Following the truck payment and fuel costs, insurance is one of an independent owner-operator’s most considerable expense. Commercial truck insurance is a fixed cost, and that is why ensuring you get the best deal possible is essential if you want to keep the number of miles you drive to breakeven, low. Without having adequate insurance, an accident or cargo theft/damage claim could cripple your finances. Some larger companies such as Schneider National and Knight-Swift Transportation are said to be self-insured.
Top 10 Commercial Truck Insurance Companies
In the complex world of Trucking and Transportation, you need to be able to rely on your insurance agent to have the expertise to service your account. Your agent should not only know where to place your account for the best rates and coverage available, but he or she should also work to assure you in compliance with Federal, State, and Local insurance regulations and meet the requirements of those you serve.
1. Hiscox Insurance
Hiscox is the expert in small business insurance. They can help you meet the minimum $750,000 requirement for liability coverage and other areas such as worker’s comp. Independent trucking contractors have found the services provided by Hiscox to be quick, thorough, and cost-effective.
If you are still going through the process of incorporating your trucking company, use Promo code “Hiscox-promo” to save 20% on incorporating filing costs.
Progressive offers customized truck coverage including motor truck cargo, non-trucking liability, trailer interchange for tractor service companies, and rental reimbursement with downtime compensation.
They also help with state and federal filings which tells the government that you have the required liability insurance as per the regulations.
Progressive specializes in heavy truck claims and handle all their adjustments, in-house. They have partnered with lots of pre-approved repair shops which give Progressive customers priority.
One neat feature of using Progressive is the business experience discount which is given to truckers who have been operating under their own authority for at least three years.
State Farm is one of the leaders in commercial insurance. They offer a wide variety of products including comprehensive collision, liability, personal injury, and trailer interchange coverage.
They operate based on an agent structure, so it is important you do a little research beforehand to ensure you are getting the best quotes from all underwriters. We recommended using NetQuote to find the best insurance premium rates for trucking business policies.
4. HUB International
HUB International Transportation Insurances Services, Inc. (HUB Transportation), a leader in the trucking industry, is one of the nation’s top insurance and risk management firms. Because of this advantage, they can negotiate favorable pricing and the most appropriate coverages based on your individual needs. When you choose HUB Transportation, the most up-to-date trucking specialists, you get the advantage of keeping informed of all the current trends, risks and accidents in the trucking industry, as they relate to you. Your trucking company deserves a specific plan catered to its employee’s needs. Commercial Trucking Insurance provides quality insurance at the best price, and you’ll enjoy their exceptional customer service.
Well, we’ve discussed the top 4 commercial trucking insurance companies, but we promised you 10. Here are other options to consider:
5. Reliance Partners
7. National Interstate
8. Northland Insurance
9. AIG Truck Insurance Group
10. 1st Guard
Things to consider when evaluating an insurance company
The most favorable terms from insurers, considering your circumstances
Open and honest communication to answer all your insurance questions
No pressure. You decide for yourself the terms of your insurance and the provider
Full compliance with all laws and regulations
Take their commitments to clients very seriously, and if are not fulfilling your expectations, then your concerns should be addressed immediately