Wondering if your business needs commercial trucking insurance? This guide to commercial truck insurance will answer all your questions and point you toward the best providers.
Kate HootsKate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
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The best commercial trucking insurance provides complete protection for your fleet of commercial trucks and everything you transport in them. While commercial trucking companies should consider adding many of the most common types of business insurance, they also need to add some truck-specific insurance policies.
Does your business need commercial truck insurance? If so, how can you find the best provider? Not every insurance provider offers commercial truck insurance, but you have some great options. We found six great providers to help you start your search.
What Is Commercial Truck Insurance?
Commercial truck insurance is a type of commercial auto insurance. More specifically, it’s a bundle of insurance policies that offer comprehensive protection for trucking businesses and independent owner-operators. The exact combination of insurance your business needs depends on the specifics of your operation.
Here are some common elements you can include in your commercial truck coverage:
Primary Liability Truck Insurance: Just as personal auto insurance is legally required, you may be required to carry commercial auto liability insurance if your business involves trucking. The Federal Motor Carrier Safety Administration (FMCSA), a part of the US Department of Transportation, enforces strict requirements for coverage between $750K and $5 million that vary depending on the types of cargo you carry and where you carry it. Factors include truck weight and size as well as cargo hazards.
General Liability Truck Insurance: You can add extra coverage to pay for damages done to someone else’s property. This may also protect you from lawsuits involving slander, libel, and false advertising claims.
Physical Damage Coverage: You’ll need an additional policy to cover damage to your truck and equipment in an accident or disaster. This type of coverage is voluntary.
Non-Trucking Liability: This type of coverage adds protection when you use your truck for a non-business purpose.
Bobtail Insurance: This type of coverage covers you when your truck is being driven without a trailer attached.
Motor Truck Cargo Insurance: The value of your cargo could exceed the value of the truck that’s hauling it. If you want to insure it against loss or damage, you’ll need a separate cargo insurance policy. This type of cargo insurance is not available in every state or for every trucking situation. Talk to your insurance agent to see if it’s a good idea for you.
Rental Reimbursement With Downtime: This policy kicks in when your vehicle is kept off the road because of an accident. It helps you recover the costs of renting a vehicle, helps you make your truck payments, and covers other bills.
Trailer Interchange Coverage: If you routinely use your trucks to haul trailers that you do not own, this type of insurance protects you if the trailer becomes damaged due to a collision, theft, fire, explosion, or vandalism.
Who Needs Commercial Trucking Insurance?
Commercial truck insurance is not the same as commercial auto insurance. Even if you routinely use work vehicles, including trucks, for your business, you may not qualify for commercial truck insurance.
If you and/or your employees haul cargo within the state where you do business, you may need only general liability. Interstate haulers who use large semi-trucks to haul cargo through multiple states may be subject by state or federal authorities to a different set of insurance requirements.
The Federal Motor Carrier Safety Administration (FMCSA) requires certain insurance minimums before you’re allowed to register as a hauler with the FMCSA. If you’re planning to transport interstate cargo, either independently as an owner-operator or through lease agreements with employees, you must acquire FMCSA authority to do so. Once you receive valid Motor Carrier (MC) and Department of Transportation (DOT) numbers, you’ll have 90 days to acquire the appropriate insurance.
The 6 Best Commercial Trucking Insurance Providers
The best commercial truck insurance providers offer the protections your trucking business needs, at a price you can afford. We think that Progressive, The Hartford, State Farm, Freeway Insurance, Nationwide, and Milepost have the right stuff. Read on to learn what makes these truck insurance providers the best in the business.
1. Progressive: Best Overall Commercial Truck Insurance
Why We Chose Progressive For The Best Commercial Truck Insurance
Rated the number-one truck insurer by S&P Global Intelligence in 2021, Progressive continues to offer a full range of policies aimed at trucking companies. Offering several kinds of discounts on its policies, Progressive offers reliable coverage at an attractive price. You’ll also find 24/7 claims assistance with in-house adjusters and a network of pre-approved repair shops that give Progressive customers priority status.
Progressive is rated A+ by A. M. Best, A by the Better Business Bureau, AA with Standard & Poor, and Aa by Moody’s Investors Services.
