Owner Operator Insurance
What is owner operator insurance?
Owner operator insurance is coverage designed for drivers who own and operate their own commercial trucks. It protects against things like accidents, truck damage, and cargo loss.
Whether you work independently or under a lease for a motor carrier, Progressive Commercial can help you find truck insurance that matches your needs and protects your business.
Owner operators with their own authority
If you’re running your business independently, you'll need to purchase owner operator insurance coverage, including:
- Liability: Financially protects you from claims of bodily injury or property damage.
- Physical damage: Pays for necessary repairs to your truck if it's damaged in an accident.
- Motor truck cargo: Covers loss or damage to the materials you're transporting.
- Motor truck general liability: Protects against injuries or property damage caused by business activities unrelated to your truck.
It's important you meet specific owner operator insurance requirements before you begin work. Refer to the Federal Motor Carrier Safety Administration (FMCSA) and any contracts to ensure you have the proper commercial auto insurance coverages. If you have any questions our team is here to help.
Owner operators under permanent lease to a motor carrier
Motor carriers usually offer primary liability insurance to drivers who work under a permanent lease. If you're responsible for an accident, this coverage will protect you from injury or property damage claims.
Depending on your business, you might need additional leased owner operator insurance coverages, including:
- Non-trucking liability: Protects you when you're using your vehicle for personal purposes, not work-related tasks.
- Physical damage: Handles the expense of repairing or replacing your truck if it's damaged in an accident or stolen.
- Trailer interchange: Covers damage to non-owned trailers hauling under a trailer interchange agreement.
While many motor carriers offer these specialized insurance types, you can often get a better rate if you purchase them on your own. This gives you the flexibility to customize your owner operator insurance policy to align with your needs.
Owner operator insurance cost
Several factors influence the cost of owner operator truck insurance. These include your business type, truck, driving history, and location.
Team up with one of our experts and learn how these and other factors affect your truck insurance premium. You can also ask about vehicle insurance discounts to see how much you can save. Start a quote today and discover your owner operator insurance cost.
