First in Protecting, You and Your Cargo.
Whether you are an entrepreneur with one commercial truck or your company uses a fleet of trucks, you need commercial truck insurance tailored to your business and your risks. Perhaps you have drivers who make deliveries, or you have trained and certified commercial truck drivers who drive tractor trailers and deliver freight cross-country. No two businesses are alike in their use of vehicles, their specific risks and the amount and type of coverage needed.
How do you get the help you need to choose the right insurance for your business? Start by contacting a First Underwriters Broker who specializes in commercial truck insurance. Not only can a member agent can find the best commercial truck insurance policy for your company at the best rate, but your agent will be able to help you with every aspect of your business coverage, from general liability to property coverage to commercial truck insurance.
Commercial Truck Risks
- About 130,000 people are injured each year in truck accidents
- 70% of truck accidents report only property damage
- 22% of truck accidents result in injuries
- The average cost of a commercial truck accident is about $59,000
Types of Commercial Truck Insurance
The category of commercial trucks involves several types of large vehicles, including:
- Semis (tractor-trailers or 18-wheelers)
- Dump trucks
- Garbage trucks
- Car haulers and auto trailers
- Tow trucks
- Flatbed trucks
- Tank trucks
- Box trucks
Each of these types of trucks has a very different role. The amount you and/or your employees drive your commercial trucks, the miles your trucks travel each year and what they haul will all factor into the type and amount of coverage you need to protect your business investments.
What Does Commercial Truck Insurance Cover?
Like many auto insurance policies, commercial truck insurance comes with several types of coverage, each of which is specifically designed to protect your business and your personal assets from catastrophic loss. The coverage you need may include:
- Commercial truck liability insurance: Covers your liability risks in the event that you or one of your employed drivers causes an accident. Your commercial truck liability will include bodily injury liability to cover the costs of injuries and medical expenses for the injured party, and property damage liability to cover the costs of property damage in an accident. Your commercial truck liability insurance will typically also cover the costs of legal defense, whether or not your company is found to be at fault in an accident.
- Physical damage coverage: Covers the costs of damage to your vehicle from an accident or other incident. This coverage includes both collision coverage to pay for damage from a crash as well as comprehensive coverage to pay for damage from theft, vandalism and “other than collision” causes.
- Uninsured/underinsurance motorists coverage: Covers the costs of injuries and damages if you or one of your employees is in an accident where another driver is at fault, but that driver does not have adequate coverage to pay for your injuries and property damage.
- Truck cargo coverage: Covers damage or theft of items your truck is hauling.
In addition to these types of coverage, you will have many other options as you structure your policy to cover your specific concerns. For example, if your employees sometimes need to drive their own vehicles in the course of business, you may want a non-owned vehicles policy. This coverage will protect you and your drivers from the costs associated with accidents that occur during business hours when an employee is driving a vehicle that your company does not own.
How to Get Commercial Truck Insurance Quotes
Since commercial truck insurance varies widely depending on the type of truck and the use of the vehicle, it can be very difficult to get a side-by-side comparison of different quotes for the same types and amounts of insurance coverage.
Fortunately, an insurance buyer, we can help by comparing quotes for you from several different insurance companies. Working with our broker who will take the time to understand your business, and how you use your commercial trucks, can help you save time and money. Your broker will be able to quickly do the leg work to get several different quotes that match your commercial truck insurance needs.
There is so much to consider when insuring your commercial trucks. To get accurate quotes, your agent needs to know things, like:
- Which employees will be driving your trucks?
- What kinds of certification or training do your drivers have?
- Will they be in hard-hat areas or construction sites?
- Will they be hauling heavy equipment or hazardous materials?
- How many miles will they be driving your commercial trucks each year?
- Will they cross state boundaries?
Questions like these, as well as the driving records of your employees, will help your agent gather a range of quotes from several different companies, including various commercial vehicle discounts that may be available to you.
How to Find Affordable Commercial Vehicle Insurance
Commercial vehicle insurance costs small and large businesses billions of dollars annually. The good news is that insurers provide a range of deals and discounts to help you save on your insurance costs. There are plenty of ways to use these discounts to get affordable commercial vehicle insurance and protect your vehicles, whether you have a few company cars or a fleet of trucks, busses, limos or taxis.
As a Trusted Choice® independent broker who specializes in commercial insurance we are in a unique position to help you find discounts for your business.
Commercial Vehicle Insurance Discounts
- Multi-policy discounts for commercial vehicles
- Paid-in-full commercial vehicle insurance discounts
- Experienced commercial driver discounts
- Commercial driver’s license discounts
Potential Discounts on Commercial Auto Insurance
When you are searching for affordable commercial vehicle insurance for your cars or other commercial vehicles, it is important to remember that many of the deals and special rates relate to your driving history, the experience of your drivers, and the business uses of your commercial vehicles.
You may benefit from the following auto vehicle insurance discounts:
- Commercial driver’s license discounts: If you or your employees have a commercial driver’s license, your business can save up to 20 percent on your truck, car, limo or taxi insurance rates.
- Business experience discounts: If you have been in business for three years or more you will find that some insurers offer you a discount of up to 5 percent.
- Loyalty discounts: If you have kept your auto insurance with the same company for more than 12 months, you may qualify for discount commercial vehicle insurance.
- Multi-policy discount: If you hold multiple policies with the same insurance company you are in a good position to ask for better rates.
- Paid in full discount: If you are able to pay for your insurance in full, you may be able to receive a savings of up to 15 percent.
Insurance companies want to offer you affordable commercial vehicle insurance because your business is important to them. Speaking to us as an independent broker in the Trusted Choice network, based in 22,000 member agencies with over 27,000 locations nationwide, we can help you get all the information you need to find the best commercial vehicle insurance at the most affordable rate.
Potential Discounts on Commercial Truck Insurance
Some of the commercial truck insurance discounts that you can find will be similar to commercial auto insurance discounts. When you are researching affordable commercial vehicle insurance for your truck, look for both general vehicle insurance discounts and savings that are specific to dump trucks, tractor trailers or other trucks you may use. For example:
- Truck insurance discounts for commercial driver’s license: If you require commercial truck insurance and you or your drivers hold a commercial driver’s license your business can save as much as 20 percent off commercial truck insurance.
- Truck insurance discounts for business experience: If you have been in business for at least three years, you will find that some insurance companies will give you a business experience discount. You could save as much as 5 percent with this commercial truck insurance discount.
Other Commercial Truck Insurance Discounts
There are other ways for you to find affordable commercial vehicle insurance for your dump truck, tractor trailer or semi:
- Truck insurance deals for increasing your deductibles: Selecting to pay a higher deductible on your commercial truck insurance is a quick way to lower your rates. It is important that you arrange a deductible that you would be able afford in the event a major claim needed to be filed.
- Truck insurance deals for paying your insurance in full. If you can pay for your truck insurance premium in one lump sum, then you can expect a discount on your commercial vehicle insurance of up to 15 percent.
- Truck insurance deals for paying by electronic funds transfer (EFT): If you are unable to pay for your entire truck insurance policy in full, you can still get a discount. Commercial vehicle insurance companies reduce their rates for electronic payments. This is also a great way to save yourself time and effort because the fees come directly out of your checking account. This can also save you on check processing fees.