Some of the average annual premiums for commercial truck insurance, based on coverage limits of $1 million for liability and $100,000 for cargo, are as follows:
1. General Liability Insurance: The base limit for general liability insurance is typically $1,000,000. Most companies will need higher limits, which can increase the cost of the premium accordingly.
2. Physical Damage Coverage: The cost of physical damage coverage depends on the type of truck and its value. On average, physical damage coverage can range from $2,000 to $5,000 per year.
3. Cargo Insurance: The cost of cargo insurance depends on the value and type of cargo being hauled. On average, cargo insurance can range from $1,000 to $3,000 per year.
4. Additional Coverages: Depending on the specific risks faced by the trucking business, additional coverages such as uninsured motorist coverage, medical payments coverage, and workers compensation insurance may also be required. The cost of these additional coverages can vary depending on the state in which the business operates and the size of the fleet.
It's important to note that these are just general averages, and actual premiums can vary significantly. To determine the best insurance coverage and cost for a particular trucking business, it's recommended to obtain quotes from multiple insurance carriers or through an insurance broker who specializes in commercial truck insurance.
