Texas Owner Operator Insurance. If you own or operate a truck, then you need insurance that mitigates your risks and protects you from liability. Owning and operating your own truck can be a wonderful way for an entrepreneur to make a good income. With owning a truck comes freedom of being one's own boss, making it a worthwhile occupation for many owner operators. However, the need for insurance is an essential operating expense.
Protecting your business to the fullest requires that you buy a sufficient amount of Texas owner operator insurance for your trucks.
Texas owner operator insurance helps your business cover costs from an accident if you or an employee is found liable - with rates as low as $57/mo. Get a fast quote and your proof of insurance now.
Owner operators can make a substantial living from their businesses. According to the U.S. Bureau of Labor Statistics, the opportunities for owner/operators are poised to grow 9 percent by 2018. Most truckers bring home around $58K per year, although many make more. Most owner operators have invested a princely sum in their vehicles, and protecting them with the right level of insurance coverage is essential to the ongoing success of the small TX owner-operator or owner operators with multiple trucks.
While clearly this field is one that's rewarding, TX owner operators must protect their assets in the event that a theft or accident occurs. With the immense cost of buying a truck or fleet of trucks, it only makes sense to protect your investment with an adequate level of Texas owner operator insurance. If an accident or theft occurs, specialized insurance is a godsend.
If you are a commercial vehicle owner, federal law requires that you maintain a minimum of $750K in liability insurance coverage. Since an accident in a large truck like a tractor trailer can potentially cause a significant amount of damage, some experts recommend that truck owners buy $5 million in coverage. It is always better to have more than you need than to have less than you need if a bad accident occurs.
The driver of your truck, if you lease it out to someone else, is responsible for carrying liability coverage on the truck. Still, if the responsible party does not carry insurance in a sufficient amount to cover an incident, you may need to buy it yourself to ensure that you are not left holding the proverbial bag if an accident occurs. Consult with a licensed agent to determine if you should purchase additional Texas owner operator insurance to mitigate your risks.
States vary widely in the amount of insurance required from owners of large trucks, tractor trailers and semis. Check your state to be sure you're fully insured and legal on the road. Based on your situation, you may need to purchase added coverage. Some other additional coverage options include:
In addition to basic coverage types for commercial drivers, you can also choose from an array of different Texas commercial auto insurance coverage types based on your particular needs. For instance, you may wish to opt for rental replacement insurance to cover the cost of renting a vehicle while yours is being repaired. You may choose roadside assistance and towing coverage to help offset the costs of vehicle breakdowns.
Although your particular needs, driving history, credit, and other factors go into determining the amount of your Texas owner operator insurance premium, comparing quotes makes a lot of sense. Your age, the condition of your truck, the equipment you've added to the truck, the cargo you normally haul, the route you take - these all go into determining the cost of your policy.
Although it's difficult to estimate, the following ranges are common:
Reduce your premiums by accepting higher deductibles or working with your agent to find discounts for which you qualify. Ask your agent to comparison shop for you to find a policy that is a blend of the protection you need and a budget you can afford.
If you are considering opening up a business in the Lone Star State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
In terms of the economy, Texas offers fantastic news for those who are thinking about starting up a business in this state. That's because the Lone Star State has the second largest economy of all 50 states in the nation. The gross state product is valued at an estimated at over $1.706 trillion in 2019. In 2015, the state was the headquarters for six of the top 50 Fortune 500 companies.
As expected, several industries contribute to the economy of Texas. One of the most notable industries is agriculture. In fact, this state has the highest production of cattle, sheep, and goat products. It is also the largest producer of cotton and cereal crops. Other crops that this state is famed for include cantaloupes, watermelons, and grapefruits.
Other leading industries in the State of Texas include:
If you are considering going into business in TX, having an operation in any of these industries will likely afford you success.
The Texas Department of Insurance regulates is the main insurance regulatory agency in the Lone Star State. Texas is quite lenient when it comes to insurance requirements for business owners. In fact, there is only one type of insurance that business owners are legally required to carry, and that is commercial auto insurance. If you are planning on using a vehicle for anything related to your business, whether it's making deliveries, transporting goods, or meeting with clients, you must have a commercial auto insurance policy.
While Workers' Compensation coverage is required in every other state, in TX, is it not mandated; however, if you decide not to carry this type of coverage, you will be required to offer your employees some type of incentive package in the event that the do become injured or develop a work-related illness.
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
Request a free Texas Owner Operator insurance quote in Abilene, Allen, Alvin, Amarillo, Arlington, Austin, Balch Springs, Baytown, Beaumont, Bedford, Benbrook, Big Spring, Brownsville, Bryan, Burleson, Carrollton, Cedar Hill, Cedar Park, Cleburne, College Station, Colleyville, Conroe, Coppell, Copperas Cove, Corpus Christi, Corsicana, Dallas, DeSoto, Deer Park, Del Rio, Denison, Denton, Duncanville, Eagle Pass, Edinburg, El Paso, Euless, Farmers Branch, Flower Mound town, Fort Worth, Friendswood, Frisco, Galveston, Garland, Georgetown, Grand Prairie, Grapevine, Greenville, Haltom City, Harker Heights, Harlingen, Houston, Huntsville, Hurst, Irving, Keller, Kerrville, Killeen, Kingsville, Kyle, La Porte, Lake Jackson, Lancaster, Laredo, League City, Leander, Lewisville, Little Elm, Longview, Lubbock, Lufkin, Mansfield, Marshall, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Nacogdoches, New Braunfels, North Richland Hills, Odessa, Paris, Pasadena, Pearland, Pflugerville, Pharr, Plainview, Plano, Port Arthur, Richardson, Rockwall, Rosenberg, Round Rock, Rowlett, Sachse, San Angelo, San Antonio, San Benito, San Juan, San Marcos, Schertz, Seguin, Sherman, Socorro, Southlake, Sugar Land, Temple, Texarkana, Texas City, The Colony, Tyler, University Park, Victoria, Waco, Watauga, Waxahachie, Weatherford, Weslaco, Wichita Falls, Wylie and all other cities in TX - The Lone Star State.
Also learn about Texas small business insurance requirements for general liability, business property, commercial auto & workers compensation including TX business insurance costs. Call us (214) 999-1966.