Last Updated: January 26, 2022
How many trucks do you see on the road a day? The general answer is too many to count. 15 million Americans drive their commercial truck every day on the roads of America. These big bulky machines put on more miles than any other types of vehicles combined. This means that if you own one, you should definitely have a good insurance policy to survive the unpredictable outcome of your daily life. Firstly, America’s open freeways are the most easily accessible and affordable way to transport goods domestically. Secondly, commercial truck Florida is also the most used method for transporting goods from the state itself. These commercial truck insurance for new companies are big and take a lot of space. This loosely translates to more things that could go wrong on the pitch.
Therefore, if someone who has been in events that an insurance company considers ‘risky’ then you might want to have a look at our blog on commercial truck insurance for high risk drivers.
How Expensive Is Commercial Truck Insurance For New Companies?
Coverage and premiums for commercial trucks in Florida are typically a costly affair. The whole concept of the job is to survive the roads to make it to your destination. These machines are long-term high risk, high-reward assets. Hence, the cost will be higher than other vehicles. On the other hand, there are ways you could reduce the amount you need to pay to the carriers. According to East Insurance Group prices of semi-truck insurance have risen steadily over the years with the cost ranging between $12,000 and $16,000 currently for new authorities. Some of those include a good credit score, getting no points imposed on your license, completing optional driving courses to get discounts, not missing your payment schedule, choosing the plans you need rather than unnecessary packages, and much more.
Having an attorney who will take you through all of the coverage and terms, as well as contacting an insurance broker or insurance agent, is always a good idea. You may also be interested in cyber insurance, considering the nature of cybercrime. Different coverages are included with a standard homeowner’s insurance package from a Georgia insurance brokerage.
Types Of Policies Included
General liability insurance is typically a necessary policy that covers claims arising from faults in daily risk activities. For example, property damage, medical bills, and injuries if you get into an accident. This policy will also reimburse you for all the legal fees if you have already paid so in the process.
Worker’s compensation insurance is the most necessary coverage that reimburses your workers for all the lost income, medical costs, rehab expenses, and so on lost during the process of claiming. Hence, it is a legally required policy if you have any employees working for you. If you live in the area, you may also be interested in reading our blog about tight security and a free mind for your commercial truck.
Commercial umbrella insurance is mostly an extension policy that reimburses you if the accident coverage exceeds your normal coverage limit. For example, if your truck gets into an accident, that causes you to lose most of your load, and the load costs more than the coverage amount. The umbrella policy covers that deficit. Therefore, you must find an agent in order to purchase appropriate insurance.
Frequently Asked Questions
What insurance do I need for my trucking company?
A trucking company will typically only insure for the following lines of coverage: Auto Liability, Auto Physical Damage, Cargo, and General Liability. This brief article will go over a growing risk exposure in the industry that is frequently overlooked – Cyber Liability.
What type of insurance is required to transport people?
For-hire Livery insurance, also known as livery insurance, is a type of commercial auto coverage for vehicles used by companies that make money by transporting people.
What’s the distinction between bobtail and non-trucking?
Non-trucking liability, as opposed to bobtail insurance, protects owner-operators from liability claims when the truck is not being used for business purposes, regardless of whether a trailer is in tow.