Being an independent contractor and driving a truck can be a great way to be your own boss and make money, as little or as much as you want to work for. As great as the thought of being your own boss and making your own hours sounds, being an independent contracting trucker also comes at some pretty high stakes. There is a lot of risks that come from being a trucker and driving around such large loads on the road; it is something that comes with the territories. However, the real risk comes from not preparing yourself and getting the coverage you need with adequate insurance. A good coverage plan for independent contractors may be on the expensive side, but the thought of not having one and having to pay out of pocket should things go wrong is even worse. Below is a list of things that drivers need to consider as pricey risks when considering the kind of policy to get.
As an independent contractor, you may think that your personal auto insurance policy will automatically cover you should you be in an accident while driving your truck to a delivery. However, this is actually an unclear part of policies and most insurance companies are able to get out of providing you coverage. The only way to fully protect yourself when it comes to accidents or exposure is to get a liability policy to cover you and your truck.
Policies to protect the cargo you carry:
As a trucking independent contractor, it should be obvious that your job revolves around the cargo that you haul with you to your destination. It is fully your responsibility and yours alone to make sure the packages arrive to their destination safe and unharmed. Things happen every day outside of our control like cargo getting stolen or damaged. If that happens and you are not properly covered, it would be you who is personally responsible for paying for and replacing the customer’s goods. To protect yourself from having to deal with something like this, add a motor truck cargo policy to your insurance. This way, the insurance company would be paying for lost or damaged property instead of you.
Insurance to cover work injuries:
As an independent contractor, the fact is that you run the risk of getting injured anytime you clock in and go on a delivery. There is always the possibility of getting into an accident and getting hurt while driving, but there is also the possibility of getting injured while attempting to move or lift the cargo you are carrying. You are responsible for making sure you have your own worker’s compensation coverage policy! This is to make sure you are completely covered if you get injured while working. Health insurance alone may not cover everything and if you are left exposed then you will be left paying your medical bills on your own.
As an independent contractor for trucking services, it is vital that you up your insurance game and get covered by more than just your own personal auto policy. There are so many things that could go wrong, and if you are not properly prepared, it could mean you’re left paying for the bills out of your own pocket.