Truck Insurance Articles

Physical Damage Insurance

Trucking liability insurance coverage can be a great thing.  There is hardly a better feeling than knowing that if you are the victim of an accident, you will not be responsible for paying the steep repair and medical bills.  Likewise, if you cause an accident you know that you will not be responsible for the full burden of covering repair and medical bills for the other motorist.

Truck drivers are even more grateful for this type of truck insurance because driving is their job.  They may spend over 20 hours a day on the road, which greatly increases the likelihood of them being involved in some form of collision.  They also drive very large and/or complex vehicles that require great skill to maneuver properly. But liability coverage isn’t enough to protect your own assets if you’re at fault in an accident—for that, physical damage insurance policies must be added toy your trucking liability insurance coverage.

Best Truck Insurance Rates - 7 Tips

If you’ve been in the commercial trucking industry for long enough, you know your truck insurance premiums can be one of your largest expenses. 

Not only is your commercial vehicle extremely high-dollar, but the gravity of accidents involving commercial trucks can lead to astronomical cost of damage in the even of accidents—all things that can contribute to hiked commercial truck insurance rates annually.

Granted, truck insurance rates are going to climb whether you’re the best driver or the worst—sometimes the cost of operations and current economic conditions will just lead to price increases.

But running your motor carrier or independent business efficiently and safely isn’t enough to avoid unnecessary increases.

Occupational Accident Insurance For Independent Haulers

Though occupational accident insurance isn’t exactly an alternative to worker’s compensation, it is

On the job accidents can happen at any time.  Most workers can at least rest assured that if they get injured on the job, their employer’s worker compensation insurance will cover the cost of any medical treatment needed.

Unfortunately, drivers who operate as independent contractors may not be covered under a workers compensation policy by the motor carrier who contracts them.  Individual worker compensation benefits can be very expensive and may not even be available to independent owner/operators.  A special type of insurance, called occupational accident insurance, can be purchased to fill this void. 

Specialty Insurance For Independent Truckers

Independent commercial truckers’ insurance needs and concerns are some that drivers working for large-scale motor carriers may never have to address.  They are often responsible for their own well-being and for keeping their trucks in working order.

Independent owner/operators don’t often need to worry about purchasing a primary trucking liability insurance policy, as such policies are often provided by the motor carriers who hire them.  This coverage is limited to the time spent under contract and leaves a gap in coverage for the independent driver.

Independent drivers are also responsible for any damages to their trucks.  These damages may be the result of an accident in which the truck driver is at fault or could occur while the vehicle is parked.  Trucking liability insurance would not cover repair costs in wither instance.

Trucking Liability Insurance Isn’t Always Enough

Trucking liability insurance is a must-have for any driver.  In fact, most states require drivers to carry a mandatory minimum of liability coverage in order to operate a motor vehicle.

Commercial trucks are also required to have some form of liability insurance coverage.  The most common form of trucking liability insurance is called primary liability.

Primary Trucking Liability Insurance Coverage Simplified

The commercial truck insurance industry is vastly specialized.  Many different types of coverage exist for both large-scale motor carriers and independent owner/operators.  Some of these coverage varieties are required by federal or local mandate while others are simply common sense options for those working in specialized subcategories of the commercial truck industry.

It is vital that all truck drivers and trucking company owners are aware of their exact coverage needs.  Those needs may vary between different factions of the industry, but all commercial vehicles must be covered under a primary trucking liability insurance policy.

General Freight Insurance For Motor Carriers

General Freight is a common cargo insurance commodity purchased by trucking companies who haul generic goods.

Commercial truck insurance needs will vary from person to person and from one industry subcategory to another.  The needs of independent owner/operators and the needs of motor carriers will almost never be the same.  This is why so many different types and levels of commercial truck insurance exist.

It is the nature of the commercial truck industry that demands highly specialized insurance coverage.  Knowing what the laws require and your own individual needs help determine exactly what coverage is right for you.

