Truckers should always choose a company that offers a 24-hour claims service when it comes to insurance. The faster the insurance company can get involved, the less likely there will be any delay.
However, many truckers still choose to hire independent insurance agents. Fortunately, several companies offer this service. Read on to find out more about the coverage available to truckers. This article will discuss the different types of insurance coverage available.
5 Types of Insurance Coverage For Trucking Companies
1. Commercial auto insurance
The top trucking companies in New Jersey mostly have commercial auto insurance. It is an essential part of daily operations for those who work for a trucking company. It’s a must in every state to protect yourself and others from accidents that may happen on the job. The insurance cost varies depending on your business and the cargo you haul.
While primary liability coverage will cover property damage and bodily injury, this type of coverage also protects your truck in the event of an accident. In addition, other types of commercial auto insurance coverage may be beneficial for your business, including bobtail insurance, reefer breakdown coverage, and more.
Choosing the right insurance coverage for your trucking business can be a challenge. You can work with an insurance agent or do it yourself through a search engine. Insurance agents can help you compare policies, explain how much coverage is needed, and provide quotes.
In addition to comparing insurance companies, you can also sign up for an insurance policy online. Some insurance companies will even confirm your purchase over the phone.
2. Non-trucking liability
For those operating a bobtail without trailers, driving without cargo, or not pulling a trailer, non-trucking liability insurance is an option. However, it does not apply to revenue-generating activities like pulling loaded trailers or operating on behalf of a motor carrier.
Insurers will look at many factors before deciding whether to insure your trucking business. Read on for more information. Also, remember that if you drive a commercial truck, you should also carry primary auto liability insurance.
In addition to the benefits of having non-trucking liability insurance, you can purchase this type of insurance online or by phone. Just remember to shop around for the best coverage. The prices will vary.
A good agent can find you the best rate for your needs. You can even get a quote on non-trucking liability insurance by calling an independent insurance agency. If you have any questions, you can reach them via live chat.
3. Bobtail coverage
In New York, bobtail non-trucking liability insurance costs as little as $87 per month. The cost of bobtail coverage can vary by business, but rates are generally around $360 per year. The cost of bobtail coverage may also depend on factors such as the company’s safety record, frequency of bobtailing, and the type of policy. Talk to several carriers and compare quotes to find the best rate and coverage.
When bobtailing a semi-truck, it is crucial to understand the liability limits for each policy. Unlike general liability insurance, bobtail insurance is specifically for drivers on a lease agreement with a motor carrier that does not have a trailer.
In addition, Bobtail insurance pays for damages incurred during dispatch, regardless of the truck’s size or trailer. Therefore, understanding bobtail coverage is vital to avoid costly surprises.
4. Occupational accident coverage
Occupational accident coverage for trucking companies can help protect your company from liability and legal expenses. While workers’ compensation provides medical benefits to hired employees, Occupational Accident insurance pays for medical costs for independent contractors. Because independent contractors are not employees, companies are not legally required to pay these benefits.
Suppose one of these independent contractors is injured on the job. In that case, they can sue the trucking company claiming they are full-time employees and thus entitled to benefits under the Workers’ Compensation system.
A good policy will include a $1M death benefit limit and disability benefits of 60 to 70 percent of basic earnings. The sub-limits may vary based on the risks involved. Most policies are easy to renew, and client retention rates remain high.
The best way to find the best coverage for your needs is to talk to an insurance agent. In many cases, you’ll be pleasantly surprised by the low cost of occupational accident coverage.
5. Progressive trucking insurance
If you are in the market for a new policy, it might be worth talking to a representative at Progressive. This company is the No. 1 truck insurer, according to SNL Financial. According to SNL, the truck category includes all For Hire Specialty (FHS) and For-Hire Transportation (FHT) vehicles.
It consists of all vehicles with GVW more significant than sixteen thousand dollars for Contractors, Business Auto, Tow, and Business Auto. Smart Haul is available for many commercial truck insurance policies but is not guaranteed in every state. To determine if your particular state is eligible for this program, enter your zip code below.
A comprehensive policy will cover the costs involved in repairing a truck. Additionally, it will pay for legal costs, hospital bills, rehabilitation costs, funeral expenses, and other damages incurred due to an accident. Further, property damage coverage covers legal fees and damages to third-party property.
Finally, depending on your state’s requirements, you may need to file specific paperwork to protect your truck and load. Thankfully, Progressive offers a range of options to fit your trucking insurance needs.