products + services

owner operator insurance

SPECIALIZED COVERAGE FOR YOUR BUSINESS AND EQUIPMENT

Owner operator truck insurance by Great West protects your trucking business while you run your operation.

As an owner operator truck driver, you have a business to manage — finding loads, managing expenses, securing proper insurance coverage, and more — not to mention hauling freight as a motor carrier operator. A trusted commercial truck insurance provider can help protect the livelihood you have built.

At Great West, we understand the insurance requirements of your operation. We can customize your owner operator insurance coverage - whether you operate as a motor carrier under your own authority or under lease to a motor carrier, as well as the other nuances of your business.

What type of trucking insurance do you need?

GET THE BEST OWNER OPERATOR INSURANCE COVERAGE FOR YOUR BUSINESS

Every trucking operation is unique, and there are different ways to approach owner operator insurance coverage to maximize your protection while minimizing your premium.

To get you the best coverage for your trucking company, your agent may ask questions like these to determine the coverage you need:

  • Are you under permanent lease to a motor carrier or do you work under your own authority?
  • Do you own or lease your tractors?
  • Do you have employees who drive for you?
  • Do you have an office or shop?
  • What type of freight do you haul?
  • What routes do you travel?
Smiling trucker in semi - owner-operator insurance
AN AGENT THAT ASKS ALL THE RIGHT QUESTIONS

GET  Insurance for OWNER OPERATORs FROM A COMPANY THAT UNDERSTANDS TRUCKING

request a quote

WHILE OPERATING UNDER YOUR OWN AUTHORITY

To determine owner operator insurance cost, it is important to understand what  specific coverages you need. Here are some of the common components of a commercial truck insurance policy for independent owner operators who have their own authority. We help you select only the coverage you need to fit your business and operational needs.

REQUIRED AUTO LIABILITY COVERAGE:

Auto Liability coverage: Owner operators with their own authority must have an Auto Liability policy (sometimes called Primary Liability) with a minimum of $750,000 in coverage to operate as an interstate carrier in the United States. Many shippers and freight brokers require a minimum of $1,000,000 in coverage to haul for them.

Workers Compensation coverage: If you have employees, many states require that you have coverage for drivers and clerical employees regardless of your independent contractor status.

OWNER OPERATOR INSURANCE COVERAGE:

General Liability coverage: protects your business from third-party accidents or losses on your premises as a result of your operations

Physical Damage coverage: Physical Damage insurance covers damage to your semi truck and equipment when you have an accident

Passenger Accident coverage: medical coverage for passengers riding along with you

Trailer Interchange coverage: Physical Damage coverage for owned and non-owned trailers

Equipment coverage: insures your electronic equipment while inside or attached to your truck and covers binders, tarps, tie-downs, chains, and other equipment when you don’t own the trailer

Cargo coverage: insures the cargo and freight you haul

Motor Carrier Reimbursement coverage: covers property loss for which you’re contractually responsible to a motor carrier

Mechanical Breakdown coverage: covers towing and roadside labor due to a mechanical breakdown

Emergency Expense coverage: covers expenses due to a mechanical breakdown, including lodging, meals, vehicle rental, and more

Downtime coverage: provides coverage when your truck is in the repair shop and not drivable

Rental Reimbursement coverage: activates when you need to rent tractors, trucks, and trailers after an accident

Lease Value and Financed Value coverage: provides coverage when the cost to pay off your lease or loan after a total loss exceeds your unit’s actual cash value

Excess coverage: coverage limits above your other liability coverage to shield your trucking company’s financial assets from catastrophic loss

WHILE OPERATING UNDER PERMANENT LEASE

As an owner operator, when you’re leased to a motor carrier, you’re typically insured under the motor carrier’s Auto Liability policy.

It’s important to know that you’re only covered by their policy when you’re operating under your lease and their Auto Liability policy only covers injuries to other people and damage to the property of others if the motor carrier is held liable for the accident.

The motor carrier’s coverage does not cover damage to your truck.

That’s why owner operators under permanent lease need their own owner operator insurance coverage. We select coverages to specifically fill the gaps that could put your livelihood at risk – either by having to pay for damages or from a lawsuit – as the result of an accident.

In addition to the coverages discussed above, here are common additions for owner operators under lease:

  • Non-trucking Use (NTU) coverage: provides liability coverage for when you’re using the truck for non-business purposes, like stopping at the store or running errands
A COMPREHENSIVE OWNER OPERATORS INSURANCE BUNDLE

CHOICE COVERAGE® PLUS

A bundle of trucking insurance endorsements designed to protect owner operators with one to nine units. Choice Coverage® Plus includes Electronic Equipment coverage, Personal Property coverage, Miscellaneous Equipment coverage, and Mechanical Breakdown coverage, plus a Diminishing Deductible that rewards owner operators who operate safe and loss-free.

learn more

WHY YOU SHOULD CHOOSE OWNER OPERATORs INSURANCE FROM GREAT WEST 

Great West has focused on only commercial truck insurance for more than 65 years. Whether you are  working under someone else’s authority or you’re working under your own authority, our deep experience in the trucking industry and understanding of owner operator truck insurance means we can help you create a customized insurance policy.

When you have an accident, the Great West team knows that fast, efficient claims service is crucial to your livelihood. That’s why we provide 24x7x365 claims services. Our proactive claims specialists will help you find towing services, answer your questions, and help you file your claim quickly.

Semi on empty bridge - owner-operator insurance
Your questions about trucking

Frequently asked questions

Does owner-operator insurance cover both liability and physical damage for the truck and cargo?
Yes, insurance for owner operators typically covers both liability and Physical Damage for the truck and cargo. Liability coverage includes bodily injury and property damage protection, while Physical Damage coverage encompasses damage to the owner operator's truck and the cargo they are hauling.
Are there limitations or exclusions within owner operator insurance policies for commercial trucking?
Owner operator insurance policies for commercial trucking may have limitations or exclusions, such as restrictions on coverage for certain high-risk cargo types or limitations on coverage for non-owned vehicles. Policies may also exclude intentional damage, wear and tear, or losses due to illegal activities.
Can owner operator insurance be customized to cater to specific needs or risks?
Yes, owner operator insurance can be customized to cater to the specific needs or risks of the individual owner operator. This customization allows for adjustments in insurance coverage limits, endorsements for specialized cargo or equipment, and modifications based on the unique operational aspects of your trucking business.
Does owner operator insurance offer coverage for downtime, rental vehicles, or temporary replacements for the truck?
Typically, insurance for owner operators does not include coverage for downtime, rental vehicles, or temporary replacements for the truck as part of their standard coverage. However, owner-operators can explore additional insurance options, such as Choice Coverage Plus to address these specific needs and minimize business disruptions.

This summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.

blog

STAY UP TO DATE

view more