Motor Carrier Insurance: Workers Compensation

Motor Carrier insurance can encompass a number of trucking insurance policies, but none may be as important as the ones that protect employees, such as workers compensation insurance.

On the job accidents are a very serious matter.  They can lead to injuries that can leave employees out of work for days, weeks, months, or even permanently.  Employers must ensure the safety of their workers and provide financial compensation for any who are injured on the job.

Owners of large commercial trucking companies need to be sure that they have adequate workers compensation insurance coverage for their employees in addition to their other motor carrier insurance policies.

Many states require that employers carry workers compensation insurance.  Workers compensation insurance is a type of commercial truck insurance purchased by motor carriers that is designed to cover employees who are injured at work.  It covers the cost of any medical expenses that come as a result of an accident and also provides compensation for lost wages.

Moving Truck Insurance: Specialty Insurance for Household Goods Haulers

Moving truck insurance is specialty insurance coverage to cover moving vans and trucks.

As you may know, commercial truck insurance takes on many forms.  This is because there are so many different facets of the commercial truck industry, each with there own specific concerns.  The nature of the cargo being hauled is one of the most common factors that tend to affect coverage needs.

Cargo can be perishable, such as food; hazardous, like fuel and industrial waste; or highly fragile.  Specialty insurance packages exist to cover these types of cargo.  This article will explain one of those types of specialized insurance in detail: moving truck insurance.

Moving trucks require specialty insurance coverage for a variety of reasons.  The first is because movers tend to haul goods that can be very valuable and/or fragile.  As careful as a driver may be, accidents can happen that may damage a customer’s property.

Moving truck insurance will cover the cost of damages to the cargo.  This damage may be the result of an accident during transit or sustained while loading or unloading the cargo.

Semi Truck Insurance: Big Truck insurance for Construction Vehicles

Semi truck insurance exists in a variety of specialty policies, including big truck insurance for construction trucks like building materials haulers and dump trucks.

The commercial truck industry is highly diverse and regulated to match.  Depending on the exact nature of the cargo being hauled, different regulations exist to ensure the safety of the truck driver and protect others against potential damages—oftentimes, these regulations are reflected in semi truck insurance.

Commercial truck insurance is available to meet the coverage needs of all the different facets of the commercial truck industry.  Specific coverage is required to cover both motor carriers and independent owner/operators whether they haul commercial goods, hazardous materials, perishable foods, other vehicles, and garbage among many other things.

Trucks being used in the construction industry also need specific insurance coverage.

Towing Insurance

The commercial truck industry does not consist of just the large eighteen-wheelers we see hauling trailers full of commercial goods on the highway.  There are dozens of sub-factions of commercial trucking, each with their own specific regulations.

Some of these factions include garbage haulers, fuel delivery, construction materials haulers, and produce haulers, among others.  Each of these different types of commercial truck operations also requires their own specialized commercial truck insurance.

Of all these different types of commercial truck insurance, towing insurance is one of the most interesting.

Trailer Interchange Coverage

It is common practice in the commercial truck industry for drivers to exchange trailers and complete each other’s hauls.  This is done to cut fuel costs and complete hauls in a more timely and efficient manner.

As an example, you may be hauling goods to one place and then heading back to your company.  Once you have dropped off your cargo, another driver may find it advantageous for you to carry their trailer back with you and complete their haul along the way.

Truck Insurance: Bobtail Insurance for Independent Owner/Operators

Anyone who owns a vehicle wants to keep it in good repair.  Our vehicles are essential for getting us from place to place and, in the commercial trucking industry, essential to making a living. 

Unlike your average W2 truck driver employee, independent owner/operators working in the commercial trucking business depend on their vehicles in order to make their living.  Because of this fact, driving a commercial truck without adequate truck insurance is a huge gamble that almost certainly will not pay off.

Federal laws mandate that all drivers of commercial vehicles be covered, at the very least, by a primary liability insurance policy.  These policies provide coverage for costs associated with damage from accidents caused by commercial truck drivers.

