Commercial Trucking Insurance
Commercial trucking insurance, sometimes referred to as trucking or trucker insurance, is a type of insurance that protects truckers from financial losses arising from accidents, injuries, and property damage. This type of insurance is essential for any trucker, as it can help to protect them from costly lawsuits and other financial problems.
Why Commercial Trucking Insurance?
Commercial trucking insurance is an important coverage for any trucking business. This type of insurance can help to protect you from the following:
- Bodily Injury: If someone is hurt by your truck, coverage can help pay for medical bills and the costs of lawsuits that may arise.
- Damaged Property: If your truck damages someone’s property, commercial trucking insurance can help cover the cost to fix and replace the property.
- Driver Accidents At Delivery Locations: If our driver causes any damage to property at another site, this coverage can help cover the costs associated with damage.
- Libel, Slander, & False Advertising Claims: If you conduct any sort of advertising or represent your brand during operations, this coverage can help protect your business in the event of a libel, slander, or false advertising lawsuit.
Why Commercial Trucking Insurance?
Commercial trucking businesses should consider working with a licensed insurance representative to understand what types of coverage are recommended or required for your business.
To obtain commercial trucking insurance, you will first need the following[1]:
- A commercial driver’s license if hauling over 26,000 pounds
- MC and DOT authority
Provide the characteristics of the trucks needed to add to your policy, including model, make, VIN, and year.
Types of Commercial Trucking Insurance
The Federal Motor Carrier Safety Administration (FMCSA) requires that interstate trucking companies meet a minimum limit of coverage based on the type of freight they haul. These include liability coverages across varying limits depending on different business factors, such as carrying hazardous vs. non-hazardous freight, weight of freight, etc[2]. Coverages like workers’ compensation could also be required, depending on the state your business resides in.
There are a number of different types of trucker insurance available. Some of the most common types of coverage include:
- Commercial auto insurance: This coverage helps with the cost of damage to your truck and to other vehicles in the event of an accident. It also helps cover the cost of bodily injury and property damage claims.
- Cargo insurance: This coverage helps the business with the cost of damage to their cargo in an accident.
- General liability insurance: This coverage helps the business with the cost of bodily injury and property damage claims arising from truck operations.
- Workers’ compensation insurance: This coverage helps protect the business against the cost of medical expenses and lost wages for employees who are injured on the job.
How to Choose Commercial Trucking Insurance
The best way to choose commercial trucking insurance is to speak with an insurance provider. The insurance provider can help you find and choose the right policy for your trucking business and ensure you are covered appropriately.
When choosing contractor insurance, it’s important to consider the following factors:
- The type of coverage that you need: Make sure that you choose a policy that covers the types of losses that you are most concerned about.
- The cost of the policy: Commercial trucking insurance can be expensive, so it is important to find a policy that fits your budget.
- The reputation of the insurance company: You want to make sure that you are working with a reputable insurance company that will be there to help you if you need to file a claim.
How Much Does Commercial Trucking Insurance Cost?
According to Progressive, the recognized leader in commercial auto insurance, their national average monthly cost for commercial trucking insurance ranged from $736 for specialty truckers to $1,125 for transport truckers. [3]
Get a Quote for Your Commercial Trucking Business
If you own a commercial trucking business, it is important to consider purchasing business insurance. This coverage can help to protect your truck business from costly lawsuits and other financial problems. Get a quote from one of our favorite providers for trucking insurance today.
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[1] https://pickuptrucktalk.com/2023/03/what-is-required-to-be-eligible-for-commercial-truck-insurance/
[2] https://pickuptrucktalk.com/2023/03/what-is-required-to-be-eligible-for-commercial-truck-insurance/
[3] https://www.progressivecommercial.com/commercial-auto-insurance/truck-insurance/commercial-truck-insurance-cost/