If you are an owner operator, downtime is your worst enemy. When your truck is parked in your driveway you aren’t earning any money. And if your vehicle is in the shop due to fire damage or a collision, you may suffer significant losses.
Downtime Coverage
Owner operators can obtain downtime coverage to help recoup losses that incur from covered dangers, including fire. If your insurance policy includes downtime coverage it is important to:
- Understand coverage limits
- Learn about conditions for payment
- Know the documents you need to include with your claim
Make sure you understand all elements of this coverage and ask your agent if you have any questions. This way you can be assured if you experience covered downtime you will be compensated.
Compensation From At-Fault Drivers
Being paid for downtime from your insurance company is easy compared to recouping loses incurred from an at-fault driver. If you are involved in a collision and the other driver is found to be at fault you may find it nearly impossible to recover any loss of income.
What can you do to increase the chance that the at-fault driver’s insurance company will cover your downtime losses? You need to:
- Create a realistic estimate of your earnings
- Use that figure to calculate downtime losses
- Include verifying documents such as tax returns, repair estimates, account statements
- Understand you may need to be willing to negotiate
Recouping losses from downtime requires painstaking record keeping, determination and realistic expectations. To learn other ways trucking insurance can protect your business, contact us.