Trucking Insurance

What is Tractor Trailer Insurance?

Tractor Trailer Insurance is designed to cover various aspects of operating tractor trailers, including the truck itself, the trailer, and the cargo being transported. It includes multiple types of coverage tailored to address the specific risks associated with long-haul trucking and commercial transport. This insurance is crucial for protecting your business from financial losses related to accidents, property damage, cargo loss, and more.

Types of Coverage

1. Primary Liability Insurance: Required by law, this coverage protects against claims for bodily injury or property damage caused by your truck while on the road. It covers medical expenses, legal fees, and settlements resulting from accidents involving your tractor trailer.

2. Physical Damage Insurance: Covers repair or replacement costs for damage to your tractor trailer caused by collisions, vandalism, theft, or natural disasters. This includes both collision and comprehensive coverage, ensuring that your vehicle is protected from various types of damage.

3. Cargo Insurance: Protects the goods being transported against loss or damage during transit. This coverage is crucial for managing financial losses due to cargo theft, spillage, or damage caused by accidents or mishandling.

4. Non-Trucking Liability Insurance: Provides coverage for accidents that occur when the tractor trailer is not being used for business purposes, such as during personal use or when the vehicle is parked.

5. Bobtail Insurance: Covers your tractor when it is being driven without a trailer attached. This insurance protects against liability claims and physical damage while the truck is operating independently of the trailer.

6. Uninsured/Underinsured Motorist Coverage: Protects your vehicle and cargo if you are involved in an accident with another driver who has insufficient or no insurance coverage. This ensures that you are not left with financial burdens due to another party’s lack of insurance.

7. General Liability Insurance: Covers claims for bodily injury or property damage that occurs in your business operations, including accidents at your business premises or during the loading/unloading process.

8. Workers’ Compensation Insurance: Provides coverage for medical expenses and lost wages if your drivers or other employees are injured while performing their job duties. This insurance is essential for managing workplace injury risks and ensuring employee protection.

Key Benefits at a Glance

• Primary Liability Coverage: Protects against legal claims for bodily injury and property damage caused by your tractor trailer.
• Physical Damage Insurance: Covers repair or replacement costs for damage to your vehicle from various sources.
• Cargo Protection: Ensures financial protection against loss or damage to goods being transported.
• Non-Trucking Liability: Covers accidents occurring during personal use or when the vehicle is not in business operation.
• Bobtail Insurance: Provides coverage for your tractor when not attached to a trailer.
• Uninsured/Underinsured Motorist Coverage: Protects against financial losses from accidents with inadequately insured drivers.
• General Liability: Covers claims for injury or property damage related to your business operations.
• Workers’ Compensation: Supports employees who are injured on the job, covering medical and wage-related expenses.

Tractor Trailer Insurance Statistics

To emphasize the importance of Tractor Trailer Insurance, consider these statistics:

• Accident Frequency: Approximately 20% of large trucks are involved in a collision each year. With this high frequency, having comprehensive insurance is critical for managing potential risks and costs.

• Collision Costs: The average cost of repairing damage from a truck collision is around $60,000, highlighting the need for robust Physical Damage Insurance to cover repair or replacement expenses.

• Cargo Claims: Cargo loss or damage claims can average between $30,000 and $50,000, depending on the type of goods being transported and the nature of the incident. Cargo Insurance helps mitigate these significant financial risks.

• Liability Claims: Liability claims involving large trucks can result in average payouts of $100,000 to $500,000, depending on the severity of the accident and injuries involved. Primary Liability Insurance is essential for managing these potential high costs.

• Uninsured Motorist Incidents: Approximately 13% of drivers are uninsured or underinsured. Having Uninsured/Underinsured Motorist Coverage ensures that you are protected in the event of an accident with a driver lacking adequate coverage.

• Workers’ Compensation Costs: The average cost of a workers’ compensation claim in the trucking industry is approximately $45,000, emphasizing the importance of Workers’ Compensation Insurance for protecting your employees.

Tractor Trailer Insurance is a crucial investment for any business involved in heavy-duty trucking and transportation. With coverage options that address liability, physical damage, cargo protection, and more, this insurance ensures that your fleet, drivers, and cargo are safeguarded against various risks.

Give us a call TODAY at 703-674-0299 to get your trucking company insured.