Commerce Insurance

When you think of commerce insurance there are many types of commerce that comes to mind.  Typically commerce means the buying and selling of goods.  Commerce can also be defined as the interchange of goods between the origination of goods to the point of sale.  For the sake of this week’s Etler-Kettenacker Agency article the focus is on the distribution of goods via trucking.

In addition to many other types of commercial clients EK Agency insures several trucking companies and offers competitive rates on commerce trucking insurance.  This article discusses what a trucking company needs to consider when buying the best insurance policy with the best and most applicable coverages.

The first coverage for commerce trucking insurance is trucking liability insurance.  Depending on the state your trucking company is located or where you are located as an owner/operator the minimum trucking liability insurance limit is $750,000.  This coverage covers damage to other vehicles or injuries to others.  If you are a driver for a company and the damages exceed the $750,000 minimum the driver may be liable for any damages above this limit.  As an owner/operator your personal assets may also be at stake if damages to other vehicles or injuries to others exceed this limit.  EK Agency representatives are experienced and can help you determine the proper amount of trucking liability insurance for your company or you as an owner/operator.

The next type of commerce trucking insurance required is general liability insurance.  This covers liability while the truck is not on the road such as in parking lots, while at rest stops and when the truck is being loaded and unloaded.  Some plans also offer theft and vandalism coverage under trucking general liability insurance.  The most common limit for this coverage is $300,000.  Again, it depends on your company’s needs or your individual owner/operator needs for the best limit of trucking general liability insurance.

Motor truck cargo insurance is another key part of your commerce trucking insurance policy.  This coverage covers the cargo that is being transported while in the care, custody and control of the company or you as an owner/operator.  You can place a general limit on this insurance coverage but you or the company should adjust the limit according to your bill of lading.  There are some additional options to this type of coverage.  These are loading and unloading coverage, refrigeration breakdown coverage for cargo that requires refrigeration and earned freight coverage.  Earned freight coverage reimburses the company or you for loss of income when commerce cargo is damaged and cannot be delivered due to a covered loss.  How many times have we heard of a semi losing its load on the highway?  Recently I saw a semi that lost its entire load of bags of ice on I-74.  This type of coverage would cover this loss.

Etler-Kettenacker Agency wants to emphasize that these are just the main types of commerce trucking insurance that should be considered by a company or an owner/operator.  There are other imperative coverages that should be added to your trucking policy such as workman’s compensation coverage, bonds and trucking roadside assistance.  In additional to specialized coverages such as; tanker, hazardous material coverage and coverage designed for LTL trucking companies.

Etler-Kettenacker’s Agency representatives are knowledgeable and can help your trucking company or you as an owner/operator meet state guidelines and/or personal needs for your commerce trucking insurance.