Commercial Trucking & Transportation Insurance
Everything You Need to Know About Commercial Transportation & Trucking Insurance
Get protection for your experienced drivers, fleets, and cargo with James Campbell Insurance and keep your company moving forward.
When you work in the transportation industry, you need coverage that helps you protect your cargo and your vehicles, but that will also give you the flexibility your operation needs.
If you operate a transportation business or you are responsible for managing a fleet of any type of vehicle, James Campbell Insurance can help you manage your transportation risks and help keep your operations safe while on the road by helping you find insurance that gives you the coverage you need.
James Campbell Insurance offers coverage for vehicles, trailers, cargo, and warehousing services. Whether that be local or international, owner-operated or fleet, pickups, vans, buses or big rigs, we can ensure that you are covered. If you want to learn more, speak with one of our experienced insurance brokers today.
Who Needs Commercial Truck Insurance?
Truckers long-hauling cargo, or drivers transporting commuters to their destination, will both need custom coverage that will address the unique needs of their profession. These companies will also need a broker with the experience necessary to help make the right decisions. Our brokers at James Campbell Insurance have years of experience and relationships with our commercial insurance partners to offer you the most comprehensive commercial transportation insurance for your organization.
The Basics of Commercial Trucking Insurance
There are different types of trucking insurance coverages and policies, and the coverage you need will depend on several factors, including the types of vehicles, cargo, size of enterprise, and operating location or radius.
It doesn’t matter what type of vehicle you drive, it could be a tractor trailer, cargo truck, flatbed, dump truck or straight truck, some basic transportation insurance coverages to consider are below.
Commercial Auto Liability
Commercial auto liability coverage protects you from damage to another party when you are involved in an accident. For example, say your truck driver is backing up to a loading dock and they accidentally crash into it, your insurance provider will cover the cost of dock repairs.
Motor Cargo Insurance
Cargo insurance covers cargo which is stolen or damaged during transportation while goods are being transported in the insureds own vehicles. For instance, if your truck driver is hauling expensive electronics and they become damaged after taking a sharp turn, the damage will be covered by the cargo insurance portion of your long haul trucking insurance policy.
Physical Damage Insurance
This type of coverage will cover any actual damage to the truck caused by an accident with another vehicle, and help cover the costs of repairs.
There are also specialized coverages designed to tailor your unique transportation needs and operations. These are special options to consider, and they include:
Business Interruption
If you are forced to bring your operations to a halt due to a covered loss or mandatory evacuation, then this type of coverage will get you through this difficult time so you can be ready to open again as soon as possible. Some policies will even give you funds for a temporary relocation so you are able to keep your business up and running. Motor
Transportation Floater
A transportation floater can be a separate insurance policy used to insure the transportation exposure of owners goods. This coverage is not restricted to the insureds own vehicles. A description of the good being transported is usually provided on the policy. This floater is used to insure property that is either owned by the insured, goods for which the insured is responsible for, or goods that are sold but not yet delivered.
Reefer Unit Insurance
This type of coverage is specifically for any damage caused to refrigerated cargo which is typically excluded from coverage on regular cargo.
Fleet Insurance
This gives you protection on 5 or more vehicles, which can help save you money and time.
How much will Commercial Transport & Trucking Insurance Cost?
The price for commercial transport & trucking insurance will depend on a variety of elements, which can include the following:
- Your insurance and claims history.
- Where your company is located and where you operate. This can indicate the crime rates, claim rates, natural disaster frequency, and your proximity to fire services and hazards.
- The value, make, model, and year of each of your vehicles.
- The number of vehicles you need to insure.
- The type and the value of cargo you transport
- Your transportation insurance options, including your loss settlement, coverages and policy limits and deductibles.
James Campbell Insurance Can Help With Your Commercial Transportation & Trucking Insurance Needs
At James Campbell, we put you first. Our clients are our top priority and the backbone behind everything we do.
We can help provide you with protection from insuring your first car, your first home or business or even giving you protection during your retirement travels. Whatever you need coverage for, we’ve got your back. We will make sure that you are ready to live a life free of stress or worry so you can focus on life’s important moments each and every day.
James Campbell Insurance Brokers have been taking care of our members for over 40 years. This is why we are able to make insurance easy by offering you the right solutions at the right times. Our solutions are tailored to fit your individual needs, no matter what they may be.
FAQs
Commercial auto insurance is insurance to cover your vehicle when it is being used for commercial purposes which may include carrying tools or materials to job sites. Typically, vehicle ownership is registered under a company name. If you are using your vehicle for work-related activities, such as a role in sales or consulting where you may be visiting more than one client in a day, this would be considered “Business Use.” It is important to be honest and upfront about how you are using your vehicle to ensure you are properly covered in the event of a loss.
There are different types of commercial auto policies depending on the size of your fleet. If you operate a small business with a single or limited number of vehicles, they are typically insured on an individually rated commercial auto policy. This means that all drivers and vehicles must be listed on the policy and are rated separately, and each driver is assigned to a vehicle. Changes made to drivers and vehicles on an individually rated auto policy must be sent into the insurance company to be recorded as they happen.
If you operate a large business with a fleet of vehicles, these may be insured under a blanket fleet policy, also known as a 21B. With a blanket fleet policy, changes throughout the policy term are recorded with your broker and there is an adjustment made at the end of the year based on the number of vehicles and drivers added and/or deleted.
The use of your vehicle will determine whether you require commercial or personal auto insurance. You may ask yourself the following questions:
- Do you commute to the same location to work daily?
- Do you only use your vehicle to run personal errands, to meet friends, or for pleasure drives?
- Is your vehicle registered in your name personally?
If the answer is yes to these questions, personal auto insurance sounds right for you.
Other questions to consider include:
- Are you a business owner or sole proprietor of a company?
- Is your vehicle registered in a company name?
- Do you use your vehicle for business purposes such as visiting more than one client in a day or are you getting paid as part of your job to carry others in your vehicle?
- Do you carry tools and materials in your vehicle?
- Do you haul loads or deliver products?
If you answer yes to any of these questions, you will likely need commercial auto insurance.
Several factors determine how your commercial vehicle is rated things to consider are;
- The gross vehicle weight
- Driver Insurance History
- Driver Experience (with similar commercial vehicles)
- Radius of the operations
- Type of business operations
- Loss History
These are just a few factors that help determine your commercial auto insurance premiums.
