Wisconsin 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 Wisconsin owner operator insurance for your trucks.
Wisconsin owner operator insurance helps your business cover costs from an accident if you or an employee is found liable - with rates as low as $167/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 WI owner-operator or owner operators with multiple trucks.
While clearly this field is one that's rewarding, WI 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 Wisconsin 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 Wisconsin 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 Wisconsin 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 Wisconsin 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.
Location is one of the most important factors that determines the success of a business. It doesn't matter how high-quality the products and services of the business are, if it the operation isn't located in an area that offers a market that can benefit from those products and services, the business isn't going to succeed.
With that said, entrepreneurs that are thinking about setting up their headquarters or a branch of their establishment in Wisconsin should familiarize themselves with the opportunities that the state offers. They should also be aware of what types of rules and regulations are in place regarding commercial insurance.
Below, you'll find a brief overview of both the economic trends in the state of the Badger State, as well as mandated forms of business insurance coverage.
According to recent data, the economy in the state of Wisconsin has been strong over the past few years, and continued growth is projected through the end of 2019. As of March, 2019, the unemployment rate in the Badger State was 2.9 percent, a good indicator of the state's economy, especially when compared to the national unemployment rate, which was 4.0 in January of 2019. At present time, Wisconsin ranks 12th for states that offer the best job opportunities, and 8th in job market strength.
With tax policies that are beneficial for business owners and an increase in skilled labor, Wisconsin offers great promise for entrepreneurs that are looking to start a successful business in the state. According to the latest data, key areas for business development include major cities, such as Green Bay and Madison, as well as areas that are situated near these urban centers, including Monona, Ashwaubenon, Wakuesha, Plymouth, Hudson, and Waupaca; among others.
Several industries are flourishing in the Badger State in 2019, and are expected to see continued growth, including:
The Office of the Commissioner of Insurance regulates insurance in the WI. As with every other state in the country, business owners in Wisconsin are legally required to have certain types of business insurance.
In WI, any business that has one or more employees must carry workers compensation insurance, which provides coverage for employees for work-related injuries and illnesses.
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 Wisconsin Owner Operator insurance quote in Allouez, Appleton, Ashwaubenon, Baraboo, Beaver Dam, Bellevue, Beloit, Brookfield, Brown Deer, Burlington, Caledonia, Cedarburg, Chippewa Falls, Cudahy, De Pere, DeForest, Eau Claire, Elkhorn, Fitchburg, Fond du Lac, Fort Atkinson, Fox Crossing, Franklin, Germantown, Glendale, Grafton, Green Bay, Greendale, Greenfield, Harrison, Hartford, Hartland, Holmen, Howard, Hudson, Janesville, Kaukauna, Kenosha, La Crosse, Little Chute, Madison, Manitowoc, Marinette, Marshfield, Menasha, Menomonee Falls, Menomonie, Mequon, Merrill, Middleton, Milwaukee, Monroe, Mount Pleasant, Muskego, Neenah, New Berlin, Oak Creek, Oconomowoc, Onalaska, Oregon, Oshkosh, Pewaukee, Platteville, Pleasant Prairie, Plover, Port Washington, Portage, Racine, Reedsburg, Richfield, River Falls, Shawano, Sheboygan, Shorewood, South Milwaukee, Sparta, St. Francis, Stevens Point, Stoughton, Sturgeon Bay, Suamico, Sun Prairie, Superior, Sussex, Tomah, Two Rivers, Verona, Watertown, Waukesha, Waunakee, Waupun, Wausau, Wauwatosa, West Allis, West Bend, Weston, Whitefish Bay, Whitewater, Wisconsin Rapids and all other cities in WI - The Badger State.
Also learn about Wisconsin small business insurance requirements for general liability, business property, commercial auto & workers compensation including WI business insurance costs. Call us (608) 676-0031.