What Kind Of Insurance Does An Owner Operator Need To Haul Loads For A Company?

What Kind Of Insurance Does An Owner Operator Need To Haul Loads For A Company?
by Arthur Williamson

Owner-operators hauling under another motor carrier’s authority do not have to worry about liability and cargo insurance. However, most carriers require owner-operators to have additional trucking insurance. The necessary policies vary on a case-by-case basis, but owner-operators may likely need to look into trailer interchange, non-trucking liability, comprehensive, and collision insurance.

Insurance Policies That Owner-operators Need To Haul Under Another Motor Carrier

Motor carriers often shoulder the FMCSA-mandated insurance requirements. However, leasing owner-operators will have to pay for the following insurance policies themselves:

  • Trailer Interchange: Owner-operators leasing from motor carriers use this policy to protect their non-owned trailers.
  • Non-Trucking Liability: Non-trucking liability covers accidents that occur while the trucker uses the vehicle for personal affairs.
  • Comprehensive Insurance: Comprehensive coverage provides protection during non-collision incidents that result in damage (i.e., theft, vandalism, fire).
  • Collision Insurance: Sufficient collision insurance pays for damages stemming from road and traffic accidents, like vehicular crashes and rollovers.

Do not skimp on your insurance. Motor carriers leasing trucks hold owner-operators responsible during traffic accidents, collisions, theft, and vandalism. Get insurance claims to cover these damages. Otherwise, you might have to pay for repairs out of pocket, which could set you back by several thousands of dollars.

Are you unsure about how much money to set aside for truck insurance? Assured Standard can help! Check out our article explaining how much owner-operators typically pay for commercial trucking insurance.

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Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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