Three Types Of Insurance Coverage To Consider For Your Trucking Business

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Navigating the World of Insurance

The world of insurance is changing. While you used to have to meet up with an insurance agent in person to discuss your policy options, you can now begin a new insurance policy right online. When I first signed up for an auto insurance policy, I realized that signing up right online led to confusion when I didn't have an agent with me to discuss which policy was best for me. Thankfully, I realized I could chat with an agent right on the website. I then began researching insurance and learned a lot about many types of insurance during the process. I find the ever-changing world of insurance so interesting that I continue to research it and thought that I would help others by posting what I learn on a blog. I hope I can help you make good insurance policy decisions! Check back often for new posts!

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Three Types Of Insurance Coverage To Consider For Your Trucking Business

17 January 2022
 Categories: Insurance, Blog


Finding the right insurance coverage for your trucking company can help save you money in the long run and provide added peace of mind for your business. The main types of insurance you likely already have for your car, such as liability, medical, and uninsured/underinsured motorist, can also be purchased for your trucking company, but there are also some industry-specific policies you might want to consider. Here's a closer look at three additional types of coverage to think about adding to your fleet. 

Cargo Coverage

Cargo insurance protects you against financial losses in the event a load of goods is damaged while in transport. This type of coverage can include loss from fire or collisions, so you won't have to cover the cost of replacing damaged goods. Insurance companies may put limits or exceptions on certain types of cargo, such as live animals, fireworks, and hazardous materials. You'll also want to ensure all goods stored on your trucks are included in the bill of lading for every load, as items not accounted for may not be covered. Your insurance agent can help you determine the amount to put on this policy based on the types of cargo you typically haul. 

Trailer Interchange Insurance

Some companies provide the trailers your truck drivers will transport to their intended destinations, and insurance coverage under your existing policies might not extend to trailers you don't own. This is where trailer interchange insurance comes in. The policy covers potential damage or theft a trailer is in your driver's possession, helping eliminate cost liability on the part of your company. Deductibles still apply to this type of coverage, so it's important to know what you'll need to pay in the event of an accident or theft. If your business only uses your company-owned trailers instead of those provided by vendors, you won't need to worry about trailer interchange insurance. 

Non-Trucking Liability Coverage

If you are an independent owner-operating running a small trucking company, it might be a good idea to look into non-trucking liability coverage. With this type of policy, your truck is covered when you aren't working. This means you can use the vehicle for personal use and maintain coverage separate from your business liability coverage. Should you ever need to drive the truck in place of your personal vehicle, you can be assured the rig will be protected in the event of an accident or potential property damage. 

It's a good idea to discuss your trucking company's needs and daily operations with your commercial transportation insurance agent to help ensure you have the right coverage no matter which types of cargo you haul and how you use your truck after hours. 

For more information, reach out to a company such as Russell Agency.