COMMERCIAL VEHICLE INSURANCE
The first step is to find out what type of coverage your operation needs. Never drive your truck without insurance and avoid large fines and penalties. You’ll have to get quotes from three or more truck insurance brokers
Liability Requirements for Trucks
- The minimum amount of primary liability insurance is set by the FMSCA. For trucks over 10,000 pounds GVWR you’ll need to the following minimum coverage:
- $750,000– Most trucks hauling most commodities are required to have a minimum of $750,000. Many load brokers will require a minimum of $1,000,000.
- $1,000,000– Auto haulers need a minimum of $1,000,000 in coverage. One million in coverage is becoming an industry standard across other hauled commodities too.
- $5,000,000– If you are hauling certain hazardous materials, you’ll need a minimum of $5,000,000 in coverage.
Primary Liability Insurance
Liability insurance is mandatory for all commercial trucks. It will pay for bodily injury and property damages that your truck may cause to other people or property.
Primary liability insurance isn’t designed to cover you or your truck. It doesn’t cover theft, your bodily injury, or damage to your truck. It’s simply there to cover the damage you might do to other people or and the property.
General Liability Insurance (GL) for Trucking Companies
Whether you are a large truck company or an Owner Operator, General Liability Insurance is a good idea. General liability insurance can cover risks to your business outside of operating your truck. Some of the exposures General Liability insurance can cover you against are:
- Delivering your load to the wrong place
- A client slipping and falling in your office
- One of your drivers going berserk at a truck stop
- Slandering a load broker that later sues you
It makes sense to cover your risks whether they are on the road or off the road.
