Commercial truck insurance companies provide liability coverage for various risks, including client contract disputes, employee injuries, theft, fire, physical damage, and product liabilities. However, there are still many misconceptions about what auto insurance cover.
That may be why more than 29% of small businesses in the US don’t carry any small business insurance. Ignoring commercial insurance can be costly, especially for small business owners with low capital and no line of credit. Businesses can safeguard against adverse events through commercial insurance.
Top Commercial Truck Insurance Companies
If you are overwhelmed and confused about what kind of commercial truck insurance you need or how to choose your insurance partner, here is an easy comparison between the top 10 commercial insurance companies in the US.
Chubb
Chubb is the market leader in commercial insurance in the US. They serve a variety of middle market businesses across multiple industries and geographies. If your annual revenue is over $10 million, Chubb offers a one-stop solution for various coverages, like property casualty expenses, financial lines, management liability, accidents, and employee health. Their core focus is to develop their multiline insurance approach to lower insurance costs for businesses. If you have unique business needs, Chubb offers custom-made insurance policies. Plus, they have local agents and offices throughout North America.
Berkshire Hathaway
Berkshire Hathaway offers traditional insurance policies through GEICO and biBERK. Both brands have a limited market share but serve a diverse community of small business owners and enterprise-level multinational brands. The company is also behind THREE, a modern insurer providing a simple three-page policy that covers all risk aspects of businesses. Each of BH’s subsidiaries offers unique specializations for the sector. GEICO is a popular choice for low-cost auto insurance. biBERK provides customizations for special business needs, while THREE aims to simplify auto-insurance through transparent policies and faster claims.
Progressive
Progressive is often considered the standard for commercial auto insurance in the US. The company’s sole focus on auto insurance provides unique advantages over other general commercial insurers. They provide specialized auto risks coverages like auxiliary equipment insurance, gap insurance, pet insurance, multiple insurer clubbing, innovative discounts, and non-owned coverage. The company is tech-driven and offers 24/7 claims support.
The core customer base of Progressive is truckers who appreciate the brand’s trucker-specific services, including in-house adjusters, state and federal insurance filings, bobtail truck insurance, and the Smart Haul Program. By sharing your truck’s Electronic Logging data, you can even reduce your premium. Truck owners can also benefit from the company’s vast network of commercial claim specialists and truck repair centers.
Nationwide Insurance
With nearly 100 years in the business, Nationwide is the go-to insurer for a broad range of consumer and commercial customers across the continental US. This Fortune 500 insurance company is top-rated among Mainstreet businesses. While Nationwide’s quotes may lean toward the higher end due to its brand reputation, extensive availability, user-centric adjustments, and unique truck insurance coverages, it remains a solid choice for a reason. To obtain a truck insurance quote from Nationwide, you’ll need to make a phone call and provide your details. However, once insured, you can conveniently file claims online through their website or mobile app.
Farmers Insurance
Farmers offers a comprehensive range of business insurance types, including property, liability, crime, auto, workers’ compensation, umbrella, life, and loss control. The brand may be costlier than the average but provides good value for money. Keep in mind that you can purchase Farmers insurance exclusively through authorized agents. It has one of the fastest claims settlement processes in the industry and is known to offer deep discounts for responsible drivers. Although it’s more popular for personal policies, it remains a top choice among insurers in the Central states.
State Farm
State Farm is a class apart insurer, but only if you can afford it. The brand ranks top in customer service and physical availability throughout all regions of the continental US. Its standalone products can be heavy on your pocket but if you bundle multiple coverages under a single policy, you can significantly reduce costs. State Farm also rewards good drivers and reputable business owners with discounts. Consider enrolling in their Steer Clear driver program and Drive Safe & Save program for additional savings.
Hartford Insurance
Hartford has a 200-year legacy of providing insurance to American businesses. The company is well known for its property insurance policies though it caters to almost all business verticals. You can get an online quote within minutes and secure your assets within a day. Hartford provides both personal and commercial lines of coverage. The company is rooted in small and mid-sized businesses that account for over half of its premium collections. Hartford has garnered positive brand reviews from its one million plus small businesses.
Allstate
Allstate offers a range of insurance products for commercial risks. Auto insurance is the mainstay of Allstate, and it does a great job of providing low-cost coverage with excellent customer support throughout the claims process. The company has an extensive network of national and local agents who can help you discover the right product, develop custom insurance, and help with claim settlement.
Insureon
Insureon is a fintech provider offering a vibrant marketplace for commercial insurance. The company serves all 50 states through its partner insurers like Travelers, Hanover, Hiscox, Acuity, AmTrust Financials, Liberty Mutual, and more. Users need only fill out one form to receive quotes from top-rated insurance companies. Being a marketplace, Insureon serves multiple types of commercial insurance, but you may not be able to get customized offers.
Pros of commercial truck insurance
- Secure Your Assets: Commercial truck insurance helps protect your vehicle from accidents, theft/vandalism, towing damage, and third-party losses.
- Tracking Discounts: Many insurers offer discounts if you share vehicle tracking data. This data helps them assess risk more accurately.
- Driver Discounts: If you can prove your driving skills or show good driving records, you may be eligible for discounts on your commercial truck insurance premiums.
- Custom Coverage: You can customize your insurance requirements if you need to include any additional trucking equipment or mitigate unique business liabilities.
Cons of commercial truck insurance
- Higher Premium: Commercial trucks have one of the highest premiums in the auto insurance industry.
- Standalone Policies: You may need to purchase different policies to adequately cover various aspects of commercial trucking like primary auto, accidents, general liability, rental reimbursements, non-owner insurance, medical, bobtail, etc. Unfortunately, very few insurers offer bundled policies that are both cost-effective and straightforward.
- Insurance Fees: While insurers may advertise low premiums, they often tack on additional costs in the form of insurance fees and documentation charges.
- Claim Adjusters: During the claim settlement process, keep an eye out for misleading advice from claim adjusters—they can sometimes misguide insured individuals.
Choosing your commercial insurance —especially if you haven’t done proper research into your business coverage needs and the products available to cover those risks. Keep in mind that each brand specializes in specific types of coverage or losses. You might even consider insuring different aspects of your business with multiple brands to properly protect your business. You can also bundle different policies together for a cheaper quote from some of the bigger insurance companies.
If you’re interested in a loan to help cover the costs of a commercial truck policy, then contact National Funding. Our team of Funding Specialists is ready to assist you.
