The U.S. federal law requires all commercial trucks weighing more than 10,000 pounds to carry truck liability insurance. Trucks hauling normal cargo, hazardous compounds, and tanks exceeding 3,500 gallons need 750K/1M/5M or $750,000, $1,000,000, and $5,000,000 worth of liability coverage, respectively.
However, truckers facing significant logistical risks might need more. To ensure continuity, you should also have enough insurance to cover repairs if your trucks break down. The costs vary depending on the damage, but most issues would set you back by $10,000 to $20,000. This amount should cover the labor and replacement parts needed.
Do your drivers have enough protection? Assured Standard emphasizes that protecting workers takes precedence over insuring your vehicles. Check out our guide on bodily insurance policies for commercial truckers.
Frequently check your commercial trucks for the following issues:
If you’re having trouble starting up your truck, then your primary suspect would be alternator failure. A new alternator would only cost around $500 to $1,000. However, if multiple units in your fleet act up, you might end up with a five-digit bill.
Never delay brake repair. Faulty, worn-out brakes not only compromise your truck and cargo but also endanger the lives of your drivers.
This issue easily ranks among the most problematic truck issues as it calls for an engine overhaul. With air and fuel mixing, you would have to rebuild your engine.
Individual owner-operators often reduce their policy limits to the bare minimum so that they can get lower premiums. This strategy yields negligible results. Focus on using insurance to mitigate business risks instead of keeping your premiums down. Otherwise, you might end up paying out of pocket if your truck breaks down and the repairs exceed your coverage.
Shopping for the best trucking insurance deals? Assured Standard can help! Check out our extensive review of the best trucking insurance companies on the market today.
Arthur Williamson graduated with a degree in Business and Management at the University of California, Berkeley. He is knowledgeable about what small and big businesses require to keep operations moving.