Protecting Your Valuable Assets During Transit What Does Cargo Insurance Do?
Cargo insurance covers the loss, theft, or damage of goods during transit. Our cargo insurance policies are designed to provide coverage for a variety of risks that may arise during the shipping process. With Cheap Truck Insurance, you can have peace of mind knowing that your valuable cargo is fully protected, and you can focus on what really matters - growing your business.
Here are types of truck cargo insurance policies we offer:
Factors That Affect Premiums & How to get Cheap Coverage Understanding The Costs Involved
The cost of cargo insurance for truckers can vary depending on the type of cargo being transported, its value, the mode of transportation, and the level of risk involved in the shipping process. Typically, cargo insurance premiums are influenced by the following factors: the type of coverage, the value of the cargo, the mode of transportation, and the level of risk. All-risk coverage, which is the most comprehensive type of cargo insurance, typically has a higher premium than named perils coverage.
At Cheap Truck Insurance, we understand the importance of finding affordable cargo insurance policies that cater to the unique needs of each client. That's why we work with multiple insurance carriers to find the best coverage options at the most affordable prices. Our experienced agents can help you find the right cargo insurance policy for your trucking business, ensuring that your valuable assets are fully protected during transit, without breaking the bank.
Factors affecting your commercial cargo insurance coverage
At Cheap Truck Insurance, we know that cost is an important factor when choosing an insurance policy. But, did you know about all the factors that can effect the price of your policy?
Here are some factors you should know about when considering the cost of a policy:
- Type of Cargo
- Value of Cargo
- Mode of Transport
- Risk Level
- Safety Measures
- Driving Record
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Our Trucking Insurance Experts Answer Your Questions
Recent questions about cargo insurance coverage:
Whether you're a small business owner or a large corporation, if you're involved in the transportation of goods, you'll likely need cargo insurance to protect your valuable assets during transit. But when exactly is cargo insurance required, and who needs it?
Here's what you need to know:
When Is Cargo Insurance Required?
Depending on the type of cargo being transported and the terms of the transportation agreement, Cargo insurance may be required by law or contract.
Here are some situations when cargo insurance may be required:
Legal Requirements: In some cases, cargo insurance may be required by law. For example, the Federal Motor Carrier Safety Administration (FMCSA) requires motor carriers to have cargo insurance with a minimum coverage of $5,000 per vehicle, per occurrence, for non-hazardous freight, and $10,000 per vehicle, per occurrence, for hazardous materials.
Transportation Agreements: Many shippers, brokers, and carriers require cargo insurance as a condition of doing business.
Protecting Assets: Even if cargo insurance is not legally required or contractually mandated, it is a good idea to have this coverage to protect your business. Without cargo insurance, you could be held liable for any damage or loss to the cargo.
When Do You Need Cargo Insurance?
Finding insurance can be confusing and it's even hard to self evaluate your needs. That's why we created this short self evaluation test to see if you need cargo insurance! If you answer yes to any of the following, you may need cargo insurance.
1. An owner-operators who transport goods as independent contractors?
2. A trucking company who provides transportation services for hire?
3. A freight broker who arranges transportation of goods for shippers?
4. A shipper who transports your own goods using your own trucks or hired carriers?
5. A logistics company that manages the movement of goods through the supply chain?