By law, as a for-hire trucker, you are required to carry business auto and general liability insurance that protects you against liability in the event of an accident. Such coverage pays for damages to your truck or to another vehicle, as well as for claims of personal injury.
Unfortunately, the cargo in your possession is not covered, and if you think the shipper is responsible for the value of the freight, think again. It is this gap in coverage that truck cargo insurance is designed to fill.
The Buck Stops With You
Once the freight is in your possession, safe delivery becomes your responsibility—whether in transit or in temporary storage at your loading dock or warehouse. If reimbursement of the full value of the freight doesn’t sound like something you can easily swing, load insurance is the obvious solution.
Need another incentive for adding this coverage? Many shippers now require for-hire drivers to show proof of adequate truck cargo insurance.
What It Costs
Policies vary and can be customized to fit your needs, depending on the size of your company, value of the freight, specific coverage limits and the amount of deductible you are willing to pay. Typically, higher deductibles equal lower premiums, but don’t choose such a deductible unless you are financially able to
pay it in the event of an accident.
Truck cargo insurance is a no-brainer for the independent trucker. Consult an experienced broker or agent to find a cost-effective policy that meets your needs.