Becoming a commercial contract driver is an exciting step toward growing your earning potential and taking control of your financial future. And while you’re making plans to take care of future you, it pays to consider insuring yourself and your vehicle against any unfortunate incidents.
We provide free Public & Statutory Liability insurance cover for all drivers whilst operating on the Road Ninja Platform (subject to policy terms, conditions & exclusions), but it’s good practice to make sure you know what insurance you need for any contract work you perform outside of Road Ninja.
That’s why we recommend an independent insurance broker alongside the following insurance policies. Marsh Insurance is a Transport specialist and can assist you.
Let’s dive into 3 important insurance policies for commercial contract drivers.
Public Liability Insurance for Sole Traders
As a sole contractor, you will need commercial contract driver insurance to guard against work and business risks. Independent truck drivers especially will want to think about Public Liability insurance - also known as General Liability (GL insurance).
Public Liability insurance covers your liability and associated defence costs for damage to third-party property and injuries to others due to your negligence. With Public Liability insurance, you will be covered up to the policy's limit, which you choose.
In other words, if you are found liable for third-party property damage or injuries caused, the limit of your Public Liability policy is the maximum amount the insurer will pay.
For some contractors, Public Liability cover may be one of the terms and conditions of your contract that either you require the transport operator to provide cover for or they require you to hold cover for. And the limits of the liability insurance will often depend on the job.
That’s why it is always good practice to be clear about your insurance requirements and ask for visual evidence - so you know the exact amount and what you are actually covered for if anything unfortunate occurs.
Statutory Liability Insurance for Sole Traders
In addition to General Liability insurance, Statutory Liability insurance is likely to be necessary for you. All businesses, irrespective of size and industry, are exposed to potential liability arising from investigations or prosecutions by regulatory bodies for alleged breach of the New Zealand statute.
As Marsh, a global insurance broker, risk advisor and transport specialist, explains, Statutory Liability policies cover liability arising from unintentional breach of almost all New Zealand statutes.
Public Liability and Statutory Liability insurance are important policies to have if you work for yourself, but it’s always best to talk with an insurance broker so you can be sure you purchase the right cover for your circumstances.
Insurance Brokers for Commercial Contract Drivers
You may need different types and levels of insurance cover depending on the type of work you do. Not only that, but new commercial drivers might need additional insurance too. That’s why it pays to have a free conversation with an insurance broker such as Marsh Insurance.
Marsh Insurance are leaders in transport insurance and can arrange cover for independent contractors at competitive rates. Talk to a Marsh broker to find the best policy for you.
Remember, Road Ninja arranges free Public Liability & Statutory Liability cover for drivers operating on the Road Ninja Platform, but you’ll need separate cover for any work you do off the Road Ninja platform. It’s worth starting the conversation with a reputable insurance broker, as your requirements will depend on your needs.
And while you’re doing your due diligence, be sure to gain a clear understanding of the insurance each company that you contract to holds. That’s because some companies provide a level of cover for ‘hired drivers.’
On that note, let’s take a look at vehicle insurance for commercial contract drivers.
Vehicle Insurance for Commercial Contract Drivers
New Zealand law requires any commercial transport operator to hold and maintain Independent Commercial Vehicle Insurance to provide cover for any driver used by a transport operator.
It’s always worth checking that the insurance policy of any contract work you undertake in someone else’s vehicle extends to ‘hire-in drivers’. That way, you will be covered if damage to the vehicle, or a third-party vehicle, occurs while you are driving someone else’s truck.
And if you are considering buying your own truck and becoming an ‘Owner Operator Contract Driver’, you will need to talk to a broker about the best insurance cover for you and your vehicle. Especially if you’re looking to maximise the use of your vehicle - because you might want to consider an insurance policy that covers other drivers, too.
There’s a lot to cover when considering insurance for a sole trader! So far, we’ve covered:
- General/Public Liability insurance
- Statutory Liability insurance
- Independent Commercial vehicle insurance
- The importance of seeking professional advice from an experienced, specialist insurance broker
Getting started as an independent contractor is an exciting journey toward getting the work you want at the rates that you set. Sorting insurance will not only help to future-proof your decision, but it will also provide the peace of mind you need to get started working on your terms.
From organising and scheduling jobs to creating itineraries, Road Ninja’s platform has everything you need to safely begin your commercial contract driver journey. Not only that, but Road Ninja arrange Public & Statutory Liability insurance for all our drivers (subject to policy terms, conditions & exclusions) at no cost to you!
And that means less headache when working on the Road Ninja platform. So download our app today to get started on your fully insured independent truck driver journey!
