NEW TRUCKING COMPANY? Pay-by-the-Mile Insurance Program
High Risk Carrier Insurance
What is High Risk Carrier Insurance
Trucking companies that have bad SAFER scores, high losses, accidents, driver issues, conditional ratings could be considered High Risk. High Risk means higher premiums and less flexibility in writing those policies. Culture is key to implement changes needed to pull yourself out of this category but that can take time to see the changes reflect in your SAFER scores and over the road performance. CNS Insurance has markets to shop the high-risk policy and a partner in CNS to assist with Risk mitigation.
Who needs it?
- Long-Haul Carriers
- Short-Haul Carriers
- Construction and Excavators
- Tow Truckers
- Any high risk carrier
Why do you need High Risk Carrier Insurance?
Risk assessments can help point out where the issues may lie. Improving hiring standards for drivers through DQ File services as well as ongoing driver training. Implementing new systems and processes for vehicle maintenance to ensure vehicles do not get sited for foreseeable maintenance issues. Updated policies and procedures in an updated company handbook to hold drivers accountable for their roadside performance.
CNS Insurance and CNS together have many success stories from turning clients from High Risk Trucking Carriers into Profitable and sustainable trucking carriers that only attract the best drivers.
What Commercial Coverages do you need?
It is important to keep in mind legal requirements when obtaining trucking insurance. Commercial Truck Insurance is mandatory in all 50 states and failure to obtain coverage could cost you a lot of money in fines or even worse, your license. By law, you must have a minimum of 750,000 in auto liability and cargo coverage (coverage depends on what your trucks are hauling).
CNS Insurance and CNS together have many success stories from turning clients from High Risk Trucking Carriers into Profitable and sustainable trucking carriers that only attract the best drivers.
Basic High-Risk Insurance Coverages:
There are many coverages and terms to consider when choosing insurance, especially if you are considered a High Risk Carrier.
It is best to fill out a quote and we can provide the best policy for you.
Some instances when companies may need different types of coverage include:
Bob Tail Insurance
If you are an independent owner-operator looking for coverage on your business travel without a trailer attached, this would be a good option to cover your potential risk between loads and terminals.
Non-Trucking Liability
These policies provide you coverage while you are taking care of personal business aside from your company business.
Insurance Trailer Interchange Insurance
These policies provide coverage for a trailer used by multiple drivers when transporting a load to a destination. The coverage is directly related to the time the trailer and load is in your driver’s possession. Trailer Interchange insurance covers only damages to the trailer and not the goods that are part of the load.
Physical Damage Insurance
This includes your collision and comprehensive coverages. Collision pays on damage caused by impact with your truck being driven. Comprehensive covers damages to your truck for instance theft, storms, fires, falling objects, and more depending on the policy.
Recommended and Required Minimum Coverages
Below are some of the minimum coverage requirements and recommendations, however, we recommend talking to one of our Commercial Insurance Specialists to get specific recommendations on the coverage you need based on what you are hauling.
750K
LIABILITY COVERAGE
Auto Liability, also known as Bodily Injury Physical Damage (BIPD), is required by the FMCSA at a minimum coverage of $750,000 to obtain your MC authority.
1K-200K
PHYSICAL DAMAGE COVERAGE
Physical Damage is not required for Commercial Truck Insurance, but we do recommend it. Coverage depends on what you are driving and can range from $1000 to $200K.
100K
Truck Cargo Coverage
Truck Cargo Coverage is required by law, however the amount of coverage depends on what your trucks are hauling. Call one of our Truckinf Insurance Specialists for a recommendation on minimum cargo coverage
Types of Commercial Auto Coverage
Diminished Value Insurance Coverage
Diminished Value Coverage accounts for the actual or perceived loss in market value or resale value of a car that was in an accident.
Truck Cargo
In many cases, the most valuable asset in your business is the cargo you haul. Truck Cargo coverage insures the contents of the trailer and much more so you are not liable for damages.
On-Hook Towing Insurance Coverage
On-Hook Towing Insurance Coverage pays for damages to a vehicle, such as fire or collision, while the car is in tow.
Garagekeepers Insurance Coverage
Garagekeeper coverage protects tow truck drivers against things like fire, theft, vandalism, or a collision with a vehicle they are towing.