Transportation Insurance For Owner-Operators

There are many risks involved in driving a tractor-trailer or semi-truck across the country. Even if you are just driving from one city to another, the risks are very high. There is the risk of getting involved in a collision, blowout, and breakdown, all of which could damage the cargo. To minimize the financial damage of such incidents, it is recommended to obtain and carry transportation insurance. In the article below, you will discover more information about transportation insurance and why it is important.


What Is Transportation Insurance?

Transportation insurance is designed to protect owner-operators of tankers, flatbed trucks, over-sized trailers, dry vans, livestock carriers, shipping containers, auto haulers, and temperature-controlled trailers from major financial losses associated with collisions and breakdowns. 

Transportation insurance policies can be customized to fit the owner-operator’s risk exposures. The basic policy offers universal protection because most owner-operators share the same risk exposures. But, there is the option of customizing a policy to suit the owner-operator’s needs and preferences.

Cargo thefts are a major problem in Canada. We work with local and federal law enforcement agencies to help protect our policyholders when venturing into high-crime areas. Cargo insurance is a necessity for owner-operators, regardless of their normal routes. This insurance policy will cover goods that are stolen during a theft.


What Does Transportation Insurance Cover?

Transportation insurance covers cargo while it is in transit. If the driver is involved in an accident or experiences a breakdown and the cargo is damaged, the insurance will kick in to cover the damage. Regardless of how comprehensive the cargo is, transportation insurance will cover the damages. 

Whether you are a distributor, wholesaler, owner-operator, or manufacturing transporting goods from a warehouse to a distribution center or elsewhere, the policy will cover your cargo is it is damaged in a collision or during a breakdown.


Types of transportation insurance we provide:


Why Obtain Transportation Insurance Coverage?

There are many reasons why transportation insurance is recommended to owner-operators of commercial vehicles. If you or one of your drivers is involved in an accident and deemed to be at fault, you will be responsible for your cargo. If the cargo is damaged beyond us, you will be forced to pay out-of-pocket if your cargo is not covered under a transportation insurance policy. While this does not appear to be a big deal, logistic companies are known to transport products that can range from $1 to $1 million or more. So, if the damage is determined to be more than the cash you have on hand, you may be forced to sell your company to cover the costs. And, this is not to mention the possibility of a single or multiple lawsuits filed by the third-parties involved in the accident.

Transportation Laws

All owner-operators operating in Canada are required to follow the transportation laws associated with the industry. There is legislation for every process of transporting goods from place to place. Even when it comes to filing your truck with diesel, you must follow specific safety standards. 

All owner-operators are required to carry commercial truck insurance and liability insurance. The coverage amount must meet the federal requirements in order for your truck to be legally driven on Canadian roadways. During inspections, the inspector must be able to verify your coverage. And, if it is determined that you do not have enough liability insurance, your truck will be pulled to the side of the road and you will face expensive fines. To avoid these penalties, you will need to obtain and carry liability and commercial truck insurance.

Know Your Risks And The Consequences

Every owner-operator should know the risks of the open highway. They should also know the consequences of those risks. This knowledge will help you better determine your insurance needs. A motor vehicle accident can occur at the drop of a hat, whether you or the other driver is at fault, the outcome can be devastating. There is also the risk of cargo theft, which a major concern for owner-operators in Canada. With a good insurance policy, your out-of-pocket costs will be minimal.

Basic Coverage With Extensions

Commercial truck operators are exposed to a large number of risks every time they get behind the wheels. These risks are maximal for drivers hauling oversized loads. These drivers face more risks than most other commercial truck drivers. A basic transportation insurance policy will not cover the risks of an oversized trailer or load. To meet your needs, you will need to start with a basic policy and build it with extensions or additional coverage.


Professionalscoverage – How We Can Help You!

Professionalscoverage can connect you with the leading insurance agents in Canada. Our agents know the risks of the logistics industry. We can help you build an insurance policy that meets all your needs and minimize the financial damage caused by cargo theft, collisions, and breakdowns. We recommend starting with basic transportation insurance, adding as many extensions as you feel necessary until you have a policy that gives you peace of mind. We recommend the following coverage for owner-operators:

  • Commercial truck insurance
  • Warehouse insurance
  • Cargo insurance
  • Property insurance
  • Commercial general liability insurance

At Professionalscoverage, our agents work around the clock to help owner-operators’ meet their insurance needs. We strive to make Canadian roadways safer by encouraging logistic companies, manufacturers, warehouse owners, and other companies that transport goods from facility to facility to obtain and carry insurance.


What Your Policy Can Do For You?

An insurance policy can offer a broad range of benefits for owner-operators. If you want to maximize these benefits, you will need to build your transportation insurance policy from scratch. The benefits of such a policy include:

  • Peace Of Mind – Just knowing that you are fully covered under a solid transportation insurance policy is enough to give you peace of mind. Every time you get behind the wheel, you will have less to worry about because you are fully covered. 
  • Risk Awareness – Our agents work with owner-operators to help understand the risks of the logistics industry. Risk awareness is just one way of ensuring Canadian drivers that they will be protected from financial losses associated with collisions caused by operators of commercial trucks. Every owner-operator should know the risks of hauling standard and oversized loads on public highways and roadways. Risk awareness is key to saving lives.
  • Resolving Claims – Our underwriting team never writes transportation policy without explaining the claims process. We want to ensure every policyholder knows how to file a claim and receive a response in a timely manner. Our claims department is open 24/7, so there is no delay in the process. We encourage all policyholders to file their claims within the first 24 hours of the incident.


We Go Beyond The Call Of Duty!

Unlike many underwriters, we do not feel our job is done once the insurance policy is completed. We continue to work with our policyholders to ensure they are fully comfortable with their insurance coverage. Our assessment team conducts research to determine if there is more that we can do to keep owner-operators and other motorists protected in the event of a collision or breakdown. 

Our agents undergo extensive training courses monthly. We strive to stay up-to-date on new technologies and laws of the logistic sector.


Contact Us Today!

If you are contemplating starting a logistics company, you can rely on us to help you build a transportation policy that will match your risk exposures. Our assessment team will work with you until you know the risks involved in transporting goods from facility to facility. During transport, there is the risk of accidents, breakdowns, blowouts, and thefts. Once you know these risks, one of our underwriters will help you build an insurance policy that will meet your needs and preferences.

Feel free to contact us today for a free quote.


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