Minnesota Big Rig Truck Insurance. The transportation industry has been essentially revolutionized by semi-trucks; these huge vehicles allow businesses to inexpensively and quickly get their goods from one point to another. However, it is a risky business to be in, both for drivers and owner operators. There are thousands of fatal accidents in which large trucks are involved each year, and there are hundreds of deaths.
Semi-trucks and trailers are a huge liability to their owners. Minnesota big rig truck insurance coverage is a critical purchase for owners, since it protects them from financial ruin if a truck under their control or that they own is involved in a serious accidents.
Minnesota big rig truck insurance helps your business cover costs from an accident if you or an employee is found liable - with rates as low as $197/mo. Get a fast quote and your proof of insurance now.
Specialized insurance is required for owners of tractor trailers, and there are several Minnesota big rig truck insurance coverage requirements and considerations to make. In addition to general commercial truck liability insurance that the law requires owners to maintain on this type of vehicle, owners also have the additional option to buy other coverage and to buy coverage with higher limits to help them fully mitigate the risks involved in owning a rig.
When a big rig or semi is involved in an accident, the result is often catastrophic. Rigs can be quite destructive, and the property damage and personal injury to others that a rig can cause when involved in an accident can be massive. MN trucking insurance can give you the peace of mind that you have a financial safety net if a rig you own becomes involved in a major accident.
Nearly all states require that commercial truck owners maintain liability insurance coverage. This type of coverage covers bodily injury and property damage that others incur due to the actions of the owner or the operator. Each state mandates the minimum amount of liability coverage for owners, but those coverage needs can change when truck drivers cross over into other states during the course of operating the rig. There are also federal mandates about the minimum amount of coverage for these trucks.
An additional consideration when buying Minnesota big rig truck insurance is the class weight of the truck. Owners must also consider the type of cargo being hauled. For instance, if you own a Class A semi that weighs five tons and hauls hazardous goods, then you need to have a minimum of $1 million in insurance in force when your truck is on the road. If your truck weighs less than five tons and carries general commodities must have a minimum amount of $300K liability insurance coverage. By contrast, if a truck carries explosives, it may need $5 million in liability insurance coverage, no matter how much the truck weighs.
When building a Minnesota big rig truck insurance for your rig, you should keep the following in mind. These are additional coverages that may not be required by law, but may be require by the finance company that loans the money for the owner to purchase the rig. These include:
When choosing the right Minnesota big rig truck insurance policy for your needs, work with an agent who has experience in working with truckers, owner/operators and trucking companies. Compare rates through your agent to find the best possible rate and the coverage limits you need to completely protect your financial interests and your business.
If you're an entrepreneur who is thinking about starting a business or expanding your company by opening a division in a new location, you know that there are a number of factors you have to consider. One of the most crucial elements business owners must take into consideration is the conditions of the location they are interested in; the area needs to offer conditions that are favorable for the business in order for the operation to thrive. A suitable target demographic and a healthy labor market are just some of the elements that indicate whether or not a business will thrive.
For business owners who have Minnesota in mind as their base, below, we've highlighted key details that suggest whether or not the Land of 10,000 Lakes offers favorable conditions for business owners. We also discuss the forms of commercial insurance that businesses are required to carry in the state.
The unemployment rate of a state is a good indication of whether or not a state is suitable for business operations, as it provides insight into the labor market. According to the Bureau of Labor Statistics, as of May 2019, the rate of unemployment in The Gopher State was 3.3 percent, while the national average was 3.6 percent. While there has been a slight increase from 2018 (0.5 percent from June 2018 to May of 2019), the rate still indicates that the labor market in the state is favorable, which is a good sign for entrepreneurs.
Anywhere throughout the North State offers suitable conditions for businesses; however, there are some areas that are particularly ideal. These areas either large cities or areas that surround the state's largest cities, including:
Certain industries do better than others in MN, and businesses that are centered on these industries have a greater chance of achieving success. The leading industries within the state include:
The Minnesota Department of Commerce regulates insurance in Minnesota. Commercial insurance is designed to provide business owners and the individuals they associate with (employees, customers, and vendors) from a multitude of risks. To ensure proper protection for all, companies are required to carry the following commercial insurance policies in The North Star State:
Business that use vehicles for business-related purposes over a certain weight, must also carry commercial auto insurance, and any company that sells or otherwise distributes alcohol must carry liquor liability coverage.
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
Request a free Minnesota Big Rig Truck insurance quote in Albert Lea, Alexandria, Andover, Anoka, Apple Valley, Arden Hills, Austin, Bemidji, Big Lake city, Blaine, Bloomington, Brainerd, Brooklyn Center, Brooklyn Park, Buffalo, Burnsville, Champlin, Chanhassen, Chaska, Cloquet, Columbia Heights, Coon Rapids, Cottage Grove, Crystal, Duluth, Eagan, East Bethel, Eden Prairie, Edina, Elk River, Fairmont, Faribault, Farmington, Fergus Falls, Forest Lake, Fridley, Golden Valley, Grand Rapids, Ham Lake, Hastings, Hermantown, Hibbing, Hopkins, Hugo, Hutchinson, Inver Grove Heights, Lakeville, Lino Lakes, Little Canada, Mankato, Maple Grove, Maplewood, Marshall, Mendota Heights, Minneapolis, Minnetonka, Monticello, Moorhead, Mound, Mounds View, New Brighton, New Hope, New Ulm, North Branch, North Mankato, North St. Paul, Northfield, Oakdale, Otsego, Owatonna, Plymouth, Prior Lake, Ramsey, Red Wing, Richfield, Robbinsdale, Rochester, Rogers, Rosemount, Roseville, Sartell, Sauk Rapids, Savage, Shakopee, Shoreview, South St. Paul, St. Cloud, St. Louis Park, St. Michael, St. Paul, St. Peter, Stillwater, Vadnais Heights, Waconia, West St. Paul, White Bear Lake, Willmar, Winona, Woodbury, Worthington and all other cities in MN - The North Star State.
Also learn about Minnesota small business insurance requirements for general liability, business property, commercial auto & workers compensation including MN business insurance costs. Call us (612) 808-9866.