Few businesses offer as much regulation and differentiation as the commercial truck insurance industry. Policies can range from general liability coverage to very specific riders like tow truck or cargo insurance that covers specialized vehicles or specific goods hauled in the transportation process.
Motor carrier insurance policies will make up a much larger portfolio than that of an independent trucker, but that’s okay—combining your commercial motor carrier insurance policies with insurance for trucks can save you annual costs.
Insurance for trucking companies will usually a combination of many specialized policies that have been put together in order to best meet a company’s unique needs.
Commercial trucking is a very heavily regulated industry and presents many different safety and legal issues that will all be addressed in their truck insurance portfolio. All these will be centered around a good general liability policy that will protect you against reactions from the public in the event of accidents or damage during your normal operations.
In addition to general liability for your business, motor carriers will also need insurance for trucks and the equipment they use. These policies will depend on what types of trucks the motor carrier has operating under their authority. Regardless of what types of trucks make up your business, insurance for trucks will be centered around things like trucking liability insurance policies, physical damage or comprehensive coverage policies and fleet insurance services like garage keeper’s insurance.
It’s possible motor carriers will desire some type of trailer insurance to protect those assets as well. Trailer insurance protects against physical damage to trailers belonging to a motor carrier or fleet. Basic trucking insurance policies usually exclude trailers and cargo, so trailer insurance can be important if you do happen to own the trailers themselves. Trailer interchange insurance also protects you when your trucks are hauling trailers owned by other companies or vice versa.
It’s also possible that motor carriers will desire some type of cargo insurance, though it won’t necessarily be mandated by law or relevant to their business. For companies hauling common general goods, general freight insurance protects in the event of damage to or loss of cargo. Some cargo will require more specialized policies, such as produce hauler insurance for produce and food or household goods haulers insurance for moving trucks and their operation. Sometimes cargo insurance is regulated by law, as is the case for hazardous materials insurance.
It’s common for motor carriers to need several types of trucking company insurance to cover their employees or business operations. Workers compensation insurance is mandated in the trucking industry throughout many states. Some employers opt for occupational accident insurance as an option where workers compensation is not mandated. For help determining what types of trucking company will work best for your business, contact one of our friendly licensed agents.
Royalty Truck Insurance agents may even be able to help consult your business on how to save money by complying with regulations and safety institutions through governing trucking industry agencies like the Federal Motor Carrier Safety Administration, (FMCSA) or the National Highway Traffic Safety Administration, (NHTSA).
Talk to an agent today for free commercial truck insurance quotes!