Trucking General Liability Insurance: Limits, Deductibles, and other FAQs

On average, trucks move about 72.5 percent of the nation’s freight by weight. According to the US Department of Transportation, there were 996,894 for-hire truck drivers, 813,440 private transport operators, and 83,235 other interstate motor carriers in the United States as of February 2021.

With trucking being such a big industry in the United States, hundreds of thousands of trucking companies operate across the country daily. The industry will continue expanding yearly as many companies need to source various shipment options.

The trucking business is projected to continue growing as the economy expands for a few reasons. First, e-commerce has been on the rise in recent years, with more and more people shopping online for items ranging from clothes to groceries. This increase in online shopping has resulted in a corresponding rise in the need for shipping and delivery services.

As the population grows, there will be an increased demand for goods and materials to be transported from factories and warehouses to retail stores. This increased demand will also contribute to the growth of the trucking industry. Trucking is a necessary aspect of our current economy because it is an efficient and cost-effective way to transport large quantities of goods over long distances.

Trucking involves transporting goods from one place to another using large vehicles. If you own or operate a trucking company, it is necessary to have trucking insurance. Hauling heavy or valuable goods from loading docks through often multiple truck stops can pose risks for workers and inventory. This type of insurance protects the trucking company if something goes wrong while the company is transporting goods.

There are different types of trucking insurance, but one of the most important types of insurance for a trucking company is general liability insurance. This type of insurance protects the company if someone is injured or property is damaged due to the company’s negligence.

As a business owner, you understand protecting your company from potential liability. You may be considering obtaining general liability for truckers. This article will discuss this insurance and the limits, liabilities, and further details you should view before starting a policy.

What is the difference between commercial auto insurance and general liability insurance? How does each of them protect you?

Whether you’re a small business owner with a fleet of delivery trucks or a solo entrepreneur with a cargo van, you need to have commercial auto insurance if you use your vehicle for business purposes.

Commercial auto insurance is different from personal auto insurance in a few key ways. First, because commercial vehicles are typically used for business purposes, they’re at a higher risk for accidents and damage. As a result, commercial auto insurance policies tend to have higher limits than personal auto policies.

Second, commercial auto policies usually include additional coverage options, such as protection for hired and non-owned vehicles. Because different businesses have different needs, companies can customize commercial auto insurance policies to fit the business’s specific needs.

On the other hand, truckers’ general liability insurance protects trucking professionals and businesses from third-party bodily injury claims, property damage, and legal expenses. It is one of the most critical forms of insurance for truckers because it can help protect them from significant financial losses if they are sued.

The insurance carrier will pay for damages up to the policy limit, and the policyholder is responsible for any damages above that amount. Trucking general liability insurance is essential protection for any business that depends on trucks to transport goods or services.

Trucking general liability insurance can also protect against false advertising claims, wrongful termination, and other risks. While no one likes to think about being sued, having this type of insurance in place can provide peace of mind in knowing that you and your business are protected if something goes wrong.

Who needs Motortruck general liability insurance?

Motortruck liability insurance is insurance coverage that very large trucks, 18-wheelers, and other commercial vehicles must have by law. It is crucial for anyone who owns or operates a truck, including both businesses and individuals.

The purpose of this insurance is to protect the trucking company financially if one of its drivers causes an accident while on the job. If the accident is severe and results in injuries or property damage, the victim can file a claim against the trucking company’s insurance policy.

If the claim is successful, the insurance provider will pay for the damages up to the policy limit.

There are many benefits to having motortruck insurance. One of the main benefits is that it can help you financially if your truck is damaged in an accident. Motortruck insurance can assist financially if your truck is stolen or vandalized. If you have motortruck insurance, the insurance company will pay for the repairs to your vehicle.

In addition, if you are leasing or financing your truck, the lender may also require you to have this type of coverage for all rental property. As a result, motortruck liability insurance is an essential consideration for anyone who owns or operates a truck.

How Does Motor Truck Cargo Liability Cover its Policyowners?

Trucking companies are required by law to carry motortruck cargo liability insurance. The Federal Motor Carrier Safety Administration (FMCSA) requires that all household goods motor carriers and freight forwarders have $5,000 of liability coverage per vehicle and $10,000 in coverage per occurrence. This type of insurance protects the trucking company from claims arising from the cargo transporting loss or damage.

The coverage is typically written on a “per-shipment basis.” Meaning that each shipment is covered up to a specific limit. If cargo is lost or damaged, the trucking company can file a claim against the policy to recover its losses.

