Depending on your cargo and the type of truck you transport, the best type of insurance you need for a commercial truck or marine cargo can vary. Ideally, investing in more than the minimum coverage legally required can provide further protection against loss and damage while they are being transported.
In general, a good amount of insurance for cargo companies can be between $5,000 to $100,000 for land cargo or 0.1% to 2% of the cargo’s value for marine cargo.
If your company exclusively transports goods by sea or land, you may only need to invest in one type of cargo insurance.
Land cargo insurance covers trucks and other vehicles. Events that are covered typically include theft, collisions, and other hazards. Usually, this type of insurance applies to goods transported domestically.
In contrast, marine cargo insurance covers goods transported by sea. It can address risks related to piracy, theft, damage, and natural disasters. It generally applies to goods transported internationally.
Federal requirements typically require a minimum of $5,000 for cargo insurance, but some companies may require premiums up to $100,000 for cargo insurance. If you transport hazardous goods, you may have to invest in higher coverage limits to reduce liability. Similarly, marine cargo insurance costs depend on the total value of your cargo.
Read on to learn more about how to find a good trucking insurance agent at Assured Standard!
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.