Truckers move roughly 72% of all freight in the United States. That’s about 13.1 billion tons of freight each year. Almost everything you purchase was at some point hauled by a truck driver.
Truck driving is a career built on hard work and a commitment to safety. Unfortunately, even the safest drivers can face unexpected events on the road. Not only can those events slow down the delivery of goods, but they can disrupt a driver’s operations and threaten their financial stability.
The right insurance coverage can help. Insurance offers vital financial protection for you, your truck, and your cargo. Whether you are a seasoned long-haul trucker or an independent operator just starting, having the right commercial insurance can help you confidently navigate the road ahead.
Learn more about different types of commercial insurance for truckers, the factors influencing the cost, and how to find the right insurance solutions to keep your trucking business running smoothly.
What Coverage Do Commercial Truck Drivers Need?
Commercial insurance for truckers is made up of various coverage options, each designed to protect you from a specific risk. There are a few types of commercial insurance you’ll be required to carry by federal and state laws, while others are optional (but highly recommended). Here are some essential types of commercial trucking insurance you’ll want to consider.
Public Auto Liability Insurance
This is the foundation of your commercial trucking insurance and is required by the Federal Motor Carrier Safety Administration (FMCSA). It covers bodily injury and property damage to others if you are found liable for an accident while operating your commercial truck. The minimum coverage you need will depend on the weight of your vehicle and the cargo you haul, but you’ll need this insurance to operate a truck legally.
General Liability Insurance
General liability insurance extends beyond your truck to protect your general operations. It protects you from third-party claims for bodily injury or property damage on company premises or due to business activities. For example, if you cause damage to a business while unloading cargo, this insurance would help cover the cost of repairs and damages.
Cargo Insurance
Not only do you need to protect your truck, you need to protect what’s in it. Your cargo is susceptible to theft, damage, and even weather events. Cargo insurance provides financial protection for the value of the goods you are hauling in case of a covered loss.
Physical Damage Insurance
Accidents happen, but your truck is essential to your livelihood. Physical damage coverage protects your commercial vehicle from collision, fire, theft, vandalism, and other risks. You can opt for collision-only or comprehensive coverage, just as with personal auto insurance.
Bobtail Insurance
Your trucks aren’t always hauling cargo. Bobtail insurance covers your commercial vehicle when not attached to a trailer. This is essential coverage for traveling to pick up a load or returning home after a delivery.
These insurance coverage options are just the starting point for owner-operators. Trucking business owners will need additional insurance coverage to protect their entire operation. They might need property insurance to protect an office, workers’ comp for any employees, and even non-owned and operated truck liability coverage if they lease vehicles or hire independent contractors.
What’s the Cost of Commercial Insurance for Truckers?
The cost of commercial trucking insurance will vary based on your specific situation. Here are some specific factors that will influence the final cost:
- Type of trucking business. Long-haul truckers traveling across state lines usually pay more than those traveling shorter distances within the state. Interstate trucking exposes you to more risks, so you’ll probably pay higher liability costs.
- What cargo you haul. Hauling high-value goods or hazardous materials comes with a higher price tag than transporting less valuable materials.
- Your driving records. Just like with your personal auto insurance, your driving record influences your commercial truck insurance premiums. A clean record will result in lower rates.
- The age and condition of your vehicle. Newer trucks with more advanced features may qualify for discounts, while older vehicles with a higher risk of breakdowns or accidents might lead to higher costs.
Because so many factors affect the final cost of your commercial trucking insurance, it’s difficult to give a ballpark estimate. The best way to estimate your potential costs is to contact an insurance broker who can assess your needs and provide a quote from various insurance carriers.
Eber & Associates Offers Insurance Solutions for Truckers
Truckers face unique challenges on the road. The right coverage can keep you, your truck, and your cargo safe mile after mile.
Contact us today for a free quote on commercial insurance for truckers. We’ll take time to understand your operation and needs and then find the right coverage options. We have strong relationships with leading insurance carriers, so we can help secure the most competitive rates so you get the coverage you need without paying too much.
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