What is Hot Shot Truck Insurance?

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Hot Shot Truck Insurance is a commercial auto policy specializing in the expedited transport of cargo with a pickup truck. Oftentimes hotshot trucking involves delivering goods in a short time frame and as such, it is important that goods are delivered in a timely fashion. Most hauling for hire businesses are a high-risk and high reward business. This insurance protects your business from third-party liability claims involving bodily injury, physical damage you cause, as well as physical damage to your vehicle and injury to your person.

Do I Need Hot Shot Truck Insurance?

It is illegal in all 50 states to drive without Commercial Auto Insurance. Freight brokers and clients will require very specific limits from your hotshot trucking business, which can only be secured on a Commercial Auto policy.

Hot Shot Truck Insurance Requirements

Whether you are just starting out or are planning to renew your insurance, you need to meet the insurance requirements of not just your state, but your brokers and shippers as well. Commonly requested coverages are as follows:

  • Cargo coverage protects commodities or freight hauled by For-hire Truckers. On average most brokers request a minimum of $100,000 in cargo insurance.
  • Although highly recommended, but not required you should have physical damage coverage for your truck and trailer.
  • If you cross state lines, you'll need an MC number and the limits of coverage required for us to file your MCS 90 (varies by state).
  • MCS-150 and BOC-3 Filings are required especially if you have just started your operations.
  • IRP (International Registration Plan) registration for your truck and PTI (Permanent Trailer Identification) for your trailer.
  • Some states will need a Commercial Drivers License, which is also a benefit since with a CDL you'll pay less for your insurance.
  • Most freight brokers will require you have a minimum of 1,000,000 in liability coverage for your business, policies can be tailored to your specific needs.

As your business grows the requirements of your clients will vary. It is important that you are working with insurance brokers who can tailor your policy to those specific needs. Just give us a call our personal advisor can help you get the best coverage.

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What does Hot Shot Truck Insurance cover?

Hotshot truck insurance covers you from the following risks:

Protects your truck and trailer against property damage during a vehicle collision, including damage to other vehicles and stationary objects. The insurance will help repair your truck if you have been involved in a covered incident and help it get back on the road as soon as possible. The insurance covers the medical expenses from the injuries suffered due to the accident. It also covers the lost wages of someone injured in a car accident. It covers your truck or trailer if it is damaged by fire, theft, vandalism, and other physical causes of loss other than an accident. Covers for cargo loss or damage in the event of a covered loss like fire, theft, collision etc. If you get into an accident and the cargo you’re transporting gets destroyed, you will be protected. It covers the expenses of repairing or replacing the vehicle or other property that has been involved in an accident if you are at fault during the incident. It covers for the legal obligations when the services you provided has caused injury or property damage.

Every trucking business is different, so each business will have its own set of coverage to protect them from the risks. The coverages above are some of the common coverages for hotshot truckers.

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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