Owner-Operator Truck Insurance

The insurance industry is one based on peace of mind. People get insurance for many reasons: health, home, automobile, and business. If something goes wrong, as it inevitably does, people need to know that their owner-operator truck insurance company has their back. Reliance Partners is an independent insurance agency that was formed in 2009. The Reliance team is made up of a number of individuals that wanted their insurance company to set the industry standard. Reliance caters to the insurance needs of many industries from transportation to logistics, hospitality to manufacturing. Reliance has several insurance plans with specialties like owner-operator truck insurance.

owner-operator truck insurance

Reliance has their fingers on the pulse of the ever-changing insurance industry. They devote a lot of time and planning to adjust their coverage plans and pricing to suit the needs of individuals in the changing economy. When it comes to owner-operator truck insurance, their needs are unique, and Reliance can meet those needs in a number of ways. Two circumstances under the owner-operator truck insurance umbrella differentiate those needs: owner-operators leased to motor carriers or operating for themselves.

Owner-Operators Leased to Motor Carriers

If owner-operators are leased to motor carriers, most often, their coverage is from the company’s auto liability insurance. The owner-operator has to keep in mind that this coverage is enacted only when on the job during work hours. This type of insurance coverage is designed to cover third-party injuries/property damage if the motor carrier is held liable.

In this circumstance, the owner-operator should be sure to have other lines of coverage. These additional coverage lines are specified by the trucking company, like non-trucking liability and occupational accident, so that the owner-operator can purchase before leasing. A further coverage need would include a plan that covers physical damage to the trailer interchange or tractor damage.

Owner-Operators Who Operate Under Their Own Authority

When it comes to independent owner-operator truck insurance, a lot of planning and forethought should go into their necessary insurance coverage. As they are operating under their authority, things that go wrong, accidents or damage, will be their responsibility, regardless of the type of insurance coverage they have.

Independent owner-operators are mandated to have their auto-liability insurance coverage based on the stipulations of the FMCSA. For most types of business, $750,000 is the prescribed limit, but most often, the limit purchased freight brokers and shippers require that is one million dollars.

Owner-operators are also obligated to purchase insurance with coverage of physical damage, general liability, and cargo. There may or may not be additional rules and regulations regarding contracts, commodities, or state laws. What this means is that owner-operators have to be diligent in researching exactly what is required of them by law, when it comes to insurance coverage, as regulations can vary from state to state.

Owner-operators who are under their authority are advised to have their long-term goals in mind when considering their insurance needs for the present and future. Projected growth should be considered as well as the types of operation their trucking company will be undertaking. Plans should also include the areas in which they plan to operate to ensure that potential insurance coverage will cover all pertinent areas.

New-Venture Trucking Companies

Going out on your own in the business world is always a risk. New-venture trucking companies are no exception to the unpredictability of business ownership. While some insurance companies avoid new-trucking ventures due to the lack of experience and amount of guidance that is required, Reliance Partners looks at new-venture independent owner-operators as a chance to do what they do best: help people get into the markets of success and peace of mind through full insurance coverage.

Whether or not you are just starting out or planning to soon, Reliance Partners knows just what you need and how to help you get it. They feature programs explicitly designed with new trucking companies in mind. The Reliance team will not only help new-venture trucking companies find the insurance coverage they are best suited for, but they will also help owner-operators determine how best to start up and see the best market to operate within.

The insurance industry is an ever-changing organism. Independent insurance agencies like Reliance Partners follow the trends and changes within the industry so they can better serve the needs of their individual and business clients. When it comes to owner-operator truck insurance, the primary distinction is whether or not the owner-operator is leased to a motor carrier or independently operating under their authority. In either scenario, Reliance Partners have set the industry standard when it comes to establishing a client rapport to help a variety of people across a range of industries get the coverage to meet their personal and business needs.