Owner-operator insurance is a type of vehicle insurance that consists of a collection of coverage types that protect against risk while operating a truck for profit. If you’re unfamiliar with this type of protection, below is a discussion of what this insurance entails.

Owner-Operator Coverage

When you drive a big rig as an owner-operator, you’re part driver and part business owner. Traditional auto insurance won't cover you properly, so you need a different type of vehicle insurance that addresses unique requirements. For instance, when you drive under lease to a motor carrier, they may provide a certain amount of coverage — typically liability insurance in case you accidentally injure someone or damage their property — but it's mainly to protect themselves. Their policy may not cover damages to your truck at all. Furthermore, as a fully independent hauler, you are responsible for purchasing enough vehicle insurance to protect your assets and comply with state insurance laws.

What It Covers

Two of the most important types of coverage for any owner-operator are motor truck cargo insurance and physical damage insurance. These pay for losses to the cargo and the truck itself in the event of an accident or theft.

Liability, motor truck general liability, and nontrucking liability insurance all work together to protect you against the cost of repairs, medical care, and legal bills. These are especially necessary should you injure someone or damage property by any means, whether you're operating the truck for business or personal use or if you’re not in the truck at all. You can even purchase passenger accident coverage to protect nondriver passengers. Owner-operator insurance offers enormous flexibility and the opportunity to customize your policy as you like.

If you are an owner-operator who needs affordable vehicle insurance, contact Robert Taylor Insurance in Lorain, Elyria, and Norwalk, OH. This independent agency serves clients throughout the Greater Cleveland area and specializes in auto, home, motorcycle, ATV, renters, life, and commercial insurance. Visit their website to explore their coverage options and call (440) 277-5191 to request a vehicle insurance quote.