If you’re reading this, chances are you just started your own trucking company! So, now is the perfect time to start shopping around for truck insurance. Don’t worry if you have no idea how to go about it. We’ve got you covered. In this article, we discuss the process of getting truck insurance if you’re a new authority. Let’s begin.
Truck Insurance for New Authorities
Unfortunately, some insurance companies are very hesitant when it comes to insuring new trucking businesses. This is because they’re brand new and don’t have any experience, which makes them riskier to insure.
In fact, some even refuse to write a policy for a trucking company if they don’t have a few years of experience first. If you do happen to find an insurer that works with new authorities, you’ll likely be paying a fortune in premiums.
As you can imagine, finding affordable truck insurance can be tricky for new authorities. That’s why you need to find an agency that specializes in trucking and has a variety of carriers to choose from.
To do that, you must do your research. By working with a reputable agency, they do all the work for you! An agent can shop around and compare quotes from different carriers until they find the best one. When speaking with an agent, they can help you decide which coverages you need and how much.
Coverages You Need as a New Authority
It can be rather confusing figuring out what coverages you need. A lot of it largely depends on what you’ll be hauling. For example, if you plan to transport hazardous materials and oversized items then you’ll likely need more coverage.
Here’s a brief rundown on some of the common coverages you’ll most likely need as a new authority:
- Primary Liability– If you’re at fault in an accident this will cover the other party’s damages. This coverage is required by law.
- General Liability– This protects you if someone is injured in your place of business, such as someone trips and falls. Therefore, their medical bills would be covered.
- Comprehensive Insurance– Any non-collision damage that occurs to your truck due to a fire, theft, or vandalism.
- Collision Insurance – Regardless of who’s at fault, this will cover any damage done to your truck in an accident.
- Non-Trucking Liability– If you drive your truck for non-work purposes and get into an accident then this will cover the expenses.
- Cargo Insurance– This covers any damaged or lost cargo.
- Occupational Accident Insurance– If you’re injured on the job this will protect both you and your employer. This is different from workers’ compensation.
- Umbrella Insurance– This is an extra layer of protection that fills in any gaps.
Get a Quote
Keep in mind that choosing an insurance policy as a new authority is a major commitment. This requires your due diligence. It’s always best to check out different insurance providers to determine which offers the best coverage at a fair price.
Here at Truck Insurance Quotes, our agents are trained in trucking and work with some of the nation’s top carriers. Regardless if you’re a new authority or been in business a while, we can help. We also operate in all 50 states – so whether you need truck insurance in Texas or Florida, we’ve got you covered.
This article elaborates on what to consider when shopping for truck insurance if you’re a new authority. Make sure you compare multiple truck insurance companies so you can choose the best one.