The financial impact of a truck accident can be significant. According to the Federal Motor Carrier Safety Administration (FMCSA), the average cost of a non-injury large truck crash is nearly $47,000, and fatal crashes have increased by 46 percent since 2010. For trucking companies, losses like these can greatly disrupt operations and threaten financial stability.
Adequate insurance coverage is a critical safeguard that helps protect carriers and owner-operators like you from the unexpected costs that come with running a business on the road.
Why Adequate Coverage Matters
No matter how safe your drivers are, trucking is unpredictable. From severe weather to high-liability accidents, even a single incident can create major financial exposure. Having the right level of protection helps minimize loss impact and maintain your business continuity.
Joe Morten & Son, Inc. works with carriers and owner-operators to help align coverage with operational risk, providing insight into policy structures that support both compliance and confidence.
Key Coverages to Help Protect Trucking Operations
The goal isn’t to carry every policy available, but to choose the right ones based on your exposures and contractual requirements. At Joe Morten & Son, Inc., we help trucking businesses assess these needs and structure coverage that aligns with their operations.
- Auto Liability
Addresses third-party bodily injury and property damage claims. - Physical Damage
Covers repair or replacement of owned vehicles after collision or other loss. - Cargo Coverage
Helps protect the value of freight in transit. - Excess Liability
Adds another layer of protection beyond your primary policy limits. - Workers Compensation
Supports compliance and protects employees injured on the job. - General Liability and Specialty Coverages
Fill potential gaps that other policies may not address.
The Risks of Insufficient Coverage
Operating with inadequate coverage exposes your business to serious risk. Out-of-pocket costs after a major loss can climb quickly, especially when large verdicts exceed minimum limits. Underinsurance can also delay claims resolution or cause business interruption, creating financial strain at critical times.
Insufficient coverage may even put business relationships at risk if contractual or regulatory requirements aren’t met.
How to Evaluate and Adjust Coverage
Your insurance program should evolve alongside your business. Review your coverage annually to account for changes in fleet size, cargo type or routes. Reassess liability limits in light of industry trends and potential exposures. Ensure that your coverage aligns with shipper and broker contract requirements.
Working with experienced trucking insurance representatives like those at Joe Morten & Son, Inc. helps identify coverage gaps and tailor policies to the realities of your operation.
Pairing Coverage with Strong Risk Management
Even the best insurance works best when supported by proactive safety practices. Driver training and clear reporting procedures contribute proactively to stronger claim outcomes.
A consistent safety culture also affects insurability and premium trends over time. Fleets that demonstrate a commitment to risk reduction often benefit from better coverage options and more predictable costs.
Turning Insight into Action
Adequate insurance coverage is fundamental to the success of any trucking business. It protects your assets, supports financial stability, and ensures you can keep moving forward even when the unexpected happens.
Request a free consultation from Joe Morten & Son, Inc. to review your current coverage and make sure your operation is protected on every mile.
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.