Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Texas Big Rig Truck Insurance
Texas 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. Texas 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.
Texas 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 $57/mo. Get a fast quote and your proof of insurance now.
Specialized insurance is required for owners of tractor trailers, and there are several Texas 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. TX 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 Texas 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.
What Does Truck Insurance Cover?
When building a Texas 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:
- Medical payments insurance. This coverage is for medical expenses incurred by drivers or passengers in other vehicles or the driver of a big rig involved in an accident. Most insurance companies require that owner/operators or owners provide them with the names of any operator who may be driving the vehicle, and sometimes they base the rate you pay for coverage on the driving records of those who are going to be driving.
- Physical damage coverage. Lenders nearly always require physical damage insurance if you have financed the rig's purchase. This coverage must remain in force for the length of the loan. If the truck becomes damaged due to a collision, this insurance pays for damage without regard to fault. Comprehensive policies also cover losses due to theft, vandalism, fire and other natural disasters.
- Motor truck cargo coverage. Cover the cargo being hauled with this type of coverage. Federal law mandates $5K minimum coverage for cargo, but individual shippers may require additional limits. This coverage protects you if the cargo you haul is damaged or loss during transit.
- Equipment coverage. In addition to a physical damage, TX equipment coverage protects you from loss for equipment you keep in the truck, such as navigational devices, electronics, tarps, chains and other items.
- Bobtail coverage. For times when the commercial tractor is operated on its own without a trailer, bobtail insurance can be essential.
- Non-trucking liability coverage. This TX coverage kicks in when you are driving the truck outside of business purposes. For instance, when you drive to or drive from the job site or if you use it for any personal reason.
- Occupational accident coverage. This coverage is similar to worker's compensation insurance, but acts as a supplement. It provides your employees with long-term disability and payments for accidental death or dismemberment.
Working with a Trucking Insurance Agent
When choosing the right Texas 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.
Texas Economic Outlook & Requirements For Commercial Insurance
If you are considering opening up a business in the Lone Star State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
Economic Outlook For The State Of Texas
In terms of the economy, Texas offers fantastic news for those who are thinking about starting up a business in this state. That's because the Lone Star State has the second largest economy of all 50 states in the nation. The gross state product is valued at an estimated at over $1.706 trillion in 2019. In 2015, the state was the headquarters for six of the top 50 Fortune 500 companies.
As expected, several industries contribute to the economy of Texas. One of the most notable industries is agriculture. In fact, this state has the highest production of cattle, sheep, and goat products. It is also the largest producer of cotton and cereal crops. Other crops that this state is famed for include cantaloupes, watermelons, and grapefruits.
Other leading industries in the State of Texas include:
- Computer Technology
If you are considering going into business in TX, having an operation in any of these industries will likely afford you success.
Commercial Insurance Regulations For Business Owners In TX
