Heavy and Tractor Trailer Truck Drivers insurance – what kind and at what cost

Whenever you budget the expenses of your business, Heavy and Tractor Trailer Truck Drivers insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.

Need General Liability Insurance for Your Heavy And Tractor Trailer Truck Drivers Business?
Get Your Free Quote

With the protection provided by liability insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

Like any business owner, for your Heavy and Tractor Trailer Truck Drivers enterprise, you must consider how much financial risk you are taking on.

If your Heavy and Tractor Trailer Truck Drivers business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

Heavy and Tractor Trailer Truck Drivers Insurance

In this article, we are giving very general guidelines for small businesses to outline what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Heavy and Tractor Trailer Truck Drivers business?

What this means, for any Heavy and Tractor Trailer Truck Drivers business owner, is that if some person claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Heavy and Tractor Trailer Truck Drivers business is not harbored by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.

In some states, like New Jersey, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.

When you are running your Heavy and Tractor Trailer Truck Drivers operations, you can’t deny responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.

What does Heavy and Tractor Trailer Truck Drivers insurance protect you from?

For your Heavy and Tractor Trailer Truck Drivers business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Heavy and Tractor Trailer Truck Drivers business owner should know when negotiating the insurance needed.

The main headings of insurance for your Heavy and Tractor Trailer Truck Drivers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Heavy and Tractor Trailer Truck Drivers business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.

In such a case, they can require compensation.

General liability insurance policy for your Heavy and Tractor Trailer Truck Drivers business covers you against claims coming from injury to visitors or damage to their property.

It protects your Heavy and Tractor Trailer Truck Drivers business from the claims themselves and in addition to any follow-on court costs and legal fees of the lawsuits.

In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.

The average level of general liability insurance for your Heavy and Tractor Trailer Truck Drivers business would be with a boundary of $1 million for a single submission and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Heavy and Tractor Trailer Truck Drivers insurance operations.

Professional liability insurance for your Heavy and Tractor Trailer Truck Drivers business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Heavy and Tractor Trailer Truck Drivers business for them, you can quickly be involved in a court case.

Even if the case against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Every small Heavy and Tractor Trailer Truck Drivers business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of Heavy and Tractor Trailer Truck Drivers insurance section below for average prices of professional liability insurance for your Heavy and Tractor Trailer Truck Drivers operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that the results didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to understand the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Heavy and Tractor Trailer Truck Drivers

Only you can estimate exactly how much insurance you must have.

Best advice is to talk to experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Heavy and Tractor Trailer Truck Drivers business

Take care! – almost all policies for private vehicle insurance do not cover any event like theft or accidental damage when the van is being used for business purposes.

The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in a crash.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The required value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents. 

Tools and Equipment insurance

Since your Heavy and Tractor Trailer Truck Drivers business needs specialized and dedicated equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.

The gear may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Heavy and Tractor Trailer Truck Drivers business running.

It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Heavy and Tractor Trailer Truck Drivers business’ equipment.

Commercial Property insurance

Any Heavy and Tractor Trailer Truck Drivers business that owns or rents space in a building needs a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, as well as a big liability if there’s a mortgage.

Any physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your Heavy and Tractor Trailer Truck Drivers business deals in areas of high risk, like Texas or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where extreme cold snaps can cause damage to outer coverings of Heavy and Tractor Trailer Truck Drivers business premises, there is a need for more extra cover than in warmer climes.

Whereas the level of cover depends completely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Heavy and Tractor Trailer Truck Drivers insurance section below to give some estimate of the average prices per million dollars of property insurance for your Heavy and Tractor Trailer Truck Drivers business.

Temporary insurance by month, week or day for your Heavy and Tractor Trailer Truck Drivers business

Is your Heavy and Tractor Trailer Truck Drivers business working part-time or casually, or is the level of business variable?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Heavy and Tractor Trailer Truck Drivers – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.

The key feature of short-term insurance is that you pay for the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of larger business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Heavy and Tractor Trailer Truck Drivers business

You have the option to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP combines commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is mostly the right choice for small and medium-sized Heavy and Tractor Trailer Truck Drivers businesses, such as yours.

There are some limits that will rule whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle policies.

Also, the size of your business will dictate whether you are eligible to take out BOP cover.

The normal business that can take out a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.

In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Heavy and Tractor Trailer Truck Drivers business employees

In most states, it is mandatory to have workers compensation insurance when your Heavy and Tractor Trailer Truck Drivers business has one or more employees.

Workers compensation insurance covers the enterprise against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s laws in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.

In these states, you can’t get your workers compensation obligations from private insurance corporations.

Workers compensation rates are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Heavy and Tractor Trailer Truck Drivers insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give rough guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your Heavy and Tractor Trailer Truck Drivers businesses needs.

Types of insurance Price range
Commercial vehicle insurance $1830 – $3401
Equipment insurance $481 – $1483
Product liability insurance $251 – $826
Commercial insurance $820 – $2888
Public liability insurance $362 – $536
General liability insurance $667 – $1078

Cost of insurance for your Heavy and Tractor Trailer Truck Drivers operations depends on many different factors.

We have calculated these figures for small independent Heavy and Tractor Trailer Truck Drivers businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% lower.

The location and size and type of your Heavy and Tractor Trailer Truck Drivers business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Heavy and Tractor Trailer Truck Drivers operations?

This is a wide term used to describe basic insurance policies designed to protect Heavy and Tractor Trailer Truck Drivers business owners from risks like bodily injury, property damage, claims of negligence.

Does my Heavy and Tractor Trailer Truck Drivers business have to have insurance?

Some of the forms of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Heavy and Tractor Trailer Truck Drivers business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Heavy and Tractor Trailer Truck Drivers insurance.

How much will Heavy and Tractor Trailer Truck Drivers business insurance cost?

In addition to the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should consult with professional insurance agents and brokers, or insurance company representatives.

Was this helpful? Share it!
SBCoverage.com
Logo
Enable registration in settings - general