From protecting your business and complying with legal requirements, to simply building a strong reputation in the industry, proper commercial insurance for your truck business is absolutely essential. Here some suggested providers, plus 7 tips when it’s time to buy coverage.
Editor’s Note: we are not affiliated with any these insurance providers, nor receive any compensation. But provide these companies as strong suggestions based on reputation, years in business, and online reviews.
Commercial truck insurance is crucial for any business that operates vehicles for commercial purposes. Whether you own a single truck or a fleet of them, commercial truck insurance protects your investment and safeguards your business in case of accidents, theft, or other unforeseen events.
Here are 20 suggested commercial truck insurance providers – 10 in the US, and 10 in Canada. Plus, some tips to keep in mind when buying truck insurance. Jump down below:
One of the main reasons why commercial truck insurance is so important is that accidents involving commercial vehicles can lead to costly damages and legal liabilities. Commercial truck insurance provides coverage for bodily injury and property damage caused by your vehicles, as well as protection against theft, fire, and other types of losses.
Furthermore, commercial truck insurance is often required by law, depending on the type of cargo being transported and the size of the vehicle. Without proper insurance coverage, you risk facing fines, legal penalties, and even losing your business.
“If you don’t understand your commercial trucking insurance policy wording, there’s a good possibility, you could end up with more endorsements than you need, AND you get to pay for that excess coverage!”
Lastly, having commercial truck insurance demonstrates to your clients and partners that you take your business seriously and are committed to protecting their interests. It can help build trust and credibility, which can be invaluable in building long-term relationships and securing new business opportunities.
Investing in commercial truck insurance is essential for protecting your business, complying with legal requirements, and building a strong reputation in the industry.
It’s worth noting that the coverage, rates, and discounts offered by each company may vary depending on factors such as the size of the business, the type of trucks being insured, and the driving records of the insured drivers. It’s important to research and compare different options before making a decision on commercial truck insurance.
One of the largest commercial truck insurance providers in the United States, Progressive Commercial offers a range of coverage options for small business owners, owner-operators, and fleet owners. Their coverage includes liability, physical damage, cargo, and non-trucking liability insurance. They also offer discounts for safe driving, early payment, and bundling coverage.
Catering to small businesses, owner-operators, and fleet owners, Geico Commercial coverage includes liability, physical damage, and cargo insurance. They also offer discounts for safety features, multiple vehicles, and paying in full.
Nationwide Commercial offers commercial truck insurance for a variety of businesses, from small operations to large fleets. They offer coverage for liability, physical damage, and cargo, as well as specialty coverage for refrigerated goods and hazardous materials. They also offer discounts for safety features and multi-vehicle policies.
Commercial truck insurance for small businesses, owner-operators, and large fleets, Liberty Mutual Commercial coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for environmental risks and trucking-specific equipment. They also offer discounts for safe driving and bundling coverage.
State Farm Commercial provides commercial truck insurance for small businesses and owner-operators with coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for non-trucking liability and rental reimbursement. They also offer discounts for safe driving and multiple vehicles.
For a variety of businesses, from small operations to large fleets, Travelers Commercial offers coverage for liability, physical damage, and cargo, as well as specialized coverage for pollution liability and inland marine. They also offer discounts for safety features and bundling coverage.
Business coverage for this provider includes liability, physical damage, and cargo insurance, as well as specialized coverage for motor truck cargo and non-trucking liability. They also offer discounts for safety features and bundling coverage. The Farmers Commercial website also provides useful cheat sheets that outline industry-specific insurance options for businesses like yours.
With commercial truck insurance for small businesses and owner-operators, The Hartford Commercial coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for motor truck cargo and non-trucking liability. They also offer discounts for safety features and bundling coverage.
Designed for businesses with company vehicles, Allstate Commercial policies helps pay for repairs to your company vehicle or a driver’s medical bills if there’s an accident. They provide commercial truck insurance for small businesses and owner-operators, and their coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for rental reimbursement and downtime loss. They also offer discounts for safe driving and bundling coverage.
