Trucking company insurance is one of those gray areas for most trucking company owners, as well as independent contractors. You want to have enough trucking insurance to be covered, yet you want to avoid overspending. Hopefully you won’t ever have to depend on your trucking insurance benefits to cover an accident or incident. Yet there are times when trucker insurance coverage is vital to doing business.
Compliance with Federal Regulations
Federal trucking regulations require you to have trucking insurance in order to operate legally. Department of Transportation inspectors and the Federal Motor Carrier Safety Administration (FMCSA) are constantly on the lookout for uninsured trucking companies and drivers. If you are caught without adequate insurance for your big rig you could be fined exorbitantly or shut down for good.
Protection Against Risks
For all of its expense, trucking insurance does protect your business against risks. Whether you are talking about issues with a freight client or having a driver involved in an on or off-dispatch accident, truck insurance benefits should help you stay afloat financially. That is why you want to choose the right amount of coverage from a reputable insurer that specializes in trucker insurance. After all, the commercial considerations of a trucking company and its truck drivers are a far cry from the insurance needs of a soccer mom in a minivan.
Customer Insurance Requirements
Did you know that many shipping customers require proof of trucker insurance before they will hire you for a load? This is to protect their shipment in case of truck theft, loss, or natural disaster. When you are a shipping customer with $1 million in goods, you have every reason to choose a trucking company that can protect your haul. If you want to increase your trucking business’s opportunities to expand into new haul types and territories, then having an expansive trucker insurance policy is necessary.
Buy On and Off Dispatch Insurance
Choose both on and off dispatch insurance to best protect your trucking business. On dispatch coverage involves protecting loads on route. Off dispatch insurance protects rigs when in your driver is between loads or on their way home. Find out more about the different types of trucker insurance and how to choose the right coverage for your business. Contact Axe Business Funding and our finance agents will work with you to identify insurance coverage options that best suit your needs.
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