Teaching Your Kids About The Business World

Hello, I am Jheri Kimm. I am excited to help you learn how to introduce your child to the business world. Kids are natural entrepreneurs who quickly learn how to operate their own business. You must teach kids about the basics, such as inventory management, budgeting and marketing, to help them achieve success in this realm. Once kids understand the basics, there is no stopping them from running a multitude of business operations in their neighborhood. Kids can sell lemonade, bracelets, pottery and many other handmade products. Please come back often to discover the best way to assist your child with their business endeavors. Thank you.

4 Types Of Insurance A New Owner-Operator Should Look Into

Business Articles

If you have decided to become an owner-operator of a commercial truck, buying your rig is just the first step. You will also have to navigate the complex world of commercial truck insurance to make sure that you are adequately insured without paying extra for services that you do not need. If you have only driven trucks for other companies, you may not be aware of the many types of insurance that are available for commercial trucks. Below are the four main types of insurance that you should check out. 

Alternative Use Insurances 

There are two types of insurances meant to cover your truck when it is not being used for hauling loads. The first is bobtail insurance. This insurance covers your truck when it is not hauling a load and is not commissioned by a trucking company. For example, if you are taking your truck in for repairs or if you are simply relocating it to a different city, you would need bobtail insurance. 

Along with bobtail insurance, there is non-trucking insurance. This covers your truck whether it has a trailer attached or not, such as when you are using the truck for personal reasons as opposed to work reasons. For example, if you use your truck to haul personal items for your home, you will need non-trucking insurance. 

Insurance for Various Loads 

Cargo insurance covers the loss or damage to cargo that you are carrying on a trailer that you own. In many states, cargo insurance is required, and even if it is not legally required, many clients will prefer that you have it. Cargo insurance is also required by the Federal Motor Carrier Safety Administration

Alternatively, trailer interchange insurance covers the loss or damage to a trailer and its cargo if you do not own the trailer. For example, when you pick up a trailer that is already loaded and simply attach it to your truck and deliver it, you will need trailer interchange insurance. 

Which of these types of insurance you will need depends on what type of hauling you complete. Some owner-operators may need both of these types of insurance. The coverage of these insurances varies based on your insurance carrier and the premiums you pay. It is important to get enough coverage to cover the cost of the more expensive loads you will be hauling. 

Insurance for Damage to Your Truck 

There are two main types of insurance that will cover damage to your truck. The first is collision insurance. This will generally cover the cost of repairs to your vehicle if you are in an accident with another vehicle. Along with collision insurance, you should also look into comprehensive insurance, which covers the cost of damage due to fire, vandalism, theft, broken windows, and collisions with animals. Combined, these two types of insurance should greatly reduce your out-of-pocket expenses for any physical damage to your truck. 

General and Primary Liability Insurance

General liability insurance covers the cost of injury and loss to others due to the everyday operation of your vehicle. General liability insurance covers slips and falls by visitors while on your work property, wrong deliveries that result in injury to individuals or damage to machinery, your actions that harm someone or damage property while you are on a client's property, loading docks, or truck stops, and libel or slander exposures. 

Primary liability insurance covers the cost of injury and loss due to a physical accident caused by your truck. 

If you are looking into purchasing a truck and becoming an owner-operator, it is important that you understand the various types of insurance that are available and which ones you will need. An insurance agent, such as those at Metropolitan Insurance Service Consultants, can work with you to create an insurance package that covers you in all of the necessary situations. 


1 June 2016