(For Hire) Trucker Insurance Explained

Being legally able to drive cargo for hire within the US, and if desired, Canada is a must for an independent trucker. The trucker has a need for insurance because it is required by law to protect the public and private interest of clients, workers and companies. Truckers file the truck tractors and trailers they own as well as the drivers they hire with their insurance carriers, and the insurance carriers file the needed forms to the state and federal regulatory agencies. Cargo insurance is purchased to give the needed protections against loss to the client. Physical damage coverage is purchased to protect finance companies or other owners against physical damage due to a covered loss. Often, companies will even assist with compliance reports/issues on behalf of the trucker, which is great because that is something the insurance company knows well.

Having a knowledgeable, helpful and accessible agent is invaluable when it comes to protecting your livelihood, and it’s important to understand which coverage is provided by the motor carrier to whom you’re leased and what additional trucker insurance you need to take care of on your own.

Your employer will generally cover you for protection against his liability should you be responsible for causing an injury, death or damage to someone’s property while under dispatch for his company. But there are other risks to address besides third-party liability. That’s where your trucker insurance comes in.

Additional Protections You’ll Likely Want

What about when you’re driving your tractor on your own time and become involved in a collision? You need liability protection then too, and it’s probably not covered by your employer’s policy when you’re off the clock.

There are many situations that put a trucker at risk, and for each of these, there are insurance options that can provide protection against financial loss. Whether it’s damaged or stolen cargo, a tree falling on your tractor while it’s parked somewhere, or slipping and falling off your trailer while tarping it, you need protection.

Find out what coverage your employer already has in place, and then ask your broker what else you need. Consider these insurance options:

• Bobtail or non-trucking liability
• Cargo
• Physical damage
• Commercial auto liability

Understand the risks you face and protect yourself from financial loss. It’s important.  

Buying Truck Insurance for the Local Indepedent Hauler

Staying safe, legal, and protected on the road is every truck driver's goal, whether operating under his/her own authority as an owner/operator or on lease to a motor carrier. Having the correct type of truck insurance is an important part of the puzzle, providing protection for you and your truck at all times, whether on the job, under dispatch, heading home with no load or on days off, when your rig is safely parked out of harm's way (or so you thought!).

As a local independent hauler, driving either here in the Triad area or elsewhere in North Carolina, affordable, quality truck insurance exists to fit your exact needs. Commercial truck insurance is specific to your particular industry and can be somewhat complicated, consisting of many different types of coverage, including:

• Commercial auto liability
• Physical damage coverage
• Cargo insurance
• Bobtail insurance
• Worker’s Compensation
• Non-owned trailer coverage

Who's The Boss?

If your rig and services are being leased out to a motor carrier then they will likely have you covered for liability while you're under dispatch for them. When on your own time, however, using your vehicle for personal reasons still opens you up to potential liability for which you need personal coverage. This type of liability coverage is designed to pay claims for personal injuries or property damage you cause while driving your truck for other than business use for the common carrier to which you're leased.  It's called Bobtail Insurance.

If you're an owner/operator driving under your own authority, you'll need to carry liability insurance covering you and your rig around the clock, regardless of what types of activities in which you're involved, business or otherwise.
Physical damage coverage comes into play if your truck is damaged as a result of a collision.  You can also add non-collision damage coverage for some losses not covered by collision or liability portions of the policy.

What Exactly Do You Need?

Since your truck represents your livelihood, protecting it with a quality truck insurance policy ensures that, even should something untoward occur, you'll have financial support to help cover your loss. It's important to understand exactly what coverage your motor carrier provides if you're leased out. This way, you can add coverage that they don't provide. Talk to your qualified, independent agent for assistance in understanding the options.