Trucking is a vital part of the supply chain, and individuals interested in joining the industry can make a lot of cash. However, it’s also a dangerous job, which is why you need proper insurance coverage.
Additionally, shipping companies may not feel comfortable partnering with you if you lack insurance. On top of that, the Department of Transportation and the Federal Motor Carrier Safety Administration won’t issue an Operating Authority/MC Number without proof of insurance.
So, what type of coverage do you need to satisfy these requirements? Here are three types of insurance you should look into.
Workers Compensation Insurance
Unfortunately, people routinely get hurt while trucking, which is why you should protect yourself and your employees with workers compensation insurance. This coverage ensures claims are paid promptly without burdening your enterprise.
Trucking Cargo Insurance
The point of the trucking business is to haul goods, so manufacturers don’t have to. Once those boxes are in your trailer, they’re your responsibility. Should something happen to them, the manufacturer will be out a lot of money, the retailer will have lost a lot of goods and your company may be responsible for making it right. The good news is, trucking cargo insurance can cover damage to or loss of freight, ensuring all parties are taken care of.
Comprehensive and Collision Insurance
Just like non-commercial vehicles, trucks need insurance in case of collision. Comprehensive and collision coverage should include the following:
- Floods
- Theft
- Hail
- Fire
- Accidents
Basically, it covers factors out of your control, so you can afford to get your trick fixed when something takes it out of commission.
The best way to start a new trucking business is to get all your ducks in a row before you turn on the ignition. To help you protect your company, Rev Insurance provides a wide range of coverage. To learn more or get a quote, contact us online or call us at (800) 347 5373.
