Getting your trucking insurance policy from a local agent is extremely important. Customers tell us that “finding truck insurance near me” is not easy to find. The main reason for this is because the trucking industry is complicated. Most of them had been insured with an agent or call center across the country. Dealing with a local agency that you can sit face to face with can be very helpful though when you are dealing the complications and claims situations.
Commercial trucks can include any of the following types of businesses:
Types of commercial trucks
- Dump Truck Insurance
- General Freight Hauler Insurance
- Auto Hauler Insurance
- Contractor Insurance
- Public Transportation Insurance
- Tow Truck Insurance
- Non-Emergency Medical Insurance
If you own a business similar to one of the ones listed above, then you will likely have either a Federal or State of NC requirement to be able to acquire and keep a commercial tag. Even if you don’t have those requirements, then you may have requirements from a contract that requires the same or higher limits as those required by the Federal Motor Carrier Safety Administration (FMCSA) or the state of NC.
What Types of Coverage Do you Need?
This question will vary depending on your business type, the requirements of the State of NC and Federal Government.
- Business Auto Liability Limits: You will have some limit of liability required, depending on several factors. These limits can range from $30,000/60,000/25,000 up to $5,000,000 combined single limits. The amount of coverage required can depend on your vehicle, radius, what you are hauling, gross vehicle weight, and if you are crossing state lines to name a few.
- Cargo Liability: This covers the commodity that you are hauling and can vary a great degree depending on the contract requirements and the Federal or State of NC requirements.
- Physical Damage: This covers the value of the vehicle you are driving, and the coverage required will depend either on your comfort with losing the value of your vehicle in the event of a loss or the bank requirements of the bank you are financing the vehicle through.
- On Hook: This covers the vehicle you are hauling in towing insurance risks. The value of the coverage chosen should be minimally, the highest value of the vehicle you would ever tow.
- General Liability: This covers your negligence outside of hitting someone with your vehicle or damage to the items you are hauling.
- Umbrella: An umbrella or excess liability policy will cover above and beyond where your underlying policy limits leave off. You want this policy in place to protect yourself further or to satisfy a contract. Many of the bigger contracts will require this policy today.
- Workers Compensation: This covers your legal liability for your employees or subcontractors and may even be required by a contract even if you don’t have employees. Even if you hire only one independent contractor, you are obligated by NC law to carry workers compensation.