Choosing Trucking Insurance
Trucking insurance protects your business and your drivers against losses, costs, and legal claims. It also offers peace of mind in case something goes wrong.
Commercial trucking insurance is available through a variety of providers, depending on the coverage your business needs and your specific risk profile. A trucking broker can help you select the right policy. They will provide personalized service to ensure you have the coverage you need at a price you can afford.
The first step in choosing an insurance policy for your trucking business is understanding what coverages you need and what types of coverages are required by law. Generally, you need auto liability insurance to get on the road and general liability insurance to be compliant with state and federal regulations.
Every trucking company must have auto liability coverage to operate legally. This coverage will pay for medical expenses, hospital bills, lost wages, and funeral expenses for any third party who is injured or killed in an accident where your equipment was at fault.
The third basic type of commercial trucking insurance is general liability. This coverage is often required by the Federal Motor Carrier Safety Administration (FMCSA) and it provides protection if someone is injured or killed in an accident involving your truck. It can also cover damages to another person’s property or if someone makes a claim against you for libel or slander.
If you own a fleet of vehicles, then you’ll need to have bobtail coverage in place. This covers any accidents that occur when your truck is off the road or your driver isn’t on dispatch. It’s important to check with your insurance provider to see what bobtail coverage they offer and what the minimum amount of coverage is.
Commercial trucking insurance can be expensive, so it’s best to shop around and compare quotes from a number of different providers. It can be time-consuming, but it’s an important step in protecting your business and making sure you’re getting the best value for your money.
A good broker will take the time to understand your business, including how many trucks you have and what cargo you haul. They’ll help you determine what type of coverage your business needs and how much it will cost to insure all the trucks and drivers.
In addition, a good broker will be able to provide advice and tips on how to save money on your trucking insurance. They can also help you choose a carrier that has experience in the trucking industry and will be responsive to your needs during a claim.
You’ll need to consider how much coverage your trucks need as well as the type of cargo you transport and the routes you run. This will impact your premiums, as larger losses can be more expensive.
You should consider bundling your insurance with other types of policies, such as auto and homeowners. This will make it easier to keep your insurance costs down. It’s also a good idea to consult with a financial advisor for more information on how to best protect your business and assets.