Progressive Policies For Commercial Truckers
Progressive Insurance offers a full range of small business insurance policies. Here are some truck-specific policies you can get from Progressive:
Motor truck cargo
Motor truck general liability (available only as an addition to a Progressive commercial auto policy)
Non-trucking liability
Rental reimbursement with downtime
Trailer interchange
Types Of Trucks Progressive Covers
Progressive writes commercial truck insurance policies for owner-operators, for-hire truckers, and private carriers. Insurance is available for the following types of trucks:
Tractors
Pickup trucks
Tow trucks
Box trucks
Dump trucks
Agriculture trucks
Bucket trucks
Catering trucks
Cement mixers
Flatbeds
Front-loaders
Garbage trucks
Ice cream trucks
Pump trucks
Refrigerated trucks
Stake body truck
Street sweeper
Tank trucks
Progressive Pricing For Commercial Truckers
Most insurance providers offer custom pricing, and they hesitate to share pricing information outside the personalized quote process. We give Progressive full marks for pricing transparency because this is one provider that shares information online.
Progressive analyzed two groups of new trucking policies sold in 2022: for-hire transport (truckers who haul goods) and for-hire specialty (those specializing in a niche, such as garbage or logging).
On average, Progressive policies for commercial truck insurance cost $736/month for specialty truckers and $1,125/month for transport truckers. The price of your policies will depend on a variety of factors, including your cargo type, operating radius, driving record, and more. You can get a fast personalized quote from Progressive online or by phone.
You can obtain a price discount of up to 15% if you pay your Progressive Insurance bill annually instead of monthly. Discounts are available if you’ve had your CDL for at least two years and have been in business for three or more years.
Why We Chose The Hartford For The Best Commercial Truck Insurance
The Hartford is a top-rated insurer offering comprehensive insurance to businesses of all types and sizes. The Hartford’s truck insurance is particularly well suited for small to large specialized truck equipment and trailer operations. Specifically, The Hartford aims to serve manufacturers, installers, and repairers of customized equipment added to a bare chassis to create a specialty vehicle.
The Hartford also courts trailer manufacturers, non-franchised trailer dealers, and auto body shops with tow operations of up to 50% of sales. The company says that its ideal truck insurance customer is one with insurance premiums that add up to $25K or more per month. That means The Hartford’s policies are designed for companies seeking insurance for a fleet of trucks rather than for those with a single vehicle or two.
The Hartford Policies For Commercial Truckers
You can sign up for the following types of commercial truck coverage with The Hartford:
Motor truck cargo
Separate limits for named shippers
Separate limits for specific trips
Inland marine
Umbrella
Dealer plates
Newly acquired property
Business income
Business income for off-premises utility services coverage
Property in transit
Accounts receivable
Loss of use
Multinational
The Hartford specializes in risk-reduction engineering and has a dedicated risk engineering team to perform exposure evaluations and provide recommendations for improving your business security and safety.
Types Of Trucks The Hartford Covers
The Hartford’s commercial truck insurance is aimed at specialized truck businesses. The company lists businesses that install or repair equipment on specialized vehicles like the following:
Dry freight trailers
Refrigerated trailers
Dump trucks
Refuse trucks
Fire trucks
Ambulances
The Hartford Pricing For Commercial Truckers
Although The Hartford says its ideal commercial truck insurance customers will spend $25K/month or more to insure a fleet of trucks, premiums for individual trucks start at around $2,500/month with vehicle limits up to and above $1 million.
The Hartford provides personalized price quotes based on your business details and insurance needs. You can start your application online and expect to receive your personalized quote within 16 business hours of the time your request is acknowledged.
Why We Chose State Farm For The Best Commercial Truck Insurance
Some insurers on this list of the best commercial truck insurance are focused on large fleets, but not State Farm. If you have a smaller business with just one truck or a few, you can take advantage of State Farm’s stellar reputation for service and its financial stability.
State Farm has earned an A++ rating from A.M. Best, the highest available from the credit rating agency. It’s also rated AA by S&P Global Ratings. State Farm was also recently ranked number one for customer satisfaction in an Investopedia report.
State Farm Policies For Commercial Truckers
State Farm takes a slightly different approach to commercial truck insurance, marketing its coverage as distributors insurance. That indicates this insurance is aimed at cargo and delivery operations. State Farm’s distributors insurance package starts with these types of coverage:
Property
Business liability
Loss of income
Motor truck cargo
Employee dishonesty
Computer property
Equipment breakdown
State Farm recommends that customers work directly with an agent to discover if additional policies like the following make sense:
Commercial auto
Workers compensation
Commercial liability umbrella
Types Of Trucks State Farm Covers
State Farm covers many different types of vehicles, including trucks, vans, refrigerator trucks, catering trucks, farm vehicles, and more.
State Farm Pricing For Commercial Truckers
State Farm does not make its pricing public. You’ll need to ask for a personalized price quote.
The cost of your State Farm coverage depends on how many vehicles your business operates, their value, your industry, and how many miles you drive.
