Owner Operator Insurance for Trucking
Owner operator insurance is essential for truckers to protect against property damage, injuries, and legal risks. It covers various scenarios, including accidents, theft, and client contract requirements, ensuring your business stays protected and compliant with state regulations.
Choose the right coverage from trusted insurance providers.
Why do owner-operators need commercial insurance?
As an owner operator, having the right truck insurance is essential to protect against lawsuits resulting from property damage or injuries. Most states have specific requirements for auto liability coverage, which helps protect you from the high costs associated with an auto accident.
Additionally, client contracts often include insurance requirements for motor carriers and shippers, making it crucial to have the proper coverage to meet those expectations.
What types of business insurance do owner-operators need?
These policies cover common risks faced by owner-operator truckers, and a tailored Owner Operator Insurance package typically includes several of the following:
Business owner’s policy
This policy conveniently bundles commercial property and general liability insurance into one cost-effective plan for dealers. A BOP is ideal for securing auto shop insurance and shielding businesses from financial losses.
Under this plan
Customer injuries
Damaged customer vehicles
Damaged business property
Commercial umbrella insurance
A policy like this boosts coverage by increasing the limits of general liability insurance, commercial auto insurance, and employers’ liability insurance. It helps protect businesses from expensive lawsuits related to multi-vehicle auto accidents, customer injury lawsuits, and employee injury lawsuits.
Under this plan
Customer injury lawsuits
Employee injury lawsuits
Multi-vehicle auto accidents
Commercial auto insurance
A policy designed for dealers and repair shops helps pay for property damage and medical bills after an accident. It is required in many states for businesses that own cars.
Under this plan
Weather damage
Vandalism and theft
Car accident repair costs
Cyber insurance
A policy like this helps protect automotive businesses from financial loss after data breaches or cyberattacks. It’s recommended for any business that stores customer credit cards or other personal information.
Under this plan
Fraud monitoring services
Data breach investigations
Customer notification expenses
General liability insurance
Under this plan
Accidental vehicle damage
Customer injuries at a repair shop
Slander and other advertising injuries
Worker’s compensation insurance
Under this plan
Employee medical expenses
Partial wage reimbursement
Lawsuits over employee injuries
How much does owner-operator trucking insurance cost?
The cost of owner operator insurance for trucking depends on various factors that insurance companies evaluate. These factors include business revenue, the type of vehicle and its value, the types of materials you transport, your driving record, and your claims history. Additionally, policy limits, deductibles, and optional endorsements like bobtail coverage can also influence the pricing.
Here are some of the key factors that affect the insurance cost:
- Business revenue
- Type of vehicle and its value
- Types of materials transported
- Driving record
- Policy limits and deductibles
- Claims history
- Endorsements (e.g., bobtail coverage)
How do I get owner-operator insurance?
Getting owner operator insurance is a simple process if you have your company details ready. The application will require basic information about your business, like revenue and the number of employees. You can easily purchase insurance products online and obtain a certificate of insurance in three simple steps:
- Complete a free online application.
- Compare coverage options and choose a policy.
- Pay for your policy and download a certificate.
Eagle Nation’s licensed insurance agents work with top-rated U.S. providers to find the best insurance options for your trucking business, whether you operate independently or hire truck drivers.
Two ways to start your coverage
Quotes online
Talk to an agent
Verified business insurance reviews
Hear from customers like you who purchased small business insurance.
FAQ’s about Owner Operator Insurance
Owner-operators require a variety of insurance policies to safeguard their business and protect against potential risks on the road. The essential types of insurance include:
- Commercial Auto Insurance: This is the most important coverage for truckers, as it protects against damages to your truck and liability in case of accidents. It typically covers property damage, medical expenses, and any damage you may cause to other vehicles or property.
- Business Owner’s Policy (BOP): A BOP bundles commercial property and general liability insurance into one package, offering cost-effective protection for damages to business property, customer injuries, and other liabilities.
- General Liability Insurance: This covers general risks that could harm your business, such as customer injuries or property damage that happens at your workplace.
- Workers' Compensation Insurance: Required in most states, this covers medical expenses and lost wages for employees injured while working, ensuring that you are not liable for their medical bills or legal costs.
- Cyber Insurance: If your business handles sensitive data like customer credit card details, cyber insurance protects against financial losses due to data breaches or cyberattacks.
Each of these coverages plays a crucial role in ensuring that you are protected from various risks that could disrupt your operations or expose you to financial hardship.
The cost of owner-operator insurance can vary significantly depending on multiple factors that influence risk levels. These factors include:
- Business Revenue: Higher revenue may suggest a more substantial operation, which could lead to higher premiums due to the increased risks.
- Type of Vehicle and Its Value: The make, model, and value of the truck you drive influence your insurance premiums. Newer and more expensive vehicles generally cost more to insure.
- Driving Record: If you have a history of accidents or traffic violations, your premiums may be higher. A clean driving record can help keep costs lower.
- Materials Transported: The type of cargo you transport can impact your insurance. Hazards associated with transporting certain materials may result in higher insurance premiums.
- Policy Limits and Deductibles: Opting for higher coverage limits or lower deductibles can increase your premium, but it ensures that you are better protected in case of a major claim.
- Claims History: Insurance companies assess your history of claims to gauge the level of risk involved. A higher number of claims may lead to higher premiums.
By taking all of these factors into account, you can receive a tailored quote that fits your needs and budget. Insurance providers like Eagle Nation work to find the best options based on your specific circumstances.
Getting the right owner-operator insurance is a straightforward process that can be done online in just a few steps:
- Step 1: Complete an Online Application: You’ll need to provide basic information about your business, such as revenue, the number of vehicles, and details about the materials you transport. Some insurers may also ask for information regarding your driving history and the type of coverage you require.
- Step 2: Compare Coverage Options: Once you've filled out your application, you’ll be able to review various insurance plans. It’s important to carefully compare coverage types, limits, and premiums to ensure you’re selecting the best plan for your business.
- Step 3: Purchase Your Policy: After you’ve selected the right coverage, you can purchase the policy online. You’ll pay for the insurance, and upon confirmation, you’ll receive a certificate of insurance that you can use for your business operations.
The entire process is made simple by Eagle Nation’s online platform, which works with top-rated U.S. providers to help you find the most suitable and affordable options. With the help of licensed agents, you can rest assured that you're getting comprehensive coverage that suits your needs.
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