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Do you need hazmat insurance for your trucks?

If you transport hazardous materials, then you face special risks that necessitate carrying hazmat truck insurance. Hazardous materials are among the most regulated types of cargo. They require special care. The Occupational Safety and Health Administration (OSHA), Environmental Protection Agency (EPA) and the Department of Transportation (DOT) all tightly regulate the transport of dangerous materials.

Hazardous materials are tightly regulated because they cause highway safety concerns. Some of the risks that come with transporting dangerous materials include the accidental release of cargo that might injure or contaminate persons or property that come into contact with the materials. Crashes involving hazardous materials also carry the risk of explosion or fire, which can cause serious harm or death to others.

What materials are hazardous?

Hazardous materials are substances that are poisonous, flammable, or explosive. Hazardous materials truckloads include the following items: The truckloads include items like:

  • Radioactive materials
  • Poisons
  • Corrosives
  • Gases
  • Organic Peroxides
  • Combustible liquids
  • Flammable solids

Things like dynamite, paint, adhesives, and fertilizers are all hazardous materials.

It’s important to protect your business from all the risks you face out there, and to do that you need the right truck insurance. Getting truck insurance quotes is easy – you can give us a call or fill out our online quote form.

Insurance requirements for hauling hazardous materials

Since there is an inherent danger in hauling explosives and other hazardous materials, special insurance coverage is required. Hazardous materials truckers are required to carry between $1 and $5 million in hazmat insurance coverage depending on the cargo.

What are the penalties for violating hazmat regulations?

If you fail to comply with insurance or other hazmat regulations, then you could face fines and/or incarceration. Plus, if you have hazmat violations, your insurance policy will be higher.

What does a hazmat policy cover?

A hazmat insurance policy can typically cover liability for:

  • Site clean-up
  • Contamination and pollution cleanup
  • Truck rental reimbursement (optional)
  • Lost income or downtime coverage (optional)

You might consider umbrella liability coverage on top of your existing hazmat plan. This insurance can cover additional liability related to massive disasters, such as an explosion. Umbrella liability plans usually have much higher limits.

Things that influence hazmat insurance rates

There are several things that could influence the amount of money that you pay for a policy:

  • Previous hazmat violations – Having hazmat violations will increase the amount of money that you pay for insurance. To keep your insurance rates low, make sure that you follow all hazmat regulations.
  • Gaps in coverage – Gaps in coverage will also increase your hazmat insurance rates. So, play it safe and make sure you always carry the right insurance coverage.
  • Driving record – Drivers with a poor record will face higher insurance premiums on all types of insurance, including hazmat.

Need more information about hazmat Insurance?

To save money and compare rates, contact us today. We can provide you with rates from multiple insurers, so you can choose the right one for your needs. Get started with your truck insurance quotes by filling out our online quote form or giving us a call today.