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What Type Of Commercial Trucking Coverage Do You Need?

What Type Of Commercial Trucking Coverage Do You Need

You can never expect an accident to happen once on the road, more so if you drive more than 4-wheelers and trucks. Commercial trucking insurance ensures the protection of the car and its driver with commercial trucking coverage from medical and security fees in a road accident. 

Why Do You Need Commercial Trucking Insurance?

Contrary to popular belief that commercial trucking insurance is only best for trucking companies since it is a high-profit high-risk business, it is not an exclusive deal. Whether you have a four, six, or eight-wheeler, investing in a trucking insurance package is the best choice for your safety. Investing in this insurance is essential for both cargo businesses and home truck owners because of their higher vulnerability to accidents than smaller 4-wheelers.

8 Types of Commercial Trucking Insurance

You can have different truck insurance coverage options from insurance companies. These coverages differ on a truck's type of freight, business size, and type of truck. To help you find what is best for you, you can check out the eight insurance policies we have covered.

Primary Auto Liability Insurance

Mandated under US law; all truck owners must have a Primary Auto Liability Insurance that protects the driver and company when an accident happens and affects a third party. If it is the driver's fault, this liability insurance will cover the damages and expenses to the affected person or property.

General Liability Insurance

This commercial trucking insurance covers the driver and company from any claims when a physical injury or damage to property happens because of an accident. You will not have to provide for the damages financially as the insurance company will handle it.

Non-Trucking Liability (Bobtail Insurance) 

If a driver uses a company truck for personal or non-work purposes, Bobtail insurance will cover you. Suppose you want insurance that costs less than General Liability Insurance. In that case, a non-trucking liability is for you as you can pay the insurance company $30 to $50 a month. 

Physical Damage Coverage

When trucks didn’t get into an accident, but their composition is damaged because of events outside of their control, this commercial trucking coverage will pay for any damages to the truck caused by vandalism, natural disasters, theft, and collision. 

Motor Truck Cargo

The everyday use of commercial trucks is transporting cargo from one place to another. If an item in your vehicle is lost or damaged, this insurance has you covered. However, if you want to invest in premium insurance, the insurance company will have to take the truck's dimensions.

Rental Reimbursement 

When your primary truck is temporarily unavailable because it is being repaired, the money you will spend to get a replacement will be covered by the insurance company. 

Trailer Interchange

Truck trailer owners who have trailer interchange insurance will not have to worry about paying for the physical damages such as collisions, theft, and vandalism to their non-owned vehicles.

Medical Payment

The insurance company will cover any physical injuries while driving (or riding if you are a passenger). However, states have different policies about the coverage of medical bills.

Minimum Coverage and Costs of Commercial Trucking Insurance

Despite the wide range of available commercial trucking insurance, your choice of truck insurance coverage should still follow your state's policy. The FMCSA mandates a minimum coverage for trucking insurance. Although it may be expensive, especially for small-scale truck companies, settling for the cheapest insurance and overlooking guidelines may lead you to get sanctions.

Type of FreightMinimum Liability Coverage
Semi-trailer freight truck$750,000 to $5,000,000
Tow truck$750,000 to $1,000,000
Box truck$750,000
Pickup truck$300,000
Non-hazardous freight <10,001 lbs.$300,000
Non-hazardous freight >10,001 lbs.$750,000
Oil talks by private/for-hire carriers$1,000,000

Requirements To Apply For Commercial Truck Insurance

To start your commercial trucking insurance hunt, you must prepare the requirements you will provide in your application. You may see below the basic conditions most insurance companies will look for once you apply:

  • A CDL if you are hauling more than 26,000 pounds
  • MC and DOT Authority
  • Provide the specifics for all vehicles you want to add to the policy:
    • Make
    • Model
    • Year 
    • Vin Numbers

Frequently Asked Questions

Choosing the best trucking insurance package, and commercial trucking coverage may be confusing, especially for those new to the truck industry. In this section, you can find the answers to the frequently asked questions about commercial trucking insurance:

How do commercial trucks save money on insurance?

Having a driver who has a clean driving record — meaning no history of accidents, reports, and violations before entering your company — will lessen the likelihood of road accidents.

Which insurance is best for trucks?

The best trucking insurance companies as of 2022 are Progressive in terms of the overall package, State Farm for customer service, and Cover Wallet for your money's worth.

What is cargo insurance?

Cargo insurance covers the financial responsibility of the driver during transport. In case of calamities, accidents, loss of goods, and legal expenses happen during the freight, the motor truck cargo insurance will have you covered. 

Assured Standard Provides Reliable Commercial Trucking Insurance

Getting your money's worth in a reliable, responsive, well-reviewed truck insurance company may be overwhelming, but it is essential for everyone's safety. Assured Standard gives free insurance quotes for commercial trucks. It saves you the hassle of going to another company and getting asked to pay a relatively expensive amount for a quote beyond your budget.

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Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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