Truck Insurance: Motor Carrier Insurance

Motor carriers have a large set of commercial insurance concerns, as they need to address many angles of their business with good motor carrier insurance.  They are responsible for whole fleets of vehicles, cargo, and trailers, all of which must be covered with adequate truck insurance.  They also are responsible for the safety of their employees, which brings up other commercial insurance concerns as well.

But independents aren’t totally taken care of on the truck insurance front either. Before deciding on what type or amount of commercial truck insurance to buy, it is very important that you fully understand your individual options and concerns. 

Truck Trailer Insurance

Good commercial truck insurance comes in many forms.  Depending on what type of cargo is being hauled, federal and local governing agencies may require specific types or amounts of coverage. 

Trucking insurance is available to cover damages, medical bills, compensation for lost wages, valuable or hazardous cargo, or any number of different things.

Motor carriers often need several different policies in order to fully protect their economic assets.  Independent owner/operators also have their own specific needs.

One thing that both might overlook is the need for truck trailer insurance, especially if the company or independent hauler plans to participate in trailer interchange agreements.

Trucking Insurance: Specialty Insurance for the Commercial Trucking Industry

Specialty insurance exists readily throughout the commercial trucking industry.

Motor carriers and independent owner operators understand that the commercial truck industry is unpredictable and that accidents can and will happen.  Every truck driver is taking a chance every time they hit the open road.

It is also notable that commercial insurance for the trucking industry is highly variable.  There are several different subcategories of commercial trucking with their own specific concerns.  These specialized vehicles oftentimes require specialty insurance. Examples include construction trucking insurance, produce insurance, and insurance for garbage trucks, to name a few.

With all of this specialization within the commercial truck industry, it is no wonder that the commercial truck insurance industry has to be equally specialized.  Coverage options are available to fit the needs of all motor carriers and independent haulers.   A few examples of which are listed below.

A Quick Guide To Common Policies

When shopping for commercial trucking insurance, there are several factors to consider.  Will you be buying coverage for just yourself or for an entire fleet of trucks and drivers?  What is your usual cargo and what state or local laws are in place to regulate that cargo?

These are questions that can be answered fairly easily and once you have those answers you can begin choosing the truck insurance coverage that works best for you or your business.

The following are a small sample of commonly available truck insurance.

Independent Truckers Insurance Needs

Truckers insurance will vary quite a bit between independent owner/operators and W2 staffed truck drivers.

Independent truckers in the commercial truck industry may have certain advantages over drivers who work directly for large trucking companies.  They can choose to work when they want or need to and not feel constrained as a full time employee.  Owning your own truck can also be a big plus.

You get to customize it however you want to fit your needs and your style.  You can take your cab out whenever you want for whatever reason you may have.

The flipside to that is the fact that you are responsible for insuring yourself and your truck rather than having trucking insurance coverage provided by an employer.  Truckers insurance will vary slightly depending on your employment status.

Basic Commercial Insurance Definitions

No matter what sector of the commercial trucking insurance industry you are involved in, you need to be aware of the many different types of insurance coverage that are offered.  Before you begin seeking out a policy and provider, take stock of what your needs are and what your industry requires of you.

First of all, trucking insurance coverage needs will vary depending on whether you are an independent owner/operator or a large-scale motor carrier.  Motor carriers will need to cover a much larger fleet of vehicles and trailers, a wide variety of cargo, and provide accident compensation for their drivers.  Independents need to mostly concern themselves with covering the cost of damages to their personal property and providing themselves with liability coverage when not under contract.

Primary Trucking Liability Insurance Explained

Truck insurance comes in a variety of forms.  There are policies designed to cover everything from personal property damage, accident-related damage to other vehicles, specific types of dangerous or otherwise highly regulated cargo, and many more.

Your level of coverage will depend on your individual coverage needs and the regulations applied to your facet of the commercial truck industry.

One type of coverage that you can’t ignore: primary trucking liability insurance. Liability coverage is not only incredibly important to have; it is also required by federal law for all commercial vehicles operating in the United States.