If you're putting a rig on the road, whether as a company or as an individual operator, it's critical that you have commercial truck insurance coverage. While rates will vary significantly based on the nature of your business and how far from home you operate, you can expect a policy to start somewhere in the vicinity of $10,000 per vehicle. Given the high level of risk to property and life that an incident with a semi poses, you'll also want to be very clear about what exactly your policy will cover. Before you sign up for a trucker insurance policy, review these potential concerns.
What Will Be Covered?
Every semi truck insurance policy should, at a minimum, cover liability and property damage. Bear in this, this merely covers your exposure to claims filed by other parties and does nothing to replace your vehicle. You'll likely want to build in some first-party benefits to ensure that you or your driver will be covered for things like medical expenses that might arise from an accident.
If you don't currently have full ownership of a rig, such as in a lease arrangement, you should discuss the expected level of coverage from the dealer you're leasing from. Most dealers will have minimum levels of coverage required to ensure that they will recoup their losses should the rig be involved in an incident. They will get paid out first, and any balance will then be awarded to you.
If you're an independent operator, make a point to incorporate. This may move some liability risks away from your personal finances.
One concern worth looking into is whether your vehicle will be covered when it is not currently in use for business. Among the more common reasons to reject a semi truck insurance claim is for the company to prove that it wasn't being utilized for business purposes. Make a point to ask about insurance coverage for non-trucking liabilities to ensure you won't be caught off-guard just because you elected to stop for coffee while not on the job.
Discounts for Multiple Vehicles
Even if you just have two vehicles in an operation, don't hesitate to inquire about possible discounts. The insurance industry prefers to spread out risk. If you have a single rig, ask about whether another commercial insurance policy, such as one for a utility pickup, might be combined with the rig's policy.