Trucking Insurance Coverages | Truck Insurance Quotes

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What kind of insurance do I need for my trucking business?

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Do you have your own trucking company?

It's important to understand the necessary insurance coverages.

The trucking industry is the backbone of the American economy. From stocking grocery stores and gas stations to delivering new cars to dealerships, most businesses rely on trucking companies. Getting into this business can be a lucrative opportunity. However, there are some things to consider. No matter if you are a business owner with a new trucking company or a long-established trucking company with a fleet of vehicles, you need the right insurance coverage to protect your business, trucks, cargo, and drivers. We can help you find multiple trucking insurance quotes to ensure that you get the best coverage for the best price.

Similar to personal insurance coverage requirements, the Federal Motor Carrier Safety Administration (FMCSA) requires that trucking companies carry a minimum amount of coverage. While auto liability coverage is the minimum requirement, however, there are many other insurance options that you might consider for added protection.

Auto Liability

In general, the FMCSA mandates a minimum liability policy of $750,00 CSL or $1 million CSL for trucking companies. Auto liability insurance covers your legal and financial obligations for bodily injury or property damage claims by other drivers if you are at fault in a car accident. Liability coverage will help pay the costs of medical bills and expenses for repairing or replacing their car. It can also help if the other driver sues you. However, liability coverage will not pay for losses or expenses for your trucking company. As a result, many trucking business operators choose to purchase additional coverages.

Physical Damage Coverage

Physical damage coverage is similar to full coverage options for your personal vehicle. Physical damage coverage will protect your trucks no matter who is at fault for an accident. It will help you get your truck back on the road as soon as possible if something happens. Collision coverage will help repair your truck following an accident with another vehicle or object. Comprehensive coverage will pay for repairs to your truck from non-accident-related damages that include things like fire, theft, vandalism, or acts of nature. Physical damage insurance is the best way to ensure your truck and trailer are fully protected.

Truckers General Liability

General liability coverage protects your trucking business from liability for any non-truck-related aspects of your operation. Examples of covered events include customer slips on your premises, damage from delivery errors, fire, or libel exposures. General liability policies cover claims against your trucking business that are not the result of driving. No matter how big or small your trucking company is, general liability protection should be part of your comprehensive business plan to shield your company and personal assets from liability claims. In general, liability coverage is fairly inexpensive but can save you a significant amount of money in the event of a claim.

Cargo Insurance

The purpose of any trucking company is to transport and deliver cargo across the country. Depending on the items that are included in the load, your motor truck cargo could be worth a significant amount of money. As a result, your business plan should also include some type of cargo coverage. Cargo insurance will protect the load that you're hauling from losses such as fire, theft, and collision. Earned freight coverage can also help reimburse you for the money you would have earned if you'd delivered the load successfully. This will protect your business entity from losses resulting from issues with your cargo.

Pollution/Hazmat Coverage

Depending on the nature of your business operations, you may be responsible for hazardous materials and substances. If your commercial vehicles are responsible for environmental damage, you will want to have pollution and hazmat coverage. This type of insurance can help your business cover the costs of cleaning up the environment if a truck accident causes environmental damage. The costs of cleanup can be steep, which is why you might want to consider pollution or hazmat coverage.

Driveaway Coverage

Depending on your trucking company, it might be necessary to carry driveaway coverage. Driveaway insurance is a lesser-known policy but can help businesses where a truck driver might need to get into the driver's seat of a vehicle, machinery, or mobile unit that needs to be transported and driven away. This coverage comes in handy when it's easier to drive the cargo away instead of hauling it.

On-hook/In-tow

On-hook or in-tow coverage will protect a vehicle that you're hauling. Depending on the type of equipment and type of truck that you have, if you're towing a car and you get into an accident, on-hook coverage protects damage to the vehicle. This truck insurance coverage helps pay the expenses and your legal obligation to the vehicle owner.

Garagekeepers Coverage

If your business includes storing vehicles on your property, it will be a good idea to have garagekeepers coverage. It will cover losses like fire, theft, vandalism, and explosions. Having care, custody, and control of clients' cars can be a liability, and you may want to consider garagekeepers insurance to help protect your trucking business.

Wrongful Repossession

If your trucking business is a repo company, you might consider wrongful repossession coverage. Occasionally, repo companies take a car they're not supposed to because of mistaking the car, not having a written order, or other issues. If you repossess the wrong vehicle, wrongful repossession coverage will help you legally defend yourself against liability claims that you might face.

In order to own a successful trucking company, you need to make sure that your company and equipment are properly insured. Not only will you need to meet the legal requirements for insurance coverage, but you should also consider policies to limit your liability risks.

There are a lot of different coverages out there for trucking businesses, and it can be hard to know where to start with insuring your business. We're here to help you find the right coverage. Our team of trucking insurance experts is here to help you get the truck insurance you need at the best possible rate. We can provide multiple truck insurance quotes quickly!

These are just some of the most common insurance coverages needed by trucking businesses. Contact us and our experts can help you find out the coverages you need.

There are a lot of different coverages out there for trucking businesses, and it can be hard to know where to start with insuring your business. We’re here to help you find the coverage you need at the best possible rate.

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