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There’s a lot that goes into running a profitable business. Part of it involves protecting your assets from everyday and unexpected hazards, including the very vehicles that deliver your business from A to B. If your fleet includes trucks or service utility vehicles, you need commercial truck insurance.
Expect average rates to run in the thousands per truck. The cost of commercial truck insurance is determined using many factors that include:
Finding the level of protection that fits your needs and budget involves considering the freight you carry and your business operations.
The Federal Motor Carrier Safety Administration sets minimum insurance requirements for commercial trucking. At a minimum, to legally operate a commercial truck, you’re required to carry public liability insurance, which includes bodily injury, property damage and environmental restoration.
Your specific requirements depend on the type of freight and weight you typically carry, with minimums that include:
Commercial truck insurance coverage is available for nearly any hazard you could potentially encounter.
Although the FMCSA requires public liability insurance only, the bare minimum isn’t always the most advisable coverage. If your truck is involved in an accident, public liability will on cover the cost of damage done to the other party involved. You will be on the hook for the damage to your truck if you don’t have additional coverages that protect you and your truck.
Here’s a rundown of what you’ll find with most commercial truck insurance providers:
You’re likely to encounter a range of policy limitations, exclusions and conditions when buying commercial truck insurance.
If commercial trucks are essential to your business’s success, avoid putting your assets and clients at risk by obtaining insurance that extends its protection beyond your everyday needs to the goods you transport and hazards that come with the job.
Depending on how large your business is, a commercial motor vehicle insurance broker might help you find stronger or cheaper coverage than you could find on your own.
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