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The Importance of Insurance for Truckers

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If you make a living by hauling goods locally or across the nation, you need more protection than a well-maintenance engine and good breaks. Having the right insurance coverage goes along with protecting your reputation, your clients, and the contents of your trailer. There several important things to know about insurance.

Federal Regulations Must be Obeyed

Regardless of the truck loads available for hire, the FMCSA has established a minimum requirement for general liability coverage. All individuals, whether freight forwarder, motor carrier, or brokering authority must possess specific insurance before the FMCSA will issue transporting authority paperwork. Their website has been designed to encourage self-service for those needing an application and submitting supporting documents.

Insurance Varies by the Load Selected

The hazards and liabilities associated with truckers and their truckers and their truck loads will vary by both industry and cargo type. Because of these differences, it is important to note a specific coverage association with your unique contents. The types of policies available range between furniture moving, refrigeration services, boat hauling, car hauling, contingent cargo, long/short haul loads, and even trip transit. The more costly the cargo in question, the more coverage needed to protect from financial loss in the event of an incident.

Cargo Insurance is a Separate Policy

Just because you carry a general liability policy, your cargo isn’t always covered. A liability policy is for coverage to the vehicle and trailer in the event of accidents, fire, or theft. A cargo policy covers the actual contents and can include incidents that occur during loading and unloading. Some of these endorsements address scheduling issues, terminal coverage, loss payouts for loads that are undeliverable, and assistance with costs for cleanup or recovery.

Before you set out on a local or distance transport run, check on the type of insurance you carry. Make sure both your hauler and your cargo are protected.

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