Commercial Truck Insurance Prices

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Do You Need Commercial Truck Insurance?

If you are an owner-operator, have your own successful trucking business, or are considering either one it is essential for you to understand the risks involved and how to mitigate them. You cannot simply purchase a truck and add it to your existing Personal Auto insurance policy. Personal Auto insurance policies specifically exclude anything to do with business including delivery, hauling people, or generating any sort of income. Even if you could find a way around these exclusions when you first purchase the truck, the coverage could be very limited. An example is if you have a personal auto on your policy currently with just liability, that is all you would get with the truck as well. Chances are this is not what you would want. Therefore, you need Commercial Auto insurance.

What Are Some Different Types of Truck Insurance?

When you hear Commercial Truck, Semi-Truck, or Owner Operator insurance it is encompassing several insurance policies into one blanket term. Because of the amount of risk involved with a semi-truck, there is no one-size-fits-all insurance policy. There are many policies that you will need to cover your trucking business properly.

  • General Liability - If you have a premises, such as an office that you use for your trucking business, you will need General Liability insurance. Something as simple as a third party tripping over a crack in the sidewalk while entering the office, causing bodily injury, can result in a lawsuit. It also covers property damage not done by your truck.
  • Trucking Liability - Trucking liability is for those instances where you may cause injury or property damage with your truck. This will be found under Commercial Auto insurance, along with physical damage as discussed below. If you are an interstate hauler, the federal government requires you to have a minimum of $750,000 in liability. Another reason Personal Auto insurance is not enough coverage for your trucking business.
  • Non-trucking Liability - If you want to use your truck for personal use on the farm, or to help some friends or family move, you should have Non-trucking liability which can often be added as an endorsement on the Commercial Auto policy. Be aware that depending on the filing requirements in your state, this coverage may not be available, as in such cases of an MCS-90.
  • Bobtail - If you are not hauling anything but might be on the way to pick up a load, are in-between loads, or on your way home, you will need bobtail coverage if you are in an accident. Trucking liability only applies when you are hauling something.
  • Physical Damage - Also found under Commercial Auto insurance is the actual physical damage to your truck. If you are at fault in an accident you will want to have your truck fixed as soon as possible so you can get back on the road to make money. Physical damage in the form of Collision ( which is colliding with another vehicle) and Comprehensive (which is colliding with anything other than a vehicle, glass breakage, theft, flood, deer) coverage is essential.
  • Motor Truck Cargo - Because the loads you carry are in your care, custody, and control, you are legally liable for them. Motor Truck Cargo insurance will pay to replace items that are damaged or lost due to fire, theft, water damage, collision, striking of a load, or equipment breakdown (such as the refrigeration system in your truck).
  • Workers Compensation - If you have employees you have to protect them if they are injured or become ill while on the job. This coverage will apply for auto accidents or minor injuries while unloading a haul. Providing them with their lost wages and medical bills will ensure that they get back to work quickly and saves your business a lot of money in the long run. Plus, your state more than likely requires you to carry Workers Compensation coverage if you have employees.

Knowing what each policy is for and covers is important, but also make sure that you read and understand the exclusions as well. Exclusions are almost as, if not more, important than the inclusions. That way, if you do see an exclusion that is not acceptable, you can either negotiate or purchase a policy that will cover it.

What is the Average Price of a Commercial Truck Insurance Policy?

As a business owner, you are probably very aware of your budget and expenses. While it may be easy to look at insurance as another burdensome expense, it only takes one claim to make a huge impact on your operations. And not having the proper insurance in place can be catastrophic to your profits, and possibly cause you to go bankrupt.

It would be fairly impossible to determine the average price of a Commercial Truck insurance policy due to the unique nature of each business. In addition to the factors that insurance companies use to determine the prices, some trucking companies might need more insurance policies than others. Keep in mind that the more experience you have the easier it will be to obtain insurance, as some companies do not like those who have no experience at all. So if you plan to start a business, it may be a good idea to work for someone else for a while to get the experience under your belt.

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How Are Commercial Truck Insurance Prices Calculated?

There is an abundance of factors that can influence the price of Commercial Auto insurance that the insurance companies will consider.

  • Drivers - The driving records of all of your employees, and yourself will be considered.
  • Experience - The length of time you have been in business, or how long you have been in the industry.
  • What you are hauling and where - Valuable cargo such as automobiles will certainly cost more to insure than paper cups. Transporting within the suburbs may be less risky than a city. The distance of your hauls will also be considered.
  • Types of trucks - Just like Personal Auto insurance, Commercial Auto insurance will take into account the type of truck that is being insured.
  • Coverage amount - Certainly the higher the coverage amounts you need the more premium you will pay, which ties back into what you are hauling. Also, some contracts may require to carry more than the $750,000 federally mandated Trucking Liability limit. Keep in mind you will have deductibles for different coverages and the higher the deductible the lower the price, and vice-versa.
  • What policies - If you are an owner-operator with no employees you will most likely pay less for insurance as you will need fewer policies.

Business Insurance

Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage. Having the right insurance gives you the peace of mind to focus on what matters - running your business.

The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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