The Australian truck industry is one of the largest industries in the country and is absolutely essential for the transportation of goods and for keeping the economy going. Owner-driver truck operators are an essential part of the industry and this is a popular business model for many small to medium businesses. However, it does mean that the responsibility for arranging insurance falls to you. As the experts in owner-driver truck insurance Perth, we’re here to share what owner-drivers need to know about your insurance needs.
Owner-driver vs company driver
When it comes to a career as a truck driver, the main options you have are either being a company driver where you drive a truck provided by the company, or an owner-driver where you own your truck and work as an independent contractor. The benefits of being an owner-driver are that you have the ability to arrange a flexible schedule, can choose contracts which suit you, and generally make more of a profit. However, you also assume all of the risk and need to arrange your own insurance.
Unlike being a company driver where the insurance is already in place, you need to make sure you have the right cover in place as an owner-driver to protect yourself. Remember, if something happens then you’ll be responsible for the costs which is why you need the right level of cover! When something goes wrong, such as your truck needing to be taken off the road, it can have serious financial implications and having insurance in place gives you peace of mind that you’re protected.
Owner-driver insurance is designed to include policies which apply to your specific line of work, and can be customised to suit your individual needs. Just some of the policies which can be included in your insurance package include;
- Heavy Motor (Agreed value – no valuation required and no vehicle age limit)
- Public Liability
- Goods in Transit
- Downtime Insurance
You can also include options such as personal accident and injury insurance which will protect you financially if you find yourself suddenly unable to work do you injury or illness. If you’re not sure which policies are best for you, speak to your insurance broker. They’ll be able to identify your risks and develop an owner-driver insurance package for you.
Tailored insurance solutions
Here at GSK Insurance Brokers, we offer tailored insurance solutions for owner-drivers so you can be confident that you’re protected financially when things go wrong. Our experienced team of brokers understand the unique set of risks you face in your line of work and work hard to provide premium cover at a competitive price. When it comes to claim time, all you need to do is give your broker a call and we take it from there!
For owner-driver insurance, contact GSK Insurance Brokers today on (08) 9478 1933.