Whether you’re an independent owner-operator, or you manage a fleet of trucks, Lakewood Financial can provide all your commercial trucking insurance needs. We cover all types of trucks, including tractor trucks, tow trucks, box trucks, and dump trucks.
Commercial trucking insurance protects your assets and your business in the event of an accident. Here are the major types of coverage your policy can provide:
Liability coverage is mandatory. This pays for any legal liability you have towards others for physical damage as well as injuries caused by the truck in an accident. Liability limit requirements depend on the type of truck, what you’re hauling, and whether or not you operate intrastate (only in Florida) or interstate (crossing into other states). Call Lakewood Financial and we can help you determine what limits you need.
Bobtail/deadheading or non-trucking liability coverage protects a driver’s or company’s liability when the truck is traveling without a trailer (“bobtailing”) or with an empty trailer (“deadheading”).
Cargo coverage protects your truck’s load (cargo). Some shipping companies require it. We bundle cargo coverage with liability coverage to save you money.
Physical damage coverage covers the truck and/or trailer itself if it’s damaged in an accident, or other covered peril, such as fire or theft.
To get an accurate quote, you’ll need a copy of your current insurance policy’s declarations page (“dec” page), the driver’s license numbers of all drivers, vehicle identification numbers of all trucks, and information on any safety features of the trucks. You’ll also need your DOT number and your FEIN number.
Commercial trucking insurance isn’t cheap, but there are ways to save money. Some companies offer a three to 10 percent discount up front if you give them access to the information from your truck’s electronic logging device (ELD). Insurance companies periodically check the information from your ELD to evaluate driving habits and number of safety inspections compared to other drivers in the industry. The more safety conscious you and your drivers are, the larger your discount will be—even rising as high as 18 percent of your policy premium.
Other factors determining your premium include the type of equipment your truck has, the type and value of the cargo you typically carry, and your route.
Protect yourself and your business by buying a commercial trucking policy that best fits your needs. Call Lakewood Financial at 941-747-4600 for a free, no-obligation quote.