Breaking away from the mold by becoming an owner-operator can be quite liberating. You will no longer have to work for someone else and enrich them with your manpower. You're now free to set your own schedule, get higher-paying clients, and chart a course that could lead to the kind of prosperity you've always dreamed of having. Now that you've purchased your truck, it's time to get commercial truck insurance. If you've always been covered by your employer and have never had to obtain this insurance for yourself, the following tips can help you select the right protections.
Cargo Coverage Is A Must
The term "precious cargo" takes on new meaning when you are working for yourself. Each load is likely to be full of very valuable items, and it's important for you to keep the haul safe at all costs. There really is no way to predict what will happen while you're out on the roads, so you must take preemptive measures to guard against the risk. Adding cargo coverage to your commercial truck insurance policy can be very beneficial in the event of an accident.
Think about the consequences of getting into a collision that causes your entire truckload to spill out onto the highway. Not only is this a highly dangerous situation because of the chance that other motorists will strike something on the ground, but you also have to consider how you will be able to pay for the damages. A single haul could contain thousands of dollars' worth of items, and this is certainly not an expense you want to absorb, especially when you are just getting started!
Request a cargo coverage rider from your insurer and raise the limit as high as you can afford. This protects your wallet and helps you maintain pleasant relations with clients when you are able to promptly pay for their products.
Don't Skip The Liability Protection
Liability is also vital because you could cause injury in ways you aren't thinking about. What if someone climbs onto your truck to help unload and slips on a patch of water you failed to mop up? This scenario alone could lead to a costly lawsuit complete with legal fees that stretch out into the unforeseeable future. Liability protection provides you with money to cover these instances so you aren't stuck holding the bill.
Stack your commercial truck insurance policy with the right coverages so you'll be protected in as many sets of circumstances as possible. Once you have your policy, be ready to hit the interstate with confidence.