodily harm and property damage. If you were in an accident and injured someone or ruined their property, your insurance would pay their medical bills.
- Bobtail Insurance, also known as non-trucking liability insurance, protects you when driving your truck without its hauling equipment. It safeguards other vehicles and people in accidents where you are found to be at fault.
- Owner-Operator Insurance is intended for commercial drivers needing protection against property damage, bodily injury, and bobtail coverage, among others.
- If your truck is a write-off, a Physical Damage Insurance policy covers the cost of the vehicle. It also protects commercial trucks and trailers against theft, vandalism, and natural disasters.
- Commercial Truck Cargo Insurance covers any goods transported by a semi-truck or rig. It protects the trucker from liability for lost or damaged cargo due to fire, a collision, the striking of a load, and more.
How to Save Money on Commercial Truck and Owner-Operator Insurance
Having covered the various truckers insurance policies above, let’s examine how you can save money on your coverage. Here are some pointers:
Shop Around
Comparing quotes from various carriers is an effective way to save money on insurance. Be sure to get quotes for the same level of coverage to make an informed decision.
Increase Your Deductible
Another way to save money on your semi-truck insurance premiums is increasing your deductible; make sure you can afford to pay it in the event you need to file a claim.
Keep a Clean Driving Record
This is crucial because insurance companies frequently use it to calculate your premiums. Check that you and your drivers are following all traffic laws and regulations.
Bundle Your Policies
Combine your commercial truck and owner-operator insurance policies with the same provider, as you may save money on your premiums.
Install Security Measures
Setting up safety features such as GPS tracking systems, dash cameras, and anti-theft devices may help lower your premiums. These features can also aid in decreasing the risk of accidents and theft for improved Compliance, Safety, Accountability, or CSA scores.
Opt for All-In-One Premiums
Various types of coverage are available, ranging from general liability to collision insurance and cargo insurance for your truck(s). Work with an agent who can provide you with all the insurance types you require for a single premium.
Key Takeaways
Among the first things you should purchase as an owner-operator is commercial truck insurance. It’s a necessary business expense and a legal requirement that shields you from costly bills in the event of accidental damage and third-party liabilities. By shopping around, increasing your deductible, maintaining a good driving record, bundling your policies, and installing safety features, you can save money on insurance in the Florida trucking industry.
Work with a seasoned insurance agent to help you bundle only the necessary policies in one premium. Contact us at J.E.B. Insurance Services today to learn how our insurance products can help ensure your truck is protected against all risks. We provide commercial or owner operator insurance in Florida, Georgia, Texas, North Carolina, South Carolina, Illinois, Tennessee, Iowa and Nebraska.
