Do you really need truck ownership protection on top of your comprehensive insurance policy? Many truck owners often work as both operator and entrepreneur. This means doing hauling services by driving their own trucks. As a business owner, being both truck driver and business operator help lessen the burden of having to hire and entrust your vehicle to another person. It also optimizes one’s income-generating capabilities and hasten the growth of your treasure chest. But even with all these perks, certain risks can put the whole money-making scheme into jeopardy– and this is where truck ownership protection insurance comes in.
Truck Ownership Protection
When operating a small trucking business, many driver-operators often believe they can simply consolidate one insurance policy to handle everything. Sadly, operating a small or even a single fleet can be fraught with risks. IF you have a sickness or injury and were unable to keep the wheels spinning. Your income may stop. Your business may also be in jeopardy.
Getting a dedicated truck ownership protection policy helps reduce, if not counter, these particular risks. This particular policy helps provide another level of protection for your assets (in this case, your truck) from greedy creditors. You are able to replace the income lost from you being unable to operate the truck, so that you can keep your business moving forward and the bills paid.
Top Aspects To Consider
To protect the business as well as the vehicle in question, it is essential to find a reliable truck ownership protection policy that provides wide coverage. Many truckies, who also operate their own vehicles nowadays, often include motor vehicle insurance to their protection arsenal. While this may offer crucial aspects like repairs, protection from claims, and other legal undertakings, experts in the field of business strongly recommend obtaining a comprehensive truck ownership protection policy that covers:
Sickness and injury cover; what if you cannot operate your truck.
Lifestyle protection cover.
Debt protection cover.
By having truck ownership protection, you are able to protect your business assets if the most important asset (which is you) becomes sick or injured and unable to work.
Bottom line is: Though considered as “umbrella” insurance by others, truck ownership protection insurance allows you to have another safety net to fall back on when needed. Keep in mind that to be both operator and driver of a truck, your risks are eventually doubled. This precarious situation definitely requires a more beefed-up protection system in place. With the number of insurers in the market, however, getting in touch with topnotch financial advisers can point you to the right direction. As always, when in doubt then, try to find out from reliable professionals instead of making unnecessary assumptions that will haunt you in the end. Protect your truck, protect your business!