Trucking Insurance in Kokomo, IN
Having appropriate trucking insurance can help your business protect its financial stability, even when the unexpected happens. Trucking insurance regulations dictate minimum amounts of commercial auto insurance and public liability insurance for companies that use semi-trucks. Your agent can help determine which policies and endorsements are appropriate for your trucking company.
Contact Crume-Evans Insurance Service in Kokomo, Indiana, to learn more about your trucking insurance options and get a personalized quote.
What Is Trucking Insurance?
Trucking insurance provides specialized coverage to protect trucking companies and truck drivers from financial losses and liabilities associated with their operations. This insurance provides financial protection for the trucking company and the general public.
State and federal regulations require the following two types of trucking insurance:
- Public liability insurance—The Federal Motor Carrier Safety Administration (FMCSA) requires trucking companies to maintain minimum amounts of this coverage, designed to help cover the costs of third-party liability claims for environmental restoration, property damage and bodily injury after an accident with a semi-truck. Minimum coverage requirements depend on the type of commodities transported.
- Commercial auto liability insurance—States determine minimum amounts of required liability insurance. This coverage may help pay for third-party property damage and bodily injuries for which the trucking company is legally liable.
How Does Trucking Insurance Work?
When a trucking company purchases insurance, they pay a premium based on factors such as the fleet size, the type of cargo they transport and their safety record. In the event of an accident, theft or damage, the insurance policy may help cover the costs associated with repairs, medical expenses, cargo loss and any legal liabilities depending on the coverages in force at the time of the incident.
In addition to liability coverage, your agent may recommend that you purchase coverage to help pay for damage to company-owned equipment, such as tractors and trailers.
How Much Insurance Does a Trucking Company Need?
The amount of insurance a trucking company needs depends on various factors, including the size of their fleet, the types of cargo they transport and the regulatory requirements in their state. Consult your agent to determine appropriate coverage limits to protect assets, cover potential liabilities and comply with industry regulations.
Contact Crume-Evans Insurance Services to get a trucking insurance quote today.