According to statistics, approximately 500,000 trucking accidents happen each year.

This is just one of the potential losses that a trucking company faces. Truck and cargo theft, third party damage and injury, and cargo damage are all areas of loss that trucking companies need to plan for and protect themselves against.

This is where commercial truck insurance comes in. With the right insurance plan, you can rest assured that you can feel your protected from potential loss.

However, finding coverage that will really protect you can be hard. Before you start shopping for insurance, it's essential that you understand the basics of truck insurance, as well as what to look for in providers and packages.

Ready to get clued up on commercial truck insurance? Stay with us as we unpack the basics of this essential insurance type.

Types of Commercial Truck Insurance

Before you start requesting truck insurance quotes, it's essential that you know about the different types of commercial truck insurance and what they cover. Otherwise, you won't know what you're quoted for.

Here are some of the primary types of commercial truck insurance.

Truckers' Liability Coverage

Truckers’ Primary Auto Liability Coverage

This is the first stop for a trucker. Not only is it a requirement by the FMCSA (minimum $750,000), but it is where your risk lies. 80,000-lb vehicles going down the road at upwards of 70 mph cause a lot of damage when they hit something. This is the coverage needed should you hit another vehicle, a building, a guardrail, or God forbid cause injury or death. $750,000 is just the starting point, and almost every motor carrier has $1,000,000-$2,000,000 or more.

Truckers General Liability Coverage

This is for a property damage or injury claim that happens outside of the operation of your truck. Maybe you go into an office and knock over a priceless vase. The risk is low, and therefore the premium is relatively low to include in your policy.

Physical Damage Coverage

Another essential insurance type for trucks is physical damage coverage. This covers damage to your truck, in the event of theft or an accident. You also want to make sure you’re comfortable with the deductible options. Too high, and your pocket hurts at claim time. Too low, and you’re paying more premium than you need to.

Motor Truck Cargo Coverage

When transporting goods, there's more to worry about than just the truck involved—there's the cargo as well. This is where motor truck cargo coverage comes in.

Depending on the type of cargo insurance you get, you'll be covered against cargo theft and/or damage, debris clean up, etc.

Not all cargo coverage packages cover all of these areas, so it's important to find one that offers the best coverage. A quality agent will be able to show you the differences between several cargo options.

Trailer Interchange

Truck transportation often involves trailer interchange agreements. While these are becoming more and more outdated, customers like Amazon still require the coverage. If you sign a trailer interchange agreement, this is the coverage needed in case you damage the non-owned trailer.

Uninsured and Underinsured Driver

Although motor insurance is mandatory in most of the US, an estimated 13% of drivers in the US are uninsured.

In the event that your truck is involved in an accident with an underinsured or uninsured driver, this commercial truck insurance can cover your injuries and/or damages to your vehicles. It is important to know the difference.

What to Look for in Commercial Truck Insurance

Once you know about the main types of commercial truck insurance, it's time to start insurance shopping. However, before you begin vetting providers and securing quotes, here are a few specific things to look for.

A Good Deal

Something every truck owner wants from their insurance is a good deal. However, it's important not to confuse this with the cheapest option.

What might seem like cheap commercial truck insurance could work out to be more expensive than other options—depending on what's included.

For instance, a package with low premiums might actually cost you more over time, if the deductibles are high. On the other hand, a package with a higher monthly premium, but which is a zero-deductible plan may work out cheaper.

Prompt Claims Processing

When looking at potential commercial truck insurance companies and plans, make sure you vet for prompt claims processing. Not all claims departments are created equally.

The faster your claim can be processed, the quicker you can get back on the road. In the logistics industry, time is money, therefore ensure you don't land up with an unresponsive insurance company that takes days to get back to you.

Specialization

Another of the important commercial truck insurance requirements you should have when looking at insurers is their specialization. Do they specialize in truck insurance? If not, they might not be the best choice.

Commercial truck insurance companies employ experienced Transport Risk Specialists (TRS) who are versed in assessing your risks and working with you to get the best rates and the most thorough coverage.

You should also enquire with specific commercial truck insurance companies whether they specialize in local radius or long haul coverage, as this can affect whether their plans are a good fit for your needs.

Do You Need Commercial Truck Insurance?

Commercial truck insurance is vital for any truck owner. However, it's not a good idea to take out the first (or cheapest) option you find. Instead, you need to comb through your options carefully to find the provider and package that will get you the most value for your premiums.

Want watertight insurance at the best rates? Our certified TRS independent agents know more about truckers' insurance than 99% of other commercial truck insurance companies.

Instead of searching for "commercial truck insurance near me" contact us for a quote today and see how we can win you the most bulletproof coverage at the lowest rates.

According to earning statistics, owning and operating a dump truck can net you a nice yearly income, the average being $131,073 a year for owner-operated dump trucks.

