Posted by When running a business, you must not only have the necessary tools and resources, but also take care to keep those resources safe. This is why, if you want your business to run smoothly and profitably, trucking company insurance is essential.
Truck insurance premiums are rising, but you may still get coverage that can provide you piece of mind and reduce hazards while running your business.
Beyond basic liability coverage, new and existing firms are subject to additional commercial car insurance regulations. Interstate carriers must meet particular insurance standards stated on the FMCSA website in order to comply with federal regulations. The FMCSA will only grant an MC number if you provide proof of public liability insurance that covers both property damage and personal harm.
If the truck driver is found to be at fault in an accident, public liability insurance kicks in to protect both the public and the truck driver. When a pedestrian or another driver is wounded in a collision, their liability insurance’s bodily injury coverage will assist pay for their medical expenses. If you cause damage to someone else’s property as a consequence of an accident, your property damage insurance will pay for the repairs.
What Does the FMCSA Say about Commercial Truck Insurance?
The Federal Motor Carrier Safety Administration mandates all interstate truckers to have the minimal minimum of insurance. If a trucker causes a $1 million damage accident, the FMCSA requires that their insurance coverage pay at least $1,000,000. In this circumstance, insurance plans with limits of $500,000 or less would have to be increased.
The FMCSA requires commercial vehicles to have public liability insurance, which covers losses to people and property up to set limits based on the kind of commodities being transported.
- Cargo weighing less than 10,000 pounds and not considered harmful (non-hazardous) can be transported for $300,000.
- Cargo weighing more over 10,000 pounds might cost anywhere between $750,000 and $5,000,000.
- Cargo insurance for up to $5,000 per vehicle covers the shipment of home items.
- The cost of insuring household items during transit is $10,000 per event.
- $1,000,000 is required to carry oil via private and commercial transportation.
Remember, these are the absolute minimums that will be acceptable at the federal level. Regardless of the load, many brokers and shippers will want at least $1,000,000. More comprehensive insurance coverage would be extremely useful to many individuals and businesses in the transportation industry.
Obtaining commercial truck insurance is easier than you may think, but you must still provide your agent with as much information about your business as possible so that they can offer the best coverage for you. To get started, you will need the following items:
- If the weight exceeds 26,000 pounds, a commercial driver’s license (CDL) is necessary.
- MC and DOT Authority
You must also provide data about each vehicle you are adding to your policy, like as:
- Model
- VIN Number
- Year
- Make
Those who own trucks or manage a trucking firm should obtain supplementary insurance to properly protect themselves in case of an accident.
As a consequence, truck drivers and transportation firms must deal with a reputable insurance company that values its customers; this guarantees that each client receives insurance that is suited to their individual requirements. A wallet might be beneficial in this case. Contact a Coverwallet insurance specialist right away to get amazing coverage.