Owner operators under permanent lease to a motor carrier.
As an independent driver leased to a motor carrier, your owner operator truck insurance coverage needs are mainly determined by the lease agreement you have with your motor carrier. In most cases, a motor carrier provides Primary Liability insurance coverage when you are working on their behalf. Liability insurance covers injuries or damage to other people or property if you're at fault for an accident.
However, you may need to purchase other owner operator truck insurance coverages, including:
- Non-Trucking Liability insurance – Can provide protection for when you're not under dispatch.
- Physical Damage coverage - Can cover the cost of fixing or replacing your truck if it’s involved in an accident or stolen.
- Motor Truck Cargo insurance - Provides coverage for loss or damage to the load you’re hauling.
While some motor carriers may offer these additional trucking insurance coverages to you, you can often get a better deal by purchasing them yourself. Plus, you'll be able to make choices to customize your owner operator insurance policy to meet your needs and know exactly how much protection you're getting.
Motor Carrier Insurance for For-Hire Trucking
You spend a lot of money on your trucking business, so you want to be sure it's protected. After all, your truck is your livelihood - that's why motor carrier insurance designed specifically for for-hire truckers is so important. Choosing the right motor carrier coverage is the best way to protect your investment and your business.
For-hire truck insurance recommendations
Many motor carriers use permanently leased independent contractors. If you are one of these for-hire owner-operators, you may receive Primary Liability insurance under your Motor Carrier’s authority. However, you may still need to purchase “Contingent” or Non-Trucking Liability insurance, as well as Physical Damage coverage for your vehicle. There are many for-hire truck insurance options. Read below to learn more about the types of motor carrier insurance coverages you or your contractors may need.
- Mandatory motor carrier truck insurance coverages
- Liability insurance is a mandatory motor carrier insurance coverage that pays for damages you cause to other people and their property.
- Liability insurance coverages for motor carriers includes Bodily Injury insurance and Property Damage coverage.
- Optional motor carrier insurance coverages
To make sure you have the best protection for your truck when you’re on the road, you should also consider purchasing some of the optional motor carrier insurance coverages:
Physical Damage coverage – Can pay for repairs to your truck if it's damaged in an accident, whether it's caused by a collision with another vehicle or a falling tree branch and can include Collision insurance, Comprehensive insurance, or Fire and Theft with Combined Additional Coverages.
Medical Payments insurance – Available in select states, this first party coverage can pay medical bills for you and any passengers in your truck in case they are hurt in an accident or auto-related injury.
Uninsured Motorist insurance – Can pay for injuries and damages to you or your passengers and your vehicle, where available, caused by drivers who either don't have insurance or don't have enough insurance to cover your injuries and damages.
Motor Truck Cargo insurance – Can pay for damages to cargo you're hauling.
Private Carrier Insurance
As a private carrier, you are responsible for hauling goods in your own truck for your company or employer. Whether you’re working in construction, excavation, manufacturing, or any other private carrier capacity, we can build a customized truck insurance solution for you.