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Trucking Insurance What You Need to know

Trucking Insurance What You Need to know

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  • GLI Dispatch Services
  • March 10, 2023

Trucking Insurance What You Need to know

What You Need to know?

Primary liability insurance

Primary liability insurance is the minimum level of insurance required for operating trucking and transport enterprises. Primary liability coverage won’t cover the trucks you own. However, it will cover victim damages that might occur while one of your employees is operating a commercial vehicle.

Average monthly estimate: $450 to $1,200

Physical damage insurance

This is a must for businesses that might need to repair or replace damage to the truck and the equipment on it.This policy works in the event of a trucking accident or theft.

Average monthly estimate: $100 to $350

Cargo insurance

This insurance covers typical causes of losses, such as cargo theft and damage during transit, for any carrier.

Average monthly estimate: $50 to $150

 

General liability insurance

Also called public liability insurance, general liability insurance in trucking covers property damage and third-party bodily injuries resulting from business activities unrelated to driving commercial vehicles.

Average monthly estimate: $40 to $60

Non-trucking liability insurance

Non-trucking liability is insurance for using vehicles for non-business purposes. Non-trucking liability insurance covers personal use of your vehicle between your return and the next dispatch schedule.

Owner-operators under lease agreements with motor carriers can benefit from this truck fleet insurance type. Although owner-operators have general liability insurance coverage, that policy only covers business operations. Non-trucking liability insurance protects owner-operators from losses during non-business-related incidents.

Average monthly estimate: $35 to $60

Bobtail (owner-operator) insurance

This owner-operator insurance protects policyholders after they deliver cargo and when using their vehicle for purposes other than trucking.

Owner-operators under lease agreements can get bobtail insurance when operating for mobility and not while transporting property for the motor carrier under whose operating authority they deliver, and whose liability policy they depend on while trucking. Bobtail insurance sounds like non-trucking liability insurance. However, there’s one crucial difference.

Bobtail insurance covers owner-operators when using the trucks without trailers whether for personal or commercial purposes. Non-trucking liability protects the owner-operator when using the truck for personal intentions, whether or not they carry the trailer.

Bobtail insurance doesn’t cover damages to the owner-operator’s truck, but only the liabilities arising from an accident.

Average monthly estimate: $35 to $60

Workers’ compensation insurance

Workers’ compensation insurance covers costs associated with an employee’s work-related injury or illness. This insurance even covers legal fees should the employee choose to sue the company.

Average monthly estimate: $250 to $450

Trucking Insurance rates will be affected by the following factors:

• What you haul

• Your hauling radius

• The age and experience of your drivers

• How long you’ve been in business

• Your claims history

• The year, make, and model of your semis

• How many semis you have

• Your location

To get the best rate, you need to have good CSA scores and driving history and engage with your insurance agent many months in advance.

GLI Truck Dispatch Services offers one of the best truck dispatch services to owner operators and carriers across USA. We offer other back-office solutions such as compliance and accounting to carriers in addition to our truck dispatch services to help our carriers succeed in this competitive yet rewarding trucking industry. At GLI, our truck dispatchers don’t just dispatch, they go the extra mile to help build relationships to help carriers grow their business. Its where professionalism meets quality. Visit www.glitruckdispatchservices.com to learn more about our processes and how our method of truck dispatching can help you succeed and grow your business. 

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