Every time your trucks are on the road, your business is exposed to a range of risks. These include serious accidents, cargo theft, legal liability and unexpected downtime. Is your current insurance program sufficient to fully protect your fleet?
In this article, we will outline the key insurance coverages that every trucking operation should have in place. We will also discuss proven risk management strategies that help reduce claims and control costs. For more than 80 years, Joe Morten & Son, Inc. has helped trucking companies of all sizes navigate insurance options, mitigate risk and protect their financial future. Whether you manage a small regional operation or a national fleet, these insights will help you assess your current coverage and identify opportunities to strengthen it.
Why a Fleet-Focused Insurance Strategy Matters
Trucking companies face exposures that extend far beyond those covered by a typical commercial policy. High-impact collisions, cargo claims, equipment losses and large liability verdicts can create significant financial strain or even jeopardize a company’s viability.
This is why a fleet-focused insurance strategy is essential. A program that is designed specifically for the needs of trucking businesses offers appropriate coverage limits, claims handling capabilities and complementary risk management services.
Joe Morten & Son, Inc. works exclusively with trucking companies to develop insurance programs that address the full spectrum of risk. Our team understands the operational realities of the industry and provides insurance solutions that align with them.
Essential Insurance Coverages for Trucking Fleets
A comprehensive insurance program includes multiple coverages that work together to help protect your business. At a minimum, your program should include the following:
- Commercial Truck Liability
This provides coverage for bodily injury and property damage resulting from accidents involving covered vehicles. - Cargo Insurance Coverage
This coverage insures the freight you transport against covered physical loss or damage. - Owner-Operator Insurance
This coverage addresses the needs of independent contractors operating under your authority or on their own. - Optional Truck Insurance
Coverage includes trailer interchange, rental reimbursement and downtime coverage. - Physical Damage Insurance
This insurance can protect covered vehicles against collision, theft, weather-related events and more. - Umbrella Insurance
This coverage provides additional liability coverage beyond the limits of your primary policies. It is particularly important in the current litigation environment. - Workers Compensation
This insurance covers employee injuries or illnesses arising from their employment as required by workers compensation laws. - Alternative Risk Programs
These may include captive arrangements or self-insured retentions for larger fleets seeking greater control over their insurance programs.
Each of these coverages plays an important role in protecting your operation. Joe Morten & Son, Inc. offers tailored insurance solutions that help ensure your policies are coordinated to avoid gaps and redundancies.
Risk Management Strategies to Reduce Claims and Control Costs
Insurance is an essential component of protecting your business, but proactive risk management is equally important. Fleets that implement preventive strategies consistently experience fewer claims, improved safety performance and lower long-term insurance costs.
Effective risk management practices can include:
- Leveraging telematics and dash camera data to monitor driver behavior
- Conducting regular vehicle maintenance
- Implementing safety programs and driver training
- Maintaining rigorous driver hiring and qualification standards
Joe Morten & Son, Inc. supports these efforts through our Safety and Risk Control Services. Our team can assist clients by providing resources to help improve safety scores, identify risk patterns and implement proven best practices. This approach not only can reduce the likelihood of losses but also can enhance a fleet’s overall insurability.
Building a Stronger Insurance Program for Your Business
From liability and cargo protection to excess coverage and proactive risk management, trucking companies require a customized insurance program that is designed specifically for the demands of the industry.
Joe Morten & Son, Inc. brings more than 80 years of trucking insurance expertise to help businesses build insurance programs that protect their assets and support their long-term success. We provide not only comprehensive insurance solutions, but also services that can help fleets reduce risk and improve profitability.
Request a consultation today to learn how your current insurance program compares and how we can help you protect your fleet and financial future.
This material is intended to be a broad overview of the subject matter and is provided for informational purposes only. Joe Morten & Son, Inc. does not provide legal advice to its insureds or other parties, nor does it advise insureds or other parties on employment-related issues, therefore the subject matter is not intended to serve as legal or employment advice for any issue(s) that may arise in the operations of its insureds or other parties. Legal advice should always be sought from legal counsel. Joe Morten & Son, Inc. shall have neither liability nor responsibility to any person or entity with respect to any loss, action, or inaction alleged to be caused directly or indirectly as a result of the information contained herein. Reprinted with permission from Great West Casualty Company.