Broker compares policies, costs from multiple providers
Many kinds of commercial vehicles covered
Cons
Not available in all states
Why We Chose Freeway Insurance For The Best Commercial Truck Insurance
Let’s start with this understanding: Freeway Insurance is an insurance broker, not an insurance provider. Insurance brokers work with multiple providers on your behalf, looking for the best policies to meet your needs.
While you can find a number of insurance brokers ready to help you find commercial truck coverage, Freeway stands out by catering to high-risk drivers. If you’ve had multiple speeding tickets, an at-fault accident, or a DUI citation and still need truck insurance, Freeway is a standout option.
Although Freeway Insurance is available in all 50 states, its commercial vehicle insurance seems to be available only in Arizona, California, Florida, Illinois, Nevada, New York, and Texas.
Freeway Insurance Policies For Commercial Truckers
You can customize your Freeway commercial truck insurance coverage to suit your vehicles and your business model. As an example, pickup truck insurance includes optional coverage for utility trailers, horse trailers, and medium-duty trailers, while box truck insurance comes with optional motor truck cargo coverage. Seasonal coverage may be available if you use your vehicles only for part of the year.
The following types of protections are typically included in Freeway commercial truck policies:
Liability for property damage and bodily injury
Collision coverage
Comprehensive coverage
Medical payment and funeral expenses
Uninsured/underinsured motorist
Personal injury
Non-owned auto coverage
Liability for loading/unloading incidents
Towing
Types Of Trucks Freeway Covers
Freeway’s commercial truck insurance policies cover the following types of vehicles when they are used for business purposes:
Regular cars and SUVs
Pickup trucks and vans
Snow plows
Trucks and semi-trucks
Hired auto
Box trucks
Dump trucks
Tow trucks
Food trucks
Taxis and limousines
Freeway Pricing For Commercial Truckers
Freeway Insurance offers free quotes over the phone or online. If you live near an office, you can stop by to ask for a quote.
Keep in mind that Freeway is an insurance broker, so the company will reach out to its insurance partners for pricing information on your behalf. You can expect to receive multiple price quotes from these partners. That leaves you free to choose the insurer that best meets your needs and budget.
Policies available for many types of commercial vehicles
Cons
Not available in all states
Why We Chose Nationwide Insurance For The Best Commercial Truck Insurance
Nationwide offers a full range of commercial trucking insurance policies. In addition to fleet insurance, Nationwide singles out public auto businesses that provide transportation for members of the public, like taxis, limousines, and buses.
If your business auto insurance needs fall within that description, Nationwide could be a good company to start your insurance search with.
Nationwide Policies For Commercial Truckers
Nationwide’s business insurance offerings are second to none, with all the basic coverage types and many specialty policies. Additional types of coverage aimed at commercial truck customers include:
Physical damage
Cargo
Bobtail
Earned freight
Broadened reefer breakdown
Auto liability
Downtime expenses/loss of business income
Electronic equipment
Loan or lease gap
Personal effects
Towing
Windshield
Types Of Trucks Nationwide Covers
You can find Nationwide coverage for all kinds of commercial vehicles, including:
Limousines
Taxicabs
Car services
Buses
Vanpools
Ambulances
Nonemergency medical transport
Service vehicles
Farming vehicles
Parade vehicles
Residential waste haulers
Private haulers
Last-mile delivery vehicles
For-hire trucks
Containerized freight
Livestock transportation
Non-hazardous liquid and dry tanks
Auto haulers
Coal haulers
Dump trucks
Hotshots
Hazardous materials haulers
Household goods movers
Mobile home movers
Logging/pulpwood
Oilfield equipment
Refulse, waste, and scrap haulers
Towing
Truck driving schools
Nationwide Pricing For Commercial Truckers
Nationwide pricing information is available by custom quote only. You can request your custom quote online or by phone. If you phone in for a quote, you’re likely to receive it within 30 minutes.
Nationwide has two pricing policies commercial truck customers will find beneficial. First, you’ll be able to set and pay a single deductible for combined physical damage and cargo losses, potentially saving you money in the event of a claim. Nationwide also has a “diminishing deductible” policy. That means your deductible will be reduced by a percentage for each claim-free year, starting with your second year of coverage.
Why We Chose Milepost Insurance For The Best Commercial Truck Insurance
Milepost Insurance is a reliable insurer offering a full range of commercial truck insurance. Beyond the basics, Milepost stands out for its focus on trailer insurance. Other insurance companies cover trailers, but we haven’t seen one that specializes in trailers the way Milepost does.
