New Venture Truck Insurance
Starting a trucking company is exciting! You have a long to-do list which likely includes securing the right insurance coverage. New venture truck insurance is specifically designed for companies and owner-operators who are just entering the transportation industry. Whether you’re launching a fleet operation or starting as an independent owner-operator, understanding your insurance options is essential for protecting your investment and meeting legal requirements.
At Trucking Insurance Services, we specialize in helping new trucking companies navigate the complexities of commercial truck insurance. We understand that as a new business owner, you need coverage that balances protection with affordability. Our team works with multiple carriers to find competitive rates for new venture trucking operations, ensuring you have the right coverage to start your journey in the transportation industry.
Starting a New Venture Trucking Company
When launching a trucking company, insurance is one of the most critical aspects of your business plan.
New venture truck insurance differs from standard commercial truck insurance because it’s specifically tailored for operators with limited experience in the industry. Insurance providers consider factors such as ownership information, business location, financial stability, and more when determining coverage options and rates.
Your insurance policy should protect you against all liabilities and damages to products that are being transported. In addition, your insurance policy must protect you as the business owner and the drivers you employ.
The truck industry is rapidly changing. We recommend choosing an insurance agent with expertise in commercial truck insurance for new companies. Your local agent may not be equipped to understand the ins-and-outs of trucking.
Tips for Getting Truck Insurance
Understand Coverage
Take time to learn about different coverage types, including liability insurance, physical damage coverage, cargo insurance, and non-trucking liability. Each type of coverage serves a specific purpose in protecting your business from various risks and meeting regulatory requirements.
Ask Questions
Don’t hesitate to ask detailed questions about policy terms, exclusions, and coverage limits. A reputable insurance agent will take the time to explain everything thoroughly and ensure you understand what you’re purchasing.
Get Multiple Quotes
Insurance rates can vary significantly between providers. Compare quotes from several insurers to find the best combination of coverage and cost for your new trucking operation. Sometimes you need to see what’s out there to know that you’ve chosen the right company and the right insurance agency.
Work with Trucking Insurance Services
Partner with an agency that specializes in new venture truck insurance. Our experienced agents understand the unique challenges facing new trucking companies and can guide you through the entire process. To put it simply, we speak truck. Call one of our agents at 855-281-2924 or request a quote online.
Types of New Venture Truck Insurance
We write new venture truck insurance for many trucking operations, including:
- Dry van
- Refrigerated haulers
- Flatbed
- Hotshots
- Auto haulers
- Owner operators
- Tow truck operators
- Cargo/sprinter van
- Box trucks
- Log trucks
- Dump trucks
- UIIA and intermodal trucking
- Household good movers
- And more!
How Much is New Venture Truck Insurance?
Insurance costs for a new trucking company typically range higher than an established company due to limited operating history. However, factors like driving experience, type of cargo, operating radius, and safety measures can affect your rates. A new trucking company can expect to typically pay between $15,000 and $20,000 per year. Working with multiple carriers allows us to find competitive rates that fit your budget.
Frequently Asked Questions
What are the down payment options?
Down payments typically range from 15% to 25% of the annual premium. We offer flexible payment plans and work with carriers who provide reasonable down payment options for new ventures. In addition, our preferred premium financing companies offer low APR and flexible installment options.
How long does it take to activate my authority?
Activating your authority typically takes 21-25 business days after filing with the FMCSA. Insurance coverage must be in place before your authority becomes active. Once you purchase an insurance policy through Trucking Insurance Services, we guarantee filings will be posted within 24 to 48 hours, often sooner!
Do I start with $1,000,000 or $750,000 liability?
Most new ventures should start with $1,000,000 in liability coverage. This amount is required by many shippers and brokers, and it provides better protection for your business. However, it is important to consider all coverage options and pricing.
Is General Liability required?
While not legally required, General Liability insurance is strongly recommended to protect against non-trucking related incidents and is often required by contracts.
How do I get setup with Amazon Relay?
To work with Amazon Relay, you’ll need an activate authority for a minimum of six months, $1,000,000 in liability coverage, $100,000 cargo insurance, general liability, and tractors require trailer interchange. We can help ensure your coverage meets Amazon’s specific requirements.
Call Trucking Insurance Services Today
Don’t let insurance complexity delay your trucking business launch. Contact Trucking Insurance Services today for expert guidance on new venture truck insurance. Our experienced team will help you find the right coverage at competitive rates, allowing you to focus on growing your business. Call us now at 855-281-2924 to get started on protecting your new trucking venture.