If you are new to the trucking industry and looking for truck loads available to start your hauls, you shouldn’t get on the road without checking on the insurance requirements. The federal government does have requirements on liability insurance, which generally must be met before you can get your operating license. However, there are other concerns beyond general liabilities that deal specifically with the type of load you have decided to haul.
All commercial truck drivers need to purchase insurance for the cargo they are transporting as a protection against loss in the event of an accident or damage. There are several things to know when considering a coverage plan for your business.
- The type of cargo you are carrying and its value are what need to be considered when evaluating the amount of coverage you need.
- Your specific trucking operation should be evaluated by an insurance broker with specific experience in the trucking industry since the coverage is uniquely tailored to your risks.
- There is no set price for cargo coverage, as it can bet anywhere from $50,000 all the way to $250,000 or higher.
- There is a direct relationship between the cost of cargo insurance and the amount of coverage needed to protect your load. There are different ways of assessing the value, so check with the agent for the most comprehensive policy.
- Insurance policies will have a maximum load limit per semi, and some items might not even be covered.
If you choose to operate your trucking company without cargo insurance, you are taking a big risk. It is equally dangerous to under-insure your load, as any loss can damage your entire operations and ruin relationships with your customers. You can’t just go to your local insurance broker and ask about cargo insurance. This is one area where you need to contact a professional and get an accurate quote on the coverage you need.