Insurance for Independent Owner Operators

Owner operator insurance provides essential coverage for self-employed truck drivers who own and operate their own trucks. This type of insurance helps protect you in various situations, both on and off the job.

It covers accidents while driving for work, like hauling goods or making deliveries. Additionally, owner operator insurance can also protect your truck from damage caused by incidents, theft, or unforeseen events.

With owner operator insurance, both you and your truck are covered whether you're driving long distances or parked at home—giving you the peace of mind you need.

If you're running your own trucking business, you need specific insurance. This is important for protecting your business.

Here's a breakdown of the typical coverages you should consider:

• Liability insurance: This covers the cost if you harm others or damage their property while driving, including injuries and property damage.
• Physical damage insurance: This coverage is made up of comprehensive and collision. Note that these coverages aren't bundled together but can be purchased independently based on your insurance needs. Physical damage insurance protects your truck from a collision or something unexpected like fire, theft, or vandalism. It also helps cover repair costs for your vehicle.
• Motor truck cargo insurance: This covers you if you're responsible for the loss or damage to goods you're hauling. If something happens to your load, like fire, collision, striking a load, or theft, this insurance can help cover the loss.
• Trucker's general liability insurance: This covers you for damages caused by your business operations but not directly involving the insured vehicle.

Remember, these are just the basics. The Federal Motor Carrier Safety Administration (FMCSA) may have specific insurance requirements based on your operations. Plus, certain contracts might require additional coverage.

It's important to make sure you have the right insurance before you start driving to stay compliant.

When you're working for a motor carrier, they usually cover primary liability insurance. This protects you if you cause an accident that results in injuries or property damage.

However, there are more coverages you might need to consider:

• Non-trucking liability insurance: If you're under a permanent lease agreement with a motor carrier, this covers you when you're using your truck for personal use.
• Physical damage insurance: This coverage, encompassing comprehensive and collision, is vital for protecting your truck. Whether it's damage from an accident or something like theft, this insurance helps with repair or replacement costs.
• Trailer interchange insurance: Covers physical damage to trailers you don't own but that are in your possession under a trailer interchange or equipment agreement.

Even though your motor carrier might give you some insurance options, it can be a good idea to choose one for yourself. When you purchase insurance on your own, you have the freedom to select what you require.

It's important to remember that every motor carrier has different rules for insurance. Be sure you know what your carrier's insurance covers and what extra insurance you might need to cover everything.

Owner operator insurance can be tricky because it varies based on several factors. Just like how every driver and business is different, insurance costs are different.

Here are some key things that affect how much you might pay for your owner operator insurance:

• Business type: The kind of trucking business you operate plays a big role. Different types of hauling services can have different risks and insurance needs.
• Coverage needs: The more coverage you need, the higher the cost. It's about balancing the right amount of protection with what you can afford.
• Driving history: Just like with personal car insurance, your driving record matters. A history of safe driving can help lower your costs.
• Vehicle types: The types of trucks, tractors and trailers you use in your business affect the cost of your insurance.

Contact us to speak directly with a GEICO Insurance specialist who can provide you with detailed information and find you the right coverage for your needs and budget.

As an owner operator, having the right business insurance is crucial to protecting your operations, employees, and assets. You'll likely need:

• Commercial Auto Insurance: Protects vehicles used for business purposes from accidents, property damage, and liability claims.
• General Liability Insurance: Protects against lawsuits and financial losses related to accidents at your workplace or caused by your business operations. This includes third-party bodily injury, property damage, or personal injury claims.
• Workers' Compensation Insurance: Protects businesses from lawsuits related to workplace injuries. This coverage is often required by law under specific circumstances.

If you have your own business, it's important to understand financial responsibility filings. These are special papers that show you have the insurance to meet state or federal regulations.

Getting these filings might sound complicated, but don't worry, GEICO is here to help. When you secure your owner operator insurance policy through GEICO, we go beyond just providing coverage. We also assist you with the required filings, both federal and state.

Long-haul trucking means driving across many states. GEICO can handle your needs, no matter how far you go. We know that long-haul trucking needs different insurance than local or regional trucking. GEICO can help you understand the differences and get the right coverage for your long trips.

With GEICO, long-haul truckers can feel confident that their trucking insurance covers them on any road they travel.

As you consider your insurance options, remember that GEICO provides more than just a standard policy. Choosing GEICO means partnering with a reputable company and dedicated team renowned for its competitive pricing and exceptional customer service.

Are you ready to safeguard your business with GEICO? Call (866) 509-9444 today for a free quote and discover the assurance and confidence that comes from having GEICO in your corner.

• What kind of insurance do I need for a DOT number?
  To operate under a DOT number, you need at least $750,000 to $1 million in liability insurance, depending on your cargo and operation type. This ensures you meet federal regulations and protects against damages caused during your trucking operations.
• Do I need an LLC as an owner operator?
  While not required, forming an LLC offers personal asset protection by separating your business and personal finances. It's a popular choice for owner operators who want liability protection and potential tax benefits.