Commercial Trucking Insurance
Commercial truck insurance serves as a tailored solution developed to address the distinct requirements of the trucking industry. To explore your options and acquire a quote for commercial trucking insurance, contact American Truck Insurance.
Mandatory Trucking Insurance Requirements
There is a mandatory obligation for all commercial trucks to maintain specific levels of commercial auto liability insurance coverage. This coverage is pivotal in managing third-party liability claims concerning bodily injuries and property damage. Additionally, the (FMCSA) necessitates public liability insurance, which extends coverage for injuries to individuals and property damage caused by the truck.
It is crucial to emphasize that the FMCSA outlines federal liability insurance requirements. Nevertheless, individual states may have their own set of regulations. Consequently, consulting with a FMCSA, State DMV agent and a licensed insurance agent is advisable to guarantee that you possess the requisite coverage.
Scope of Trucking Insurance
Beyond the fundamental liability coverage, a Commercial Auto Liability insurance policy typically encompasses a range of additional coverages, including:
- Comprehensive Insurance: This coverage aids in settling expenses stemming from incidents or accidents unrelated to collisions, encompassing acts of vandalism, weather-related damage, or fire.
- Collision Insurance: Designed to address damages to the insured tractor-trailer from accidents involving other vehicles or objects.
- Medical Payments (MedPay): This component can assist in covering medical bills in the event of injuries sustained by the tractor-trailer driver or passengers during an accident.
- Personal Injury Protection (PIP): PIP encompasses medical costs, lost earnings, and other costs incurred due to injuries resulting from a car accident, irrespective of fault. Additionally, it can extend coverage for services such as childcare or housekeeping in cases where the injured individual cannot perform these tasks themselves. In Texas, PIP coverage remains optional, although insurance companies are mandated to offer it to their clientele.
- Uninsured/Underinsured Motorist Insurance: This coverage becomes invaluable when accidents lead to damage, and the responsible party is either uninsured or lacks sufficient liability insurance. It helps in covering replacement or repair costs for a tractor-trailer.
- Non-Trucking Insurance: This insurance caters to situations when the truck is used for non-business purposes.
- Bobtail Insurance: Offering coverage when the driver operates the truck without hauling a trailer or cargo.
- Trailer Interchange Coverage: This coverage is instrumental in settling liabilities associated with non-owned trailers when both parties have entered into a trailer interchange agreement.
- Non-Owned Trailer Insurance: This insurance assists trucking companies in addressing damages incurred when they control a trailer they do not own. This coverage is effective regardless of whether the trailer is connected to the truck during the incident. It safeguards trucking companies from the financial repercussions of fines and repairs.
- Motor Truck Cargo Insurance: Designed to manage accidental damage or loss of cargo, this insurance serves the needs of motor carriers, trucking companies and Big Rigs 18-Wheeler Semi-truck Long Haul drivers who transport goods on behalf of shippers.
Types of Insurance for a Trucking Business
Depending on the specific requisites of the business, a trucking enterprise should consider various insurance types and endorsements. Your insurance agent may suggest the following policies and endorsements:
- General liability insurance
- Property insurance
- Cyber liability insurance
- Employment practices liability insurance
- Business interruption insurance
- Environmental liability insurance
- Umbrella Insurance
- Workers’ compensation insurance
For further information and to craft a customized trucking insurance plan that aligns with your requirements, contact American Truck Insurance. We offer affordable commercial trucking solutions for all motor carriers: Big Rigs, Semi-Trucks, 18-Wheelers, Over-The-Road (OTR), Long Haul, Local, Hot Shots, Box Trucks, Auto Haulers, Containers (UIIA) Dirt/Sand/Gravel, Dry Van, Flatbed, Refrigerated (Reefer) and much more.