This company’s coverage may help you cover the costs of medical payments, a totaled truck and trailer, your lost cargo and more. USAA Commercial offers commercial truck insurance for small businesses and owner-operators with coverage that includes liability, physical damage, and cargo insurance, as well as specialized coverage for rental reimbursement and downtime loss. They also offer discounts for safe driving and bundling coverage.
As with the US providers above, it’s important to research and compare different options before making a decision on commercial truck insurance because the coverage, rates, and discounts offered by each company may vary depending on factors such as the size of the business, the type of trucks being insured, and the driving records of the insured drivers.
Intact Insurance is the largest provider of commercial truck insurance in Canada. They offer coverage for owner-operators and fleets, with a range of coverage options including liability, physical damage, cargo, and non-owned auto insurance. They also offer specialized coverage for trucking operations in the US and Mexico.
With commercial truck insurance for small businesses and owner-operators, Aviva Canada coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for trucking operations in the US and Mexico. They also offer discounts for safety features and bundling coverage.
From small operations to large fleets, Northbridge Insurance offers commercial truck insurance for a variety of businesses. They offer coverage for liability, physical damage, and cargo, as well as specialized coverage for environmental risks and trucking-specific equipment. They also offer discounts for safety features and bundling coverage.
With coverage including liability, physical damage, and cargo insurance, as well as specialized coverage for rental reimbursement and downtime loss, Economical Insurance offers commercial truck insurance for small businesses and owner-operators. They also offer discounts for safe driving and bundling coverage.
For organizations who require commercial truck insurance, there are many effective ways to save cash and avoid the unnecessary consequences of collisions. RSA Canada coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for motor truck cargo and non-trucking liability. They also offer discounts for safe driving and bundling coverage.
Specializing in personalized commercial insurance solutions, The Co-operators offers commercial truck insurance for small businesses and owner-operators. Their coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for motor truck cargo and non-trucking liability. They also offer discounts for safe driving and bundling coverage.
Gore Mutual Insurance coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for rental reimbursement and downtime loss. They also offer discounts for safe driving and bundling coverage. And like the others on this list, they provide commercial truck insurance for a variety of businesses.
With a range of products custom-built for mid-sized and large multifaceted accounts, Travelers Canada goes beyond their reputation for travel insurance, offering commercial truck insurance for small businesses and owner-operators. The company’s coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for pollution liability and inland marine. They also offer discounts for safety features and bundling coverage.
With their customized commercial transportation insurance solutions, commercial truck policy holders have access to tailored products and services that specifically address the industry’s needs. Chubb Insurance coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for rental reimbursement and downtime loss. They also offer discounts for safe driving and bundling coverage.
In addition to comprehensive commercial product packages covering building and business contents, loss of income, business liability, crime, equipment breakdown, legal expense and even cyber risks, Wawanesa Insurance offers commercial truck insurance for small businesses and owner-operators. Their coverage includes liability, physical damage, and cargo insurance, as well as specialized coverage for rental reimbursement and downtime loss. They also offer discounts for safe driving and bundling coverage.
Here are some tips to consider when buying truck insurance:
Shop around: Don’t settle for the first quote you receive. Shop around and get quotes from multiple insurance providers to compare rates and coverage options.
Know what coverage you need: Determine the type and amount of coverage you need based on your business needs and the risks you face. Common coverage options include liability, physical damage, cargo insurance, and non-owned auto insurance.
Consider the deductible: The deductible is the amount you pay out of pocket before your insurance coverage kicks in. A higher deductible can lower your premiums but also increases your out-of-pocket expenses in case of an accident.
Review your policy regularly to ensure it still meets your needs and make adjustments as necessary.
Evaluate the insurance company: Research the insurance company’s financial strength and customer service reputation. Check with state insurance departments and consumer review websites to see how the company rates.
Look for discounts: Ask the insurance company about available discounts for things like safety features, bundling coverage, and good driving records.
Understand the policy: Make sure you understand the policy details, including any exclusions and limitations, before signing on the dotted line.
Review the policy regularly: As your business changes and grows, your insurance needs may change as well. Review your policy regularly to ensure it still meets your needs and make adjustments as necessary.
Keep in mind that buying truck insurance can be complex, so it’s important to work with an experienced insurance agent who can guide you through the process and help you find the best coverage for your needs.
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