Operating a trucking business in Ohio or elsewhere in the United States is risky. Over 100,000 truck-related accidents occur annually in the United States. 22% of these figures harm truckers and other individuals.
Trucking, however, is mandated by law in all 50 states, including Ohio, so you cannot simply avoid it. In Ohio, trucking companies and independent truckers are required to carry commercial truck insurance.
Commercial truck insurance is comparable to commercial auto insurance. Its objective is to safeguard commercial trucks and pay for any losses caused by accidents or other misfortunes.
The number of coverages required for trucking operations is represented by this term. Here are some examples:
|General Liability Coverage||This applies to a driver's behavior while operating on the property of another. This covers truck stops, loading docks, and delivery mistakes made by the driver.|
|Primary Liability Coverage||This insurance does not cover your truck but instead the damage you may do to others while driving it.|
|Physical Damage Coverage||This protects you against the expense of repairing or replacing damaged equipment in the event of an accident or theft.|
|Non-Trucking Liability Coverage||This covers damages or injuries to third parties while the leased truck is not being dispatched by the leasing company.|
|Motor Truck Cargo Coverage||This often encompasses the cargo you transport with your truck. Depending on the company and your needs, the cargo policy might be either for Broad Form or Specific Perils.|
|Medical Payment||This provides coverage for medical expenses incurred if you or a passenger are harmed while driving or traveling in the truck.|
The state of Ohio requires truck drivers and trucking companies to carry minimum liability insurance. However, the exact amount you must have will vary based on the type of items carried, and the distance traveled.
Truckers conducting business in Ohio must have a USDOT number, a PUCO number, and the following minimum liability insurance:
|$300,000||Liability Insurance (Household Goods)|
|$750,000||Liability Insurance (General Freight)|
|$1,000,000||Liability Insurance (Oil Transport)|
|$5,000,000||Liability Insurance (Hazmat)|
|$10,000 per vehicle $10,000 per catastrophe||Cargo Insurance (Intrastate Household Goods Movers And Interstate Contract Carriers)|
Truckers who operate outside of the state will be subject to stricter regulations. In addition to the preceding, you must also comply with Federal Government requirements. In the majority of circumstances, however, the minimum liability coverage for interstate trucks should be between $750,000 to $1,000,000.
Before you may obtain insurance, state and federal laws need you to provide certain documents. These documents demonstrate to the relevant authorities that you have met the requirements for truck insurance.
If you discover a reliable carrier, they will assist you with the required fillings. However, the following are the most frequently required files:
Insurance costs for commercial trucks vary. This is due to the fact that different businesses have varied coverage policies.
However, the average cost of truck insurance in Ohio is approximately $15,000, with most policies costing between $11,000 and $20,000 annually.
Ohio is a member of the International Registration Plan (IRP), which aims to maximize the use of highway systems across the U.S. and Canada for the economic growth and development of its member jurisdictions. It is a member of the agreement alongside the 47 other continental states, the District of Columbia, and 10 Canadian provinces. Ohio lets motor carriers register their fleet in one jurisdiction and get the right to move across member jurisdictions for business purposes.
Commercial vehicles may be apportioned if they meet the following requirements:
Registrants also have the option of apportioned registration for two-axle vehicles weighing less than 26,000 pounds as long as they fall under the category of commercial vehicles.
Note that these vehicles will only be issued one registration plate and a cab card.
Ohio has 123,014 miles of public road and 27,277 bridges running across the state. There’s no surprise that its truck route system remains busy all year round. Here are some data and statistics that are relevant to the commercial trucking industry in the area:
Here are commonly asked questions related to Ohio commercial trucking insurance:
The three major types of commercial trucking insurance are commercial liability, collision coverage, and cargo insurance. They cover third-party injury and damage, vehicle and property damage, and cargo damage — factors that trucking companies are most vulnerable to.
Truck drivers must carry commercial trucking insurance, but it isn’t the only type of insurance that can protect against financial losses from claims and damages. Truck drivers and trucking companies are not legally required to have business insurance policies, such as general liability and motor cargo coverage, but these are highly encouraged.
The Federal Motor Carrier Safety Administration requires professional haulers to secure commercial grade liability coverage. It must be worth at least $1 million, considering how a minor incident can result in costly damages.
Commercial general liability for truckers typically covers third-party personal injury and property damage that occurs on your business property or as a result of your business activities or operations. It provides protection for commercial truck businesses when they are facing claims and lawsuits. The total coverage would depend on the insurance premiums you get.
Do not mistake general liability coverage for commercial trucking insurance coverage. The latter protects your business in incidents that are directly related to commercial truck operations.
The expenses listed above are estimates for drivers that operate a single truck and require liability, cargo, and physical damage coverages. That means you may pay more or less depending on the nature of your business and other variables.