Although it’s not as familiar a name as some others on this list, you can rest assured that Milepost is a reliable company. Not only has it earned the highest financial stability rating of A++ by A.M. Best, but this insurance company is owned and backed by the multinational conglomerate Berkshire Hathaway Inc. and all its resources
Milepost Policies For Commercial Truckers
Milepost offers customized coverage for your business. Policies aimed at trucking businesses include:
Auto liability
Physical damage
Comprehensive and collision
Personal injury protection (PIP)
Cargo
General liability
Trailer interchange
On-hook/in-tow
Garage keeper’s liability
Types Of Trucks Milepost Covers
Milepost covers many operational categories. These are listed on the website:
New authorities and new USDOTs
New CDL drivers
Team driving and slip-seat driving
Owner-operators
Less-than-truckload (LTL) and truckload (TL)
Local and long-haul
Over the road truckers (OTR)
Interstate and intrastate
Contract and common trucking
For-hire and not-for-hire
Here’s a list of the types of vehicle trailers Milepost covers:
Car carrier trailers
Dry van trailers
Dump trailers
Flatbed trailers
Gooseneck trailers
Intermodal trailers
Log trailers
Lowboy trailers
Refrigerated trailers
Milepost covers more than trailers, so don’t overlook this company if you operate these types of commercial vehicles:
Tractors
Dump trucks
Box trailers
Tow trucks
Pickup trucks
Cargo vans
Buses
Passenger vans and sedans
Bucket trucks
Auto transporters
Catering trucks
Cement mixers
Flatbed trucks
Pump trucks
Refrigerated trucks
Stake body trucks
Step vans
Roll-on vehicles
Milepost Pricing For Commercial Truckers
Milepost offers pricing information by personal quote only. You can call or apply online. If you call, the company says you’ll have a quote within 15 minutes.
You can also access a certificate of insurance coverage online 24/7. That lets you provide instant proof to freight brokers and shippers.
Milepost offers a friendly feature for trucking companies, offering to handle insurance filings on your behalf. This includes:
Our Methodology For Choosing The Best Trucking Insurance Providers
Commercial truck insurance is a specialty product and not all insurance companies offer it. To find the best commercial truck insurers, we looked at a dozen providers and chose the companies with the best range of policies and reputations.
We also consider unincentivized reviews from actual customers who post on review sites.
Information was gathered from each company’s website and company records. Information is reviewed by our editorial team for accuracy.
How Much Does Commercial Truck Insurance Cost?
As with all insurance products, the cost of insurance depends on personal factors unique to each business, and price quotes will be personalized for you. When it comes to commercial truck insurance, these factors include the types of trucks, your location, your driving radius, the number of employees, the types of cargo, and so on.
Your driving record and your drivers’ records will also be factors.
According to the National Independent Truckers Insurance Company, the average monthly cost for transport truckers starts at $650 and at $1,000 for specialty truckers. Other factors affect your rates. For example, trucks weighing over 26,000 pounds require additional coverage, and interstate truckers fall under the US Department of Transportation guidelines and may have to carry additional liability protection. Rates vary widely by state, too.
The NITIC offers the following tips to reduce your truck insurance rates:
Hire experienced drivers with clean driving records.
Avoid risky routes.
Revamp old fleet vehicles.
Set a high deductible.
Avoid unnecessary add-ons.
We recommend gathering quotes from more than one insurance company. Trucking insurance is expensive, and you want to get it right. When you receive your quotes, make sure you’re doing an apples-to-apples comparison by looking not just at the dollar figures but also at deductible amounts, coverage limits, and so on.
Keep in mind, the average cost of an accident involving a truck is about $150K. Take truck insurance seriously and choose wisely.
Other Types Of Insurance A Commercial Trucking Business Needs
When your business involves transportation, it’s easy to focus on truck insurance. But that’s not the only kind of coverage you’ll need to purchase.
Talking with an experienced insurance agent is the best way to make sure you have the policies you need. You’ll be equipped to make the best decisions when you understand the basics of business insurance. Look for these types of coverage to add to your commercial truck insurance package:
General liability
Commercial property (whether you rent or own your building)
The companies included on this list of the best commercial truck policies are all equipped to offer these basic business policies in addition to truck-specific coverage. Talk to your agent to determine what types of coverage are essential for your unique business.
FAQs: Commercial Truck Insurance
How much is commercial truck insurance?
Commercial truck insurance starts at around $650/month for some small businesses. Your costs will depend on what types of vehicles your business uses, what you’re hauling and where, and your drivers’ records. You can get a personalized price quote from a reliable agent or broker to determine your exact costs.
Do gig workers need commercial auto insurance?
If you’re a gig worker delivering food or other items to individuals or businesses, you may need to have a commercial policy for the vehicle you use for work. If you’re an independent operator driving a delivery truck, you may need specialized truck insurance. Check with your insurance agent and the company you drive for to be sure you’ve got the right coverage.
In Summary: The 6 Best Commercial Trucking Insurance Providers
Kate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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