The Federal law requires general freight tractor-trailers to carry at least $750,000 worth of insurance. This amount of semi-truck insurance should cover third-party property damage and bodily injuries. However, tractor-trailers hauling dangerous cargo like oil and hazardous materials might need to increase their coverage to $5,000,000.
Insurance is imperative to the success of your trucking business. The government requires all truckers to carry sufficient insurance for several reasons, which include protection from:
Do not skimp on your truck insurance policy. The government-mandated insurance coverage only serves as a benchmark, so high-risk truckers shouldn’t limit themselves to the bare minimum. Increase your coverage accordingly.
Also, consult your insurer about adding extra coverages. Standard liability insurance policies only offer basic protection, which might not cover all the road risks and hazards your truckers face.
Are you not sure if your business can afford semi-truck insurance? Let Assured Standard shed some light on the issue. Use our brief piece explaining the average semi-truck insurance rates as a reference for your computations.
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.