Page 31 - Webinar workbook

Chapter 3

Dump Truck Insurance

Owner operators should comply with the business insurance requirements in their state. Owner-
operators can expect to pay between $8,000 and $16,500 per year for truck insurance. The
longer you have your business with no claims, the lower your rate drops every year.

Business owners should identify the type of insurance policy that best suits their company's
needs. They should carefully review the policies to safeguard their business and equipment. The
right insurance policy will be helpful as commercial vehicles are susceptible to damage and minor
accidents.

Here are the most common types of dump truck insurance:

1. General Liability Insurance

• General liability insurance, sometimes called public liability insurance in the dump
trucking industry, covers third-party bodily injuries and property damage that result of
business activities that aren’t related to truck driving. For instance, general liability

typically covers medical or legal bills if a customer breaks their ankle tripping over
boxes in your office.
• According to the Federal Motor Carrier Safety Administration (FMCSA), owner-
operators with authority, and motor carriers are required to carry public liability

insurance by law. However, the coverage is a good idea for any business owner
because it pays for a number of common business risks.

2. Trucking Liability Insurance

• Trucking liability insurance, also known as primary liability, pays for injuries and
property damage you may cause others when operating your truck.
• Trucking liability policies usually require every truck to be scheduled or listed on the
policy. Insurance companies will not pay claims if the truck is not scheduled.

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