In addition to purchasing trucking liability coverage to remain compliant with federal and state trucking insurance rules, you will also likely need to obtain coverage to protect your trailers, trucks and the goods hauled by your trucking company.
Contact the Mike Dyer Agency in Knoxville, Madisonville, Dayton and Kingston, Tennessee, today to secure trucking insurance that’s tailored to your company’s needs.
What Insurance Is Required for Trucking Companies?
Federal law requires tractor trailer drivers and trucking companies like yours to carry public liability insurance in addition to commercial auto coverage. Public liability insurance can help cover your company’s liability for injuries and property damage caused by accidents not covered under your commercial auto policy.
Tennessee requires trucking companies to carry a minimum amount of commercial auto liability coverage to help pay third-party bodily injury and property damage claims.
If your trucking company finances vehicles, your lienholder will require you to have full coverage auto insurance, which includes comprehensive and collision coverage.
Do Trucking Companies Need General Liability Insurance?
Any business can benefit from a general liability insurance policy, which typically provides coverage in three main areas:
- Bodily injury liability coverage can help cover medical expenses and legal fees if someone is accidentally injured on your company’s property, or you or one of your employees accidentally cause injuries during the course of normal business activities.
- Property damage liability coverage may help pay to repair or replace property if you or one of your employees are responsible for accidentally damaging someone else’s property amid normal business activities.
- Personal/advertising injury liability coverage can help cover the related costs if your trucking company is accused of libel, copyright infringement, slander or invasion of privacy.
- Medical payments coverage may help cover medical bills for injuries that arise from normal business activities, regardless of fault.
What Insurance Does a Trucking Company Need to Haul Goods?
In general, a carrier is responsible for the goods in their possession until delivery. Truck drivers may need specialized insurance to help cover the goods they haul.
Motor truck cargo insurance may help cover claims for damage of cargo or accidental loss. This coverage helps provide financial protection for owner operators, shippers and trucking companies hauling goods. Your agent can recommend endorsements to address specific types of goods.
How Much Does Trucking Insurance Cost?
Your agent can help you understand how the coverage you choose for your trucking company will affect your insurance premiums.
Insurers use information about your company, your claims history and your coverage to determine your trucking insurance premiums. Contact your agent to get personalized quotes from reputable trucking insurers.
How to Purchase Trucking Insurance
Each trucking operation has unique insurance needs. Talk with the agents at The Mike Dyer Agency today to get help building a trucking insurance policy customized for your company’s situation.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.