Trucking insurance is often considered hassle-free, which can lead to it being deprioritized in a company’s to-do list. However, understanding and prioritizing your insurance and risk exposure is crucial for your business. Here’s what you need to know about commercial trucking insurance and how you can maximize your protection.

Why Choose TEC Equipment – Insurance

TEC Equipment – Insurance, is a full-service commercial agency dedicated to providing top-notch trucking insurance products. Whether you are an owner-operator or manage a full fleet, our strong partnerships with leading insurance carriers ensure you receive the best coverage tailored to your needs.

How to Save on Trucking Insurance

Calculating rates in the commercial insurance industry is complex as each business has unique needs. However, there are proven strategies to save money:

Opt for Higher Deductibles

Insurance companies prefer not dealing with small claims and may offer savings for higher deductibles. Be cautious, though, as higher deductibles mean you assume more risk. Analyze your past claims to determine the best deductible level.

Consider a Package Plan

Bundling multiple types of business insurance with one company can reduce costs and result in significant savings.

Stay Loyal

Find a reliable insurance provider with good service and reasonable rates and stick with them. A good track record can prevent rate hikes after an unfortunate accident.

Drive Safely

Safe driving and avoiding tickets can lead to lower insurance costs. Insurance is about risk assessment, so presenting yourself as a low-risk driver or company can result in savings.

Types of Trucking Insurance Coverage

Trucking insurance is more complex than regular car insurance. Ensure you are protected in all situations by considering the following coverage types:

Bodily Injury/Property Damage

Truckers are targets for liability suits due to the high insurance amounts they must carry. Professionals recommend a minimum of $1 million for nonhazardous material haulers.

Owner-Operator Liability

Nontrucking or “bobtail” insurance provides liability protection when the owner-operator is not under dispatch by another carrier. This coverage is crucial if you get into an accident while off-duty.

Physical Damage

These policies cover the repair and replacement of your trucks and trailers if damaged by fire, theft, collision, or other accidents.

Workers Compensation

All states require most employers to provide workers’ compensation benefits for on-the-job injuries.

Cargo Insurance

Federal regulations require common carriers to insure against loss or damage to cargo. Current limits are often dictated by shipper requirements.

Additional Insurance Types to Consider

  • General Liability
  • Business Property
  • Uninsured Motorist
  • Pollution Cleanup
  • Business Interruptions
  • Personal Injury Protection

Protecting Yourself from Liability

Defending yourself from liability starts with prevention. Even if an accident is not your fault, truck drivers and their companies often end up as defendants. Attorneys tend to target trucking companies, portraying them as negligent in hiring practices.

Steps to Safeguard Your Company:

  • Implement Rigorous Safety Programs: Ensure your programs adhere strictly to federal regulations.
  • Maintain Regular Vehicle Inspections: Conduct regular maintenance and keep detailed records.
  • Pre-screen Candidates Thoroughly: Perform extensive background checks on potential drivers to identify any red flags.
  • Avoid Driver Fatigue: Maintain accurate logbooks and gas receipts as proof of proper rest, and encourage health and fitness programs.
  • Prepare for Accidents: Have a clear protocol for drivers to follow in case of an accident. Key tips include:
    • Avoid moving the vehicles if possible.
    • Refrain from discussing the accident with the other driver; leave that to the police.
    • Do not admit guilt.
    • Document the accident and road conditions.
    • Take photographs and remain calm.

Finding a reliable insurance agent who understands your trucking company’s needs is essential. By partnering with TEC Equipment, you can expect dedicated service and expertise. With over 40 years in the trucking industry, we are well-equipped to handle your commercial insurance needs. Contact us today and experience the benefits of our comprehensive coverage options.

TEC Equipment – Insurance is licensed to insure trucks garaged in 11 states and supports interstate long-haul operations across the continental US and Canada.

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