If you drive a truck (that you don't own) for an established, reputable trucking company, then you're most likely completely covered under their insurance plan. But if you're an owner operator who is just beginning your career, then chances are that you're on your own as far as certain aspects of insurance go. This isn't a bad thing, but it does mean that you might be unaware of the reasons why trucking insurance is so essential. To get a better idea of why trucking insurance is so important as an owner operator, keep reading below.

Beyond Liability

If you have decided to permanently lease out your truck to a carrier, then you're most likely covered with regards to liability. What this means is that in the event of an accident for which you are at fault, you don't have to worry about paying out of pocket for damages and injuries that are caused as a result.

But there are several instances in which liability coverage won't be of any use to you. For example, if the load you're carrying is damaged or stolen, you'll be responsible for the loss if you don't have cargo insurance (which is included in most trucking policies). You'll also want liability insurance that covers damage or loss in cases where you're not dispatched. Having to go through one of these experiences without trucking insurance can be financially disastrous.

Filing Assistance

As an owner operator with trucking insurance, you will need to periodically submit insurance filings to assure the government that you are in fact insured through legal means. Purchasing an insurance plan through a reputable company more often than not means that you will receive assistance during the filing process. This is important, if for no other reason than filing can often be an overwhelmingly complicated process.

The details of your filing will rely on where you drive, what state you reside in, and what cargo you carry. Generally speaking, however, if you are a long-haul or regional driver, you will need to file at both the state and federal levels.

Rental Reimbursement

Another huge benefit of having trucking insurance is that in the event of an accident, you can take advantage of a policy that reimburses you for any fees you incur when renting a replacement truck. This can mean the difference between a normally profitable month and one that sees you go into debt. 

For more information and options, talk with a trucking insurance company, such as North American Brokerage Inc.