However, before your dump truck hits the streets, it's important that you take out the right coverage for it. Getting dump truck insurance will keep you compliant with your state requirements and protect you from potentially heavy and unexpected financial losses.

Without adequate commercial dump truck insurance, you run the risk of facing fines and liability claims, losing money, losing your truck, and even going bankrupt in some cases.

However, before you rush out and settle on the first dump truck insurance package you find, there are some things to consider while shopping for coverage.

If you want to secure the best insurance for the best price, it's essential to know what to shop for. Continue reading as we dive into the top considerations you need to keep in mind while looking at coverage plans.

The Types of Dump Truck Coverage Available

One of the first things you need to know when shopping for dump truck insurance is what coverage types there are. Dump truck insurance includes several coverage options, some of which are mandatory to have.

Here is a list of the most common coverage types.

Trucker's General Liability Coverage

One of the primary and most important insurance types for dump trucks is truckers' general liability coverage. Under this insurance, you will be covered for bodily and physical damages incurred by your dump truck to other people or their premises.

For example, if your dump truck backs into someone's gate or a pillar, some or all of these costs will be covered by general liability insurance.

Physical Damage Coverage

Another important form of coverage is physical damage insurance.

Within damage coverage, there are two further subsets of insurance. These are:

• Collision coverage
• Comprehensive coverage

Collision coverage will help you fix or replace your dump truck in the event of accidental damage or a collision. Comprehensive insurance covers these events, as well as a number of other types of damage. Depending on your package, this may include vandalism, theft, falling objects, etc.

Medical Payment

Medical payment caters to the costs of injuries to the operator or passenger in your dump truck. If you are hiring an operator, this is an important coverage type to look into.

If you are operating the truck yourself or buying it for personal use, dump truck insurance of this kind might not be necessary, especially if you already have a comprehensive health insurance plan.

Commercial Auto Liability Insurance

Commercial auto liability insurance is mandatory in most states for dump trucks. This insurance helps you meet any legal obligations you may have if your truck is involved in an at-fault accident.

When shopping for commercial auto liability insurance, make sure that you choose a plan which includes bodily injury liability and property damage liability.

Bodily injury liability will help you cover the medical expenses of the other driver and any passengers. Property damage liability will assist you to pay for repairs or replacement of the other driver's vehicle.

What Dump Truck Insurance You Need by Law

Auto insurance requirements vary on a state level, so you will need to check your individual state's laws to find out what is required of you.

However, there are only two states in the US that do not require auto insurance. Therefore it's safe to say that you will need to, at a minimum, take out commercial auto liability insurance before legally operating on the road in almost all cases.

Without this, you will be breaching the law and running the risk of fines and penalties.

Additionally, just because the other types of commercial dump truck insurance aren't mandatory, that does not mean you don't need them to keep your business and your investment safe.

What Insurance You Need to Keep Your Business Safe

Optimally, it would be best to take out most of the above-listed insurance types. This way, you know you are protected from all the common accidents that can happen when operating a dump truck.

Trucks are heavy and powerful vehicles, which means any damage inflicted by them is usually severe and costly to repair.

What's more, trucks are also expensive pieces of equipment. If you do not protect your investment with the right insurance coverage, you could sustain a serious loss through theft or accidental damage.

How to Save on Your Dump Truck Insurance

As we just stated, it's usually wisest to take out most of the above insurance types for your dump truck. However, this can add up to a hefty insurance bill.

Fortunately, there are several ways to optimize your dump truck insurance costs. These include:

• Implementing thorough maintenance on your dump truck
• Keeping clear maintenance records
• Instituting clear workplace safety policies
• Conducting and recording safety meetings
• Giving on-going safety training
• Screening operators thoroughly
• Doing regular vehicle inspection routines

These practices can net you better rates because commercial dump truck insurance providers want to see that you are a low-risk client. The higher risk you are, the more likely you will submit claims, and the higher your premiums will be.

If you can supply clear evidence that you operate at exceptionally high safety standards, you're likely to secure lower rates.

Besides supplying evidence of safety-centric practices, you should also shop around for quotes to get the best dump truck insurance prices you can.

Another way you can lower the dump truck insurance cost for your business is to ask for discounts and select a provider that specializes in the trucking industry. Specialist providers will have a far more in-depth knowledge of your industry, be able to assess your needs accurately, and net you better rates.

Do You Need Affordable Dump Truck Insurance You Can Trust?

Taking out dump truck insurance is not only required by law, but it's also essential for protecting you from the unforeseen.

Are you wondering where to find the best dump truck insurance at the lowest rates? We specialize in dump truck insurance, and our expertise enables us to find you the best rates while maintaining comprehensive coverage you can count on. Besides this, we also offer all of our clients tailored advice and risk assessments to ensure you have the coverage you need—at the right price.

Want to know more? Request a quote today and find out how we can save you time and money in the insurance shopping process.