Commercial Trucking Insurance Obligations
Having the right amount of coverage from your commercial truck insurance insulates your business from unexpected costs. The insurance you need for your business is different than your personal auto insurance. Proof of proper insurance coverage is required by the Federal Motor Carrier Safety Administration (FMCSA) and the Department of Transportation (DOT) before you may be issued an Operating Authority and DOT number. Safer CDL has helped truckers across the country get the right insurance coverage at competitive prices and can make recommendations for your business.
Liability Insurance
Primary liability insurance is required to stay compliant with trucking regulations and keep your drivers on the road. This is the most costly insurance for trucking companies, so it’s important to find a competitive rate. Safer CDL is familiar with the commercial insurance landscape and will make recommendations for getting the right liability coverage. Primary liability insurance covers damages and injuries to other drivers and vehicles on the road and does not cover damage to your own vehicle. Depending on whether you plan to work with freight shippers or hazardous materials, you may be required to have between $750,000 and $5,000,000 worth of insurance coverage.
Physical Damage Insurance
Commercial physical damage insurance actually refers to a group of insurance coverages that cover damage to your vehicles. Physical damage insurance is typically required to lease or secure a loan for any trucks in your fleet but generally is not required if you completely own your vehicle without debt. Both collision coverage and comprehensive coverage fall under the umbrella of physical damage insurance. Collision coverage pays for damages resulting from accidents while comprehensive coverage pays for any other types of damage. Contact Safer CDL to get a roadmap for acquiring the right physical damage insurance coverage.
Cargo Insurance
Truck cargo insurance covers any damage to freight hauled in your commercial vehicle. Commercial cargo insurance protects trucking companies from costs of damaged or lost products if your load is dumped on the road, damaged in an accident or destroyed by a fire. Your cargo insurance can even protect you from damages if your client decides to sue. Some cargo is exempt from coverage, including money and jewelry, alcohol and tobacco, and live animals.
Occupational Accident Insurance (OAI)
Occupational accident insurance protects the drivers in your fleet, including independent contractors. Trucking OAI coverage includes medical, disability, death, dismemberment and paralysis benefits that result from on-the-job accidents. Occupational accident insurance can sometimes include worker compensation benefits and is required by law to protect your drivers. Even the most careful and experienced drivers can experience accidents and should be covered by an OAI policy. Get in touch with Safer CDL’s insurance experts to get a recommendation for the right types of coverage for your drivers.