How Much Insurance Do I Need for a Trucking Company?

How much insurance do I need for a trucking company? We get asked this question pretty frequently, and it’s a valuable question to have answered. But rather than trying to figure out the answer yourself, we’re here to walk you through all the coverage you’ll need for your trucking company.

New to this blog series? Welcome! We’re a team of insurance experts based in Colorado Springs. We love educating people about the insurance industry so they can feel more confident about their insurance decisions. In this blog post, we’ll answer the question: how much insurance do I need for a trucking company? Then, we’ll tell you how you can start comparing policies with a professional for free!

How much insurance do I need for a trucking company?

Trucking companies need to have sufficient insurance coverage to protect their business operations and assets, as well as to meet legal requirements. Depending on the size and type of the company, the insurance needs may vary. However, the following are the most common types of insurance that trucking companies need:

• Commercial Auto Insurance: This type of insurance is a must for trucking companies, as it covers vehicles used for commercial purposes, including trucking. It covers the damage to the vehicle, as well as any liability for injury or property damage that may result from an accident.

• Liability Insurance: Liability insurance is also essential for trucking companies, as it protects them against claims made by third parties. This includes claims for property damage or injury caused by the truck driver while operating the vehicle. The coverage amount should be sufficient to cover the potential damages, which can be substantial in case of a severe accident.

• Cargo Insurance: This type of insurance covers the loss or damage to the cargo being transported. The coverage amount should be based on the value of the cargo being transported and the level of risk involved.

• Workers’ Compensation Insurance: This insurance is required by law in most states and provides coverage for employees who are injured or become ill as a result of their work. The coverage amount should be sufficient to cover the medical expenses and lost wages of the affected employees.

• Physical Damage Insurance: Physical damage insurance covers the physical damage to the truck caused by an accident, theft, or natural disasters. This insurance is especially important for trucking companies, as their vehicles are valuable assets that need protection.

• Non-Trucking Liability Insurance: This insurance is required for trucking companies that have owner-operators who are leased to the company. This insurance covers the liability of the owner-operator when the vehicle is not being used for commercial purposes, such as when it is being driven for personal use.

• Environmental Liability Insurance: This insurance is important for trucking companies that transport hazardous materials, as it covers the costs of cleaning up any spills or leaks that may occur.

• Umbrella Insurance: Umbrella insurance provides additional coverage over and above the limits of the other insurance policies. This is important for trucking companies, as the cost of a claim can quickly exceed the coverage limits of the other policies.

Get a free quote on commercial trucking insurance today!

If you’ve been wondering, how much insurance do I need for a trucking company, then chances are, you probably have several other questions about commercial trucking insurance. That’s where we can help. Like we mentioned earlier, we’re a team of insurance professionals based in Colorado Springs. We offer free consultations, so claim yours today to get all of your questions answered and to start comparing policies with a professional!