Being a part of the trucking industry provides endless benefits, including competitive pay and flexible hours. However, taking to the road always comes with risks, no matter who you are. The good news is, commercial truck insurance can safeguard your business and everything you’ve worked so hard for. Whether you’re an independent owner/operator or managing a fleet, you need protection from the financial and legal fallout of a potential accident. Here’s why it’s a cost you simply can’t overlook.
Why Is Trucking Insurance Important?
When it comes to your business, insurance is worth every penny. The truth is, your job is your livelihood! It keeps a roof over your head and food on the table. With all this in mind, commercial truck insurance provides you with the necessary peace of mind. Why is trucking insurance so important? Here are a few reasons to call American Insurance Brokers today.
Federal and state law requires it
First, insurance is usually a requirement in one way or another. The nature of required coverage depends on several different things. Where you operate, the truck you drive, and what you haul are all contributing factors. Here are some scenarios that require commercial truck insurance:
- Transporting of products
- Offering services, such as towing
- Hauling hazardous materials or heavy loads
- Driving passengers for a fee
- Managing employees who drive your vehicle(s)
All of these situations require insurance that goes beyond a personal coverage plan. Because there is so much more at stake, it’s essential to have robust coverage.
At American Insurance Brokers, our team members have many years of experience helping independent truckers and companies understand what coverage is available and beneficial.
It protects you and your business
If you or a driver for your company gets into an accident, insurance coverage helps protect your interests. Coverage may kick in to pay for vehicle loss or damage both for you and the other parties involved. In the event of a lawsuit, your insurance policy may help cover those costs as well. Plus, medical coverage can help cover the cost of surgeries, hospital stays, and loss of work during your recovery.
All of these costs can drain your finances and lead to bankruptcy in the event you have to foot the bill.
It protects your employees
It’s one thing to put your own job on the line, but it’s a different story when you have drivers. For those who oversee an entire fleet, the burden of an accident can be monumental.
The right coverage will help pay for the cost of medical bills and recovery for employees who sustain an injury on the job. Depending on your plan, it may also provide coverage in the event of an accident that leads to a lawsuit.
Your employees deserve protection when they drive your vehicles. Plus, you’re more likely to retain great talent when they know you have their back!
What Types Of Commercial Truck Insurance Do I Need?
Commercial truck insurance isn’t one-size-fits-all. In fact, there are a range of different coverage options. At American Insurance Brokers, we’ll closely examine every aspect of your business before creating a policy for you. Coverages may include:
- Commercial auto liability: This is the most basic commercial auto insurance you can obtain. It covers injuries and/or property damage if you’re at fault for an accident. It may also provide coverage for legal defense costs if you are sued as a result of your involvement in an accident.
- Medical payments: Also known as MedPay, this may cover medical expenses for you and/or passengers in your vehicle who are injured during an accident, regardless of who is at fault.
- Physical damage: A general term for a group of coverages that protect your vehicle, this may help with costs to repair or replace your vehicle if it collides with another object or overturns. Depending on your policy, it may also cover damages due to something other than a collision, like if your vehicle is stolen.
- Trailer interchange: Provides physical damage insurance for trailers pulled under a trailer interchange agreement. Put simply, this is physical damage coverage for non-owned trailers. It protects you if the trailer is damaged by collision, fire, theft, explosion, or vandalism while in your possession.
- Uninsured motorist insurance: This coverage provides protection if you are in an accident with someone who is either uninsured or underinsured. It may cover medical expenses, lost wages, and property damage.
- Non-trucking liability insurance: If you are under permanent lease to a motor carrier (and not driving under dispatch), this insurance provides coverage at an unlimited radius. In short, non-trucking liability protects the tractor when it’s being operated off dispatch, regardless of whether or not it’s pulling a trailer.
- Motor truck cargo insurance: Designed with for-hire truckers in mind, motor truck cargo insurance provides coverage on the freight or commodity being hauled. This may be for cargo that is lost or damaged due to fire, collision, or striking of a load. You may also receive coverage for the cost of debris removal if your load is accidentally dumped on a roadway or waterway.
- Motor truck general liability insurance: Coverage for property damage or injuries you cause as a result of business activities not directly related to truck operations. For example, erroneous delivery of products resulting in damage or actions of a driver at a loading dock.
- On-hook towing insurance: Designed for tow trucks and similar vehicles, this coverage is for the cost to repair or replace a vehicle you don’t own if it is damaged by a collision, fire, theft, explosion, or vandalism while you are towing or hauling.
- Garagekeepers legal liability insurance: This is an optional coverage designed for those who offer towing services or operate service stations. This type of insurance protects your customers’ vehicles when you are keeping them at a covered location for parking, storage, or to perform service.
- Workers’ compensation: A mandatory type of insurance carried by nearly every type of business, workers’ compensation may cover medical bills and a portion of lost wages for an employee who is injured or becomes ill on the job. It may also protect you from being sued by employees for workplace conditions that can cause an injury or illness.
No matter where you drive or what you haul, trucking insurance requirements always include regulatory filings. It’s incredibly important to remain in good standing and full compliance when it comes to these documents. Unfortunately, these can be lengthy and full of jargon that is difficult to understand.
When you work with American Insurance Brokers, our agents handle these filings for you:
- Form E
- Form H
- OS/OW COI
Our team will closely examine your business to ensure you are in compliance at all times, no matter where you go.
What Is The Minimum Requirement?
If you’re searching for commercial truck insurance rates by state, you won’t find many concrete numbers. That’s because each trucking situation is unique and every state has different guidelines. While certain types of coverage are a requirement, the following factors will have an effect on your premium:
- Vehicle type
- Driving history
- Home state and route
- Limit of liability coverage desired
At American Insurance Brokers, our team can put together a policy within your budget. Our goal is to get you the protection you need at a fair price.
Call American Insurance Brokers Today
American Insurance Brokers should be your first call for commercial truck insurance across the southern U.S. When you need solid coverage at an affordable rate, our agents deliver. Whether you’re crossing over state lines or staying within a small area, we have a unique understanding of what you’re up against. Here’s what sets us apart.
We serve a variety of clients
From delivering produce to constructing highways, it takes a lot of different vehicles to get it all done. We cover a variety of trucking insurance needs, including, but not limited to:
- Car carriers
- Box trucks
- Dump trucks
- Flatbed trucks
- Hotshot trucks
- Straight trucks
- Tank trucks
- Tow trucks
- Moving trucks
Don’t see your vehicle on this list? Just give us a call. We can probably find the coverage you need.
We know the region
While we started in Louisiana, American Insurance Brokers has expanded to cover nearly every state in the South. From humidity to hurricane winds, we know and understand the needs of drivers in this region. We serve customers in the following states:
All of our agents are well-versed in the individual regulations and requirements associated with each of these states. Plus, we work with many companies and drivers who have routes that take them across state lines.
We’re there for you every step of the way
Don’t waste time worrying about your insurance coverage. With decades of experience and relationships with more than 35 A-rated insurance companies, American Insurance Brokers has you covered. We will crunch the numbers to find coverage that meets your state’s requirements and provides peace of mind for a fair price.
When you’re in a pinch, you need someone you can trust. We provide the answers you need, when you need them. Whether you’ve been in an accident or simply have a question, our agents will be there for you.
Get your free coverage review today, and find out why American Insurance Brokers should be your first stop for commercial truck insurance.