When operating a business, it’s critical that you not only have the required tools and resources but that you also take precautions to keep those resources secure.

This is why, if you want to keep your business operating smoothly and successfully, trucking company insurance is a must. Truck insurance rates are growing, but you may still find coverage that can provide you peace of mind and lessen risks while you operate your company.

Beyond basic liability coverage, new and established businesses are subject to extra commercial vehicle insurance rules.

Interstate carriers must fulfill specific insurance criteria outlined on the FMCSA website in order to comply with federal rules.

The FMCSA will only issue an MC number if you have evidence of public liability insurance that covers both property damage and personal injury.

If the truck driver is determined to be at fault in an accident, public liability insurance will kick in to cover both the public and the truck driver. When a pedestrian or another motorist is injured in an accident, their liability insurance’s bodily injury coverage will help pay their medical fees. If you cause damage to someone else’s property as a result of an accident, your property damage will cover the cost of repairs.

What Does FMCSA Say About Commercial Truck Insurance?

The Federal Motor Carrier Safety Administration requires that all interstate truckers have the bare minimum of insurance. If a trucker causes a $1,000,000 damage accident, the FMCSA mandates that their insurance coverage pay at least $1,000,000. Insurance policies with limits of $500,000 or less would need to be raised in this case.

The FMCSA requires commercial vehicles to have public liability insurance, which covers losses to persons and property up to certain limitations dependent on the kind of goods being transported.

  • Cargo weighing less than 10,000 pounds and not deemed dangerous (non-hazardous) may be carried for $300,000.
  • Cargo weighing more than 10,000 pounds might cost anywhere from $750,000 to $5,000,000.
  • Cargo insurance of up to $5,000 per vehicle covers the transportation of household belongings.
  • The cost of insuring household belongings on transportation is $10,000 per event.
  • $1,000,000 is necessary to transport oil using private and commercial carriers.

Remember, these are the very minimum limits that will be accepted at the federal level. Regardless of the load, many brokers and shippers will insist on carrying at least $1,000,000. More comprehensive insurance coverage would be very beneficial to many people and firms in the transportation sector.

Obtaining commercial truck insurance is simpler than you think, but you must still supply your agent with as much information about your company as possible so that they can recommend the appropriate policy for you. You will need the following items to get started:

  • If the weight exceeds 26,000 pounds, a commercial driver’s license (CDL) is required.
  • MC and the DOT Authority

You must also enter details about each car you are adding to your coverage, such as:

  • Model
  • VIN Number
  • Year
  • Make

Those who own trucks or run a trucking company should get additional insurance to fully protect themselves in the event of an accident.

As a result, it is critical for truck drivers and transportation companies to work with a reputable insurance company that appreciates its clients; this ensures that each client gets insurance that is tailored to their specific needs. A wallet might be useful in this situation. For great insurance, contact a Coverwallet insurance representative now.

By Admin

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