Truck Insurance

Guide to Business Truck Insurance

A little planning can help you find a good commercial trucking insurance policy that fits your truck insurance needs.
By Lori Widmer

	Truck Insurance Basics Commercial truck insurance should cover liability, physical damage and cargo Truck insurance for cargo should cover cost of road clean up Make sure your trucking insurance covers physical damage up to the full amount you have financed the vehicle

Whether your drivers are driving locally or long distance, business truck insurance is a must. A commercial trucking insurance policy is designed to help protect against loss due to any number of hazards, including physical damage to the truck and other vehicles, liability to trailers both owned and non-owned, damage to cargo, warehouse and terminal coverage and more. A good truck insurance policy takes into account all the ways you use your trucks and the various losses and hazards that you are exposed to. A commercial trucking insurance policy also will help protect against loss of revenue due to customer refusal of delivery. Obtaining truck insurance quotes from a carefully selected list of truck insurance companies can:

1. Save you money.
2. Ensure proper coverage.
3. Give you great service in the event of a claim.

Action Steps to Shop Smart for Commercial Truck Insurance

The best contacts and resources to help you get it done

Examine Your Business Truck Insurance Needs Some questions to ask as you shop for commercial truck insurance:• Are your trucks used in interstate commerce?• Do you deliver to terminals or warehouses?• Are your drivers involved in the loading/unloading process?• What is the estimated value per year of the shipments you handle?• Do you own your own trucks or are they owned by your drivers?• Are you covering the medical expenses of your drivers?These will help you to narrow down the types of business truck insurance available for purchase to only those policies that apply to your specific commercial trucking insurance needs.

I recommend:  I recommend: A list of the specific types of commercial trucking insurance is available at the Commercial Truck Insurance website.

Find Truck Insurance Companies There are a number of truck insurance companies offering packages specific to the commercial trucking industry. Truck insurance companies specialize in your business, which typically means they have the most up-to-date information and products available to fit your changing business needs.

I recommend:  Whether you're using flat beds, auto transporters or refrigerated trucks, you can find insurance coverage specific to your business. In order to find an insurer that can handle your policy properly, look for an insurer with good track records in the following areas:
Claims Service
Coverages
Filings
Risk Control Resources
Competitive Pricing
Agent Relationships
Years Insurance Company has Insured Truckers
Financial Stability of the Company

Comparing Truck Insurance Agencies Once you've found a few insurers who can handle your business, compare them.

I recommend:  Download this insurance checklist. Determine which agency has the coverage you need at a price you can manage. You can find a list of insurers that specialize in trucking insurance at American Trucking Associations website. Various trucking organizations can provide you with information on insurers, as well as other resources.

Obtain Truck Insurance Quotes When shopping for truckers insurance, understand the factors that determine your premium upfront. By doing so, you may be able to lower your premium through altering a few of the criteria. Here's how the business truck insurance industry bases its pricing: driver age; years of driving experience; years employed; driving record; accidents; years operating in name; where you drive; what you haul; equipment operated; deductibles; DOT safety record; and your safety program.By amending your deductibles or showing regular practice of your safety program, you could shave a decent percentage from your premium. Be sure to ask the various truck insurance agencies how you might be able to reduce your premium.

I recommend:  Take this How Do You Rate? exam to see where your drivers' areas of improvement might be. Requiring driving training of your drivers may also help – check out the various driver training schools available.

Tips & Tactics to Find the Best Trucking Insurance Policy

Helpful advice for making the most of this Guide

• Determine the ways in which you are operating your trucks. Are you hauling long distances? Are you visiting warehouses or terminals? Are you providing medical coverage for your drivers? Do you own your own truck and equipment or are they contracted?
• When shopping for an insurer, learn all you can about the company's financial picture and how it handles claims.
• Compare the various insurers to determine which can provide you with the insurance coverage you need at a reasonable price.
• Obtain quotes from your narrowed list of insurers, keeping in mind the factors you can control to help lower the premiums.