Truckers Liability Insurance Pinch

Feb 27, 2020 at 08:38 AM CST
For independent trucking operators, the largest chunk of their insurance costs is liability coverage, which pays for injuries and property damage from a wreck and are pinching their operations. For over-the-road drivers, the Federal Motor Carrier Safety Administration (FMCSA) requires $750,000 in primary or liability coverage. However, most shippers and brokers do not do business with trucking companies that carry less than $1 million in liability coverage. Certain hazardous-materials (hazmat haulers), especially those hauling chemicals, are required to have $5 million in liability coverage. Liability coverage costs have increased markedly. Premiums for a $1 million liability policy now can range from around $6,000 to $16,000 or more a year.

Feb 27, 2020 at 08:38 AM CST

For independent trucking operators, the largest chunk of their insurance costs is liability coverage, which pays for injuries and property damage from a wreck and are pinching their operations. For over-the-road drivers, the Federal Motor Carrier Safety Administration (FMCSA) requires $750,000 in primary or liability coverage. However, most shippers and brokers do not do business with trucking companies that carry less than $1 million in liability coverage. Certain hazardous-materials (hazmat haulers), especially those hauling chemicals, are required to have $5 million in liability coverage. Liability coverage costs have increased markedly. Premiums for a $1 million liability policy now can range from around $6,000 to $16,000 or more a year.