What Kind of Coverage Does My Trucking Company Need?

Running a trucking company typically involves navigating a complex landscape of risks and responsibilities. Ensuring you have the right insurance coverage is critical to financially safeguarding your business, assets and employees. Understanding the different types of coverage, from primary liability to cargo insurance, can empower you to make well-informed decisions about your insurance portfolio.

Trucking Company Insurance Recommendations

Here are the key types of coverage you need to consider:

• Primary liability insurance—This is the most essential coverage for any trucking company. It can help cover bodily injury and property damage caused by your trucks in an accident. The Federal Motor Carrier Safety Administration (FMCSA) mandates minimum liability coverage, which varies based on the type of cargo and whether you operate interstate or intrastate.
• Cargo insurance—Cargo insurance can help financially protect the goods you transport. It can help cover losses or damage to the cargo due to accidents, theft or other unforeseen events. This coverage is critical if you transport high-value or sensitive goods.
• Physical damage insurance—This insurance can assist with covering the repair or replacement costs of your trucks in the event of accidents, theft, vandalism, or severe weather. It generally includes both collision and comprehensive coverage, helping keep your vehicles financially safeguarded in various situations.
• Bobtail insurance—Bobtail insurance, also referred to as nontrucking liability insurance, can offer coverage for trucks when they are driven without a trailer, such as when returning from delivery or traveling between jobs. This coverage can be crucial for financially protecting your vehicle when it’s not under dispatch.
• Workers’ compensation insurance—Workers’ compensation insurance is crucial for helping to cover medical expenses and lost wages for employees who are injured on the job. It can help protect your business from potential lawsuits and enable your employees to receive the care they need.
• General liability insurance—General liability insurance covers a range of risks, including property damage, bodily injury and personal injury claims that may arise from your business operations. This coverage can be essential for financially protecting your company from various liabilities.

Learn More

For insurance near you, contact Rhino Insurance Brokerage LLC today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.