(For Hire) Trucker Insurance Explained

Being legally able to drive cargo for hire within the US, and if desired, Canada is a must for an independent trucker. The trucker has a need for insurance because it is required by law to protect the public and private interest of clients, workers and companies. Truckers file the truck tractors and trailers they own as well as the drivers they hire with their insurance carriers, and the insurance carriers file the needed forms to the state and federal regulatory agencies. Cargo insurance is purchased to give the needed protections against loss to the client. Physical damage coverage is purchased to protect finance companies or other owners against physical damage due to a covered loss. Often, companies will even assist with compliance reports/issues on behalf of the trucker, which is great because that is something the insurance company knows well.

Having a knowledgeable, helpful and accessible agent is invaluable when it comes to protecting your livelihood, and it’s important to understand which coverage is provided by the motor carrier to whom you’re leased and what additional trucker insurance you need to take care of on your own.

Your employer will generally cover you for protection against his liability should you be responsible for causing an injury, death or damage to someone’s property while under dispatch for his company. But there are other risks to address besides third-party liability. That’s where your trucker insurance comes in.

Additional Protections You’ll Likely Want

What about when you’re driving your tractor on your own time and become involved in a collision? You need liability protection then too, and it’s probably not covered by your employer’s policy when you’re off the clock.

There are many situations that put a trucker at risk, and for each of these, there are insurance options that can provide protection against financial loss. Whether it’s damaged or stolen cargo, a tree falling on your tractor while it’s parked somewhere, or slipping and falling off your trailer while tarping it, you need protection.

Find out what coverage your employer already has in place, and then ask your broker what else you need. Consider these insurance options:

• Bobtail or non-trucking liability
• Cargo
• Physical damage
• Commercial auto liability

Understand the risks you face and protect yourself from financial loss. It’s important.