Motortruck cargo liability policies typically contain exclusions for certain types of losses, such as those caused by fraud or theft. However, many policies also provide coverage for lost or damaged cargo due to the trucking company’s negligence. As such, it is important for trucking companies to carefully review their policy to understand their property damage liability and what is and is not covered.

What are the Limits of Motor Truck Liability Coverage?

Motor truck liability policies typically have two limits: per-occurrence and aggregate. Per-occurrence limits apply to each individual accident, while aggregate limitations apply to the total amount of claims paid out by the insurance company over the policy’s life.

For example, suppose a trucking company’s per-occurrence limit is set at $1 million and its aggregate limit at $2 million. In this case, the insurance company will pay up to $1 million for each accident and up to $2 million in total claims during the policy’s term.

It is essential to understand the limits of motor truck liability coverage. This type of insurance only covers property damage, not injuries to people. Additionally, the coverage may be limited to a specific dollar amount, meaning that any damages that exceed this amount would need to be paid out-of-pocket.

Finally, it is helpful to know that this coverage generally only applies to accidents caused by the truck driver – if another person or event causes the accident, the truck driver’s insurance may not cover the damages. By understanding these limits, you can be sure that you are adequately protected in an accident.

Need protection for cargo storage?

When it comes to storing your belongings, you want to ensure that they are adequately protected in any unforeseen circumstances. That’s where cheap cargo insurance comes in.

There are a variety of insurance policies available to help protect cargo in storage specifically. The most basic policies will cover the cargo in the event of fire, theft, or damage from weather events. More comprehensive policies may also cover loss of income if the shipment is damaged or destroyed. Some policies will even cover the cost of replacement if the cargo is lost or stolen.

Insurance companies can customize policies to meet the specific needs of a business. For example, companies that store high-value cargo may want to purchase a policy covering loss or damage coverage. Businesses that store perishable goods may wish to buy a policy that provides for spoilage coverage. Depending on the type of business, other coverage options may be available.

When choosing an insurance policy, it is essential to work with an experienced agent to find the right coverage for your business. Not all policies are created equal, and not all companies have the exact needs. Working with an experienced agent can help ensure that you get the coverage you need at a price you can afford.

How does insurance help me if I get injured on the job?

If you work in the trucking industry, you know that accidents can happen. Whether you’re driving cross-country or making a local delivery, there’s always the potential for an accident. Suppose you’re involved in an accident while on the job, workers compensation will likely cover your medical expenses and lost wages.

However, workers’ compensation doesn’t always cover all the costs associated with an accident. That’s where general liability trucking insurance comes in. Most truck drivers’ insurance costs are determined by the number of drivers and their salaries. Workers’ compensation for most truck drivers is between 8% and 15% of their income. These rates vary considerably from one another.

General liability trucking insurance can help cover the cost of physical injuries, property damage, and legal fees, and in some cases, it will assist with any medical payments. Often, it can even provide coverage for accidents that occur off the job. So, if you’re looking for comprehensive protection, be sure to ask your employer about general liability trucking insurance.

What is high-risk truck driver insurance?

High-risk truck driver insurance is a specialized type of insurance designed for truck drivers who are considered “high-risk.” Several factors can make a truck driver high risk, including having a poor driving record, being involved in an accident, or being convicted of certain traffic offenses.

High-risk truck driver insurance typically costs more than regular insurance, but it can provide coverage for things that standard insurance does not, such as accidents and traffic violations.

In some cases, high-risk truck driver insurance may even be required by law. For truck drivers who are considered high-risk, having this type of insurance can be essential. Talk to someone at your trucking company and your insurance carriers to see if high-risk truck driver insurance is necessary for you or your business.

Get the proper protection to keep moving forward

At Capital and Coinsurance, we understand that truckers have unique insurance needs. That’s why we offer a range of insurance products and policies specifically designed to meet the needs of those who drive trucks for a living. Our trucking insurance policies include coverage for liability, physical damage, cargo, etc.

Our business is comprised of the industry’s top producing insurance agents. Whether you are an individual, a family, or a business, we are here for your insurance needs. Our teams are divided into different departments specializing in providing companies and individuals with meticulous care for their specific circumstances.

We first assign you to a professional advisor who assesses your requirements. Our team will put together a comprehensive insurance package from our many carriers that best suits your needs. This ensures that each client receives the most customized and individualized care possible. The company prides itself on providing its clients with the best possible service and products.

We understand that truckers have unique insurance needs. That’s why we offer a range of insurance products and policies specifically designed to meet the needs of those who drive trucks for a living. Whether you’re looking for basic liability coverage, we can help you find the right policy for your business.

Professional liability insurance is required in every industry, so let us help you find long-term or temporary coverage for your business. We will find the perfect options catered to you.