Whether a business owns just one delivery van or an entire fleet of long-haul semi-trucks, those vehicles need to be appropriately insured. Commercial truck insurance is designed not just to meet state and federal coverage minimums but to minimize all forms of exposure and costs related to covered problems. Business owners and fleet managers can read on to find out how to insure one or more commercial trucks.
How Does Commercial Truck Insurance Work?
The process of insuring a commercial truck is similar to that of signing up for personal auto insurance policies, but the results are quite different. Commercial truck insurance policies are designed to cover amounts and uses that significantly exceed those associated with personal car insurance. In most cases, policies are taken out not by individual truck drivers but by the company they work for.
It’s relevant to note here that commercial truck insurance works a bit differently from standard commercial vehicle insurance. While standard commercial auto insurance can be used to protect all types of vehicles used in just about any business context, commercial truck insurance is designed specifically to protect trucks and vans used in the trucking industry.
Who Needs Commercial Truck Insurance Policies?
Any business operating in the trucking industry needs a specialized commercial truck insurance policy. Owner-operators are also required to carry insurance, but their plans often provide additional coverage in some areas and lower coverage amounts in others. Businesses that provide the following services should always carry commercial truck insurance:
- Long-haul or regional freight hauling
Local or last-mile delivery
Long-distance or local moving
Waste management or recycling
Heavy equipment distribution
Owner-operators and business owners who aren’t sure what kind of coverage they need should reach out to insurance agents who specialize in commercial truck and auto insurance.
All commercial auto insurance policies provide some level of liability, collision, medical, and personal injury coverage. Most are comprehensive policies that also cover uninsured motorists and damage from fires floods, vandalism, or thefts. Commercial truck insurance coverage usually extends beyond the options offered by standard commercial auto insurance. Policies may also cover:
- Physical damage to non-owned trailers
Cargo being loaded onto a covered trailer
Trucks that are not currently being driven
Trucks that are currently being used for non-work purposes
There may also be policy provisions that can be used to cover reefer trucks, motor trucks, and other specialized commercial trucks.
How Much Does Commercial Truck Insurance Cost?
Because commercial truck insurance policies vary so widely in terms of coverage options, coverage amounts, and general uses, there’s no way to provide an accurate estimate of how much it will cost to take out this type of business insurance policy. Factors that may increase policy premiums can include how many trucks are being insured, how often they’re driven, what types of license classes or endorsements the drivers have, the types of cargo the trucks transport, and what kinds of areas they enter.
How to Take Out a New Policy
Owner-operators, fleet managers, and business owners can take out new commercial truck insurance policies or alter the ones they have as needed. This is often necessary when new trucks are purchased or a business expands to include additional services.
Thankfully, taking out a commercial truck insurance policy is easy. All it takes is getting in touch with an insurance provider that specializes in working with clients in the trucking industry to discuss coverage options and request quotes.