Commercial Truck Insurance

Whether you're an entrepreneur with one commercial truck or run a company that uses a fleet of semi trucks, you need protection from numerous risks. No matter how many vehicles you own, they're vulnerable to all kinds of threats, from accidents to storms. That's what makes having a commercial truck insurance policy so important.

Luckily, an independent insurance agent can help you get equipped with the best commercial truck insurance for your needs. Not only that, but they'll also shop and compare quotes for you from multiple companies to find you the best rate. But first, here's a breakdown of commercial trucking insurance and what it's all about. 

Top Risks for Commercial Truck Drivers

Unfortunately, the trucking industry does not come without a myriad of risks. Here are just a few of the top risks for commercial truck drivers in the U.S.: 

• In one recent year, there were 168,320 truck accidents.
• Of these accidents, 4,766 led to fatalities.
• These accidents led to about 76,180 total injuries.
• About 32% of all these truck accidents led to at least one injury. 
• About 17% of related fatalities are occupants of the large truck.
• About 72% of related fatalities are occupants in other vehicles.
• The remaining 11% of related fatalities are pedestrians, bicyclists, and other individuals. 
• More than one-third of truckers who get killed in a crash do not wear their seatbelts.‍

DID YOU KNOW?

Commercial truck accidents resulting in one injury cost an average of $148,279.

Since commercial truck drivers face such huge risks daily, it's crucial for them to be equipped with all the right protection. 

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Types of Commercial Truck Insurance

Commercial trucking insurance is available for many classes of vehicles. The top categories of commercial truck insurance are:

How often you and your truck drivers are on the road, the miles traveled each year, and what's hauled in the semi trucks all factor into the type and amount of commercial truck coverage you need. Business owners should consider all of these factors when determining how much commercial auto insurance their trucking business needs. 

What Does Commercial Truck Insurance Cover?

Like many auto insurance policies, commercial truck insurance comes with several types of coverage, each specifically designed to protect your business and personal assets from catastrophic loss. 

Common commercial truck insurance coverages include:

• Liability coverage: Covers the costs of lawsuits if you or one of your employed drivers causes an accident. Commercial truck liability includes reimbursement for bodily injury as well as property damage to third parties, not to employed drivers and company vehicles.
• Collision coverage: Pays for damage to your semi truck from a collision with another object, regardless of fault. 
• Comprehensive coverage: Pays for damage to your semi truck due to a non-collision event such as a flood or theft. 
• Uninsured/underinsured motorists coverage: Covers the costs of injuries and property damage if you or one of your employees gets into an accident with another driver who's at fault but doesn't have adequate coverage of their own.
• Truck cargo coverage: Covers damage to or theft of the items your truck is hauling.
• Non-trucking liability insurance: This can cover medical payments to others and lawsuit costs arising from incidents of bodily injury or property damage to third parties if you or your employees use your business's trucks on off days or for non-business purposes.

If your employees drive their own vehicles during the course of business, you may want to add a hired/non-owned auto insurance policy. This coverage protects against the costs of accidents that occur during business hours when an employee drives a personal truck or other vehicle not owned by your company. All truckers must have the proper protection when on the road, regardless of whose vehicle they're operating.

Additional Types of Coverage to Consider

If you own a trucking business, there are other commercial insurance coverage options you may want to consider adding to a larger business insurance policy. Ask your independent insurance agent about the following types of coverage:

• Commercial general liability insurance: This type of liability insurance protects businesses against costs associated with lawsuits related to third-party claims of bodily injury or property damage.
• Business interruption insurance: This can reimburse your business for lost income and continue to pay operating expenses such as employee salaries during temporary shutdowns due to covered perils like fire damage.
• Commercial property insurance: This can reimburse your business for damage to its property other than company vehicles, including buildings, equipment, and inventory, if it gets stolen, lost, or destroyed by fire, hail, wind, or other covered perils.
• Commercial umbrella insurance: This can extend your trucking business's liability protection beyond the limits included in underlying policies, such as commercial general liability or commercial auto liability, in case of a hefty lawsuit.

Make sure to cover your commercial trucking business and its semi trucks from all possible angles, not just accidents and potential lawsuits.

Who Needs Commercial Truck Insurance?

Commercial truck insurance is a specific type of commercial vehicle insurance. Coverage is needed by businesses that rely on trucks for deliveries, receiving shipments, and more. 

The most common buyers of commercial truck insurance include:

• Motor carriers: These include for-hire trucking companies with their own fleet of vehicles that need protection from many threats. 
• Owner-operators: These include individuals who own and operate their own semi trucks for business purposes. Owner-operators might lease their vehicle from a motor carrier or own it outright. 
• Private carriers: These include individuals who use their own trucks to do business for their employer, such as to make deliveries. 

Commercial truck insurance can be purchased for just one semi truck or an entire fleet. The amount and type of coverage you'll need depends on your specific business and its operations. An independent insurance agent can help you get set up with the right type of commercial truck insurance.

How Much Commercial Truck Insurance Do I Need?

Commercial truck drivers have mandated minimum coverage requirements set by the Federal Motor Carrier Safety Administration. The truck's weight and cargo influence the amount of coverage required. Trucks hauling cargo considered more dangerous need more coverage, as do larger, heavier trucks.

Minimum Commercial Truck Insurance Requirements by Truck and Freight Type

An independent insurance agent can get you set up with at least your minimum required liability coverage for commercial truck insurance, and any additional protection you may need.

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How to Get Commercial Truck Insurance Quotes

Since commercial truck insurance varies widely depending on the type of truck and the use of the vehicle, it can be tricky to get a comparison of quotes for the same types and amounts of coverage. Fortunately, an independent insurance agent can help by shopping and comparing quotes from several different insurance companies for you. 

To help you get the most accurate commercial truck insurance quotes, be prepared to answer these questions for your independent insurance agent:

Being prepared with answers to questions like these, as well as the driving records of your employees, can help your independent insurance agent gather a range of quotes from several different commercial truck insurance companies.

Best Commercial Truck Insurance Companies

The best way to find the right carrier for your commercial truck insurance is by working with an independent insurance agent. They know which insurance companies to recommend to meet your needs and can provide informed suggestions based on company reliability, rates, and more.

While many insurance companies offer commercial truck insurance, finding coverage could also depend on the area you live in. Here are a few of the top companies for commercial truck coverage.

Best Commercial Truck Insurance Companies	Star Ratings
Progressive
The Hartford
Nationwide
Sentry

Why Work Together with an Independent Insurance Agent?

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut through the jargon and clarify the fine print so you know exactly what you’re getting. Independent insurance agents also have access to multiple commercial truck insurance companies, ultimately finding you the best commercial trucking coverage, accessibility, and competitive pricing while working for you.