Cargo insurance is required if you haul and deliver goods for a living. How it works is that lost or damaged shipments will be compensated for but only up to your policy’s limit. As you can imagine, cargo insurance can get pretty expensive since many shipments are worth hundreds of thousands of dollars, if not more.
Shippers are very strict when it comes to truck drivers possessing the proper coverage. If you fail to meet the requirements you’ll be denied the load. As you can see, cargo insurance is no joke, and businesses are prioritizing the protection of their goods during transportation.
As you can expect, there’s no one-size-fits-all when it comes to cargo insurance. Every business is unique and your coverage should be tailored to meet your specific needs. So, without further ado, here’s the cost of cargo insurance and factors that can affect your rates.