Owner/Operators all understand the harsh reality of the transportation industry – when your truck isn’t moving, you’re not making money. There are countless reasons why a truck can be off the road ranging from mechanical problems, accidents, theft, to a variety of health issues which can cause an Owner/Operator to be unable to work.
Whatever the reason for unexpected downtime the uncertainty of income often makes it a stressful time for an Owner/Operator and their family. If the downtime is caused by an accident an Owner/Operator may face legal proceeding costs, medical expenses, towing, repair costs and a possible hefty deductible to pay to their insurance company. These costs can accumulate to tens of thousands of dollars and when they are coupled with regular truck payments, bills and living expenses the situation can quickly become detrimental to an Owner/Operator’s financial health.
A Downtime insurance policy protects an Owner/Operator from such unforeseeable circumstances by providing a weekly income if their truck is off the road due to a traffic accident, fire or theft. In addition, National Truck League’s Downtime Protection Plan provides a loss of life benefit as well as reimbursement for a variety of expenses including towing, emergency roadside assistance, meals, accommodations, driver replacement and legal proceedings. The legal proceedings benefit is often particularly appealing to truckers and carriers as reducing the sentencing on a violation can protect both an Owner/Operator’s and a carrier’s CVOR.
Although many Owner/Operators believe they have adequate protection under their carrier’s policy or through Workers’ Compensation, they often realize they are substantially underinsured at the time of a claim. It is important to note that Workers’ Compensation pays claims based on net income which for many Owner/Operators significantly lowers the payout. And although a carrier may provide coverage, it is important to understand the terms of the policy as it is frequently the Owner/Operator who is held responsible for the deductible which is often between five and ten thousand dollars.
As Owner/Operators today have more responsibilities and demands on their time, it is more important than ever to have proper, dependable insurance coverage. When purchasing any insurance it is important to work with a reputable broker. For over 25 years National Truck League has been providing industry leading coverage and peace of mind to truckers across Canada. We are always pleased to review available coverage options with our clients to help them ensure they have adequate protection for themselves, their family and their business.