Trucking Insurance: Everything You Need to Know

Published On: June 11th, 2022Categories: Transportation Insurance

If you own a trucking business, you need to be sure that you’ve got commercial trucking insurance. Trucking insurance covers you in the event that your trucks are in an accident. And it protects you if you’ve got to make a claim for damaged cargo or personal property.

Often, trucking insurance is included in commercial truck contracts. You will pay for that insurance as part of your contract terms. If you are hiring a truck to assist you, you will probably be given a choice as to how the insurance will be provided. Certain services might let you choose between worker’s comp and liability.

As with any other type of insurance, you want to make sure you’re getting the right coverage for your business. It is important that you understand all the ways you’re covered with trucking insurance.

What Is Commercial Trucking Insurance?

Commercial trucking insurance protects businesses that operate trucks as part of their business.

The coverage can protect the business from damages that occur from several directions. These might include accidents, theft, or other events that happen while the truck is being used for business purposes.

Commercial trucking insurance can also provide coverage for the costs of repairs to the truck. They might also cover any liability that the company might incur if someone is injured while the truck is being operated.

In some cases, commercial trucking insurance can also provide coverage for the costs of damaged or lost cargo.

Commercial Trucking Insurance: Terms to Know

If you’re new to the world of commercial trucking, there’s a lot of insurance-related jargon to learn. Here are some key terms to know:

Commercial trucking insurance is a type of insurance that covers trucks used for business purposes. This includes both liability and physical damage coverage.

Liability coverage protects you from financial losses if you’re sued for causing an accident. It typically includes bodily injury liability and property damage liability.

Physical damage coverage protects against accidental collisions, fire, theft, and other perils. It typically includes collision coverage and comprehensive coverage.

A deductible is the amount you have to pay out of pocket before your insurance policy kicks in. For example, if you have a $500 deductible and you cause an accident that damages your truck, you would have to pay the first $500 of the repair bill yourself. After that, your insurance would cover the rest up to your policy’s limit.

The premium is the amount you pay for your insurance policy. It is typically paid monthly or yearly. The premium is determined by factors such as the type of coverage you need, the size and type of truck you have, and your driving history.

These are just a few of the key terms you need to know when shopping for commercial trucking insurance. For more information, talk to an insurance agent or broker who specializes in this type of coverage.

When Do You Need Commercial Trucking Insurance?

You need commercial trucking insurance if you operate a truck for business purposes. This includes both trucks that are owned by your business and trucks that are leased or rented. If you use your personal truck for business purposes, you may also need commercial trucking insurance.

For example, let’s say you own a small business that delivers furniture. You would need commercial trucking insurance to cover the costs of repairs if your truck is damaged in an accident. It also helps to cover any liability if someone is injured while the truck is being operated.

How Much Does Trucking Insurance Cost?

Trucking insurance is an important expense for any trucking company. The cost of trucking insurance depends on a number of factors, including the type of coverage, the size of the fleet, and the location of the business.

The average cost of trucking insurance is around $5,000 per year. However, this figure can vary significantly depending on the factors mentioned above. For example, a company that operates in a high-risk area may pay significantly more for insurance than a company that operates in a low-risk area.

Similarly, a company that insures a large fleet of trucks will typically pay more than a company that insures a small fleet. Ultimately, the best way to determine the cost of trucking insurance is to get quotes from multiple insurers and compare rates.

How Do I Get The Best Rates For Commercial Trucking Insurance

There are a number of things that trucking companies can do in order to get the best rates for commercial trucking insurance. One of the most important things is to make sure that all of their vehicles are properly insured.

This means that the company should have insurance on all of its trucks, as well as any trailers that it uses. The company should also make sure that it has insurance on any other vehicles that it uses for business purposes, such as cars or vans.

Another important factor is the company’s driving record. Trucking companies with good driving records will typically get better rates.

Finally, the size of the company’s fleet is another factor that can affect rates. Companies with large fleets will generally pay more for insurance than those with smaller fleets.

By taking all of these factors into account, trucking companies can ensure that they are getting the best possible rates for their commercial trucking insurance.

Is Commercial Trucking Insurance Right For Me?

Commercial trucking insurance is a necessary expense for truckers. The cost of commercial trucking insurance varies depending on the size and type of company, as well as other factors.

To get the best possible rates, it is important for companies to make sure that all of their vehicles are properly insured and that they have a good driving record. Companies should also compare rates from multiple insurers.

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Written by:

Kyle Paterson
Kyle believes that insurance is a tool, when powerfully leveraged best ensures the vision of business leaders and families are realized. Kyle focuses on cyber risk transfer, group benefits, and corporate and individual life insurance solutions.


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