Starting a new trucking business is an exciting time, but there are some things you need to get squared away first. Finding commercial insurance carriers for your new business doesn’t have to be tricky, keep reading to learn everything you need to know about getting commercial insurance carriers for your business.
Before going into business, you need to make sure you have motor carrier insurance on file. So, before beginning operations, you’ll need to be working with an insurance company to get proof of that to give to the Federal Motor Carrier Safety Administration.
They will not activate your DOT number until proof of insurance is on file.
What insurance do I need? The government requires every motor carrier to have at least 750,000 in public liability insurance which covers bodily injury, property damage, and environmental restoration.
Does this amount change? Depending on the type of commodity you are hauling like hazardous materials, that $750,000 minimum will increase to $1-5 million. The government does not require motor carriers to have cargo insurance on file, but it is highly recommended.
To learn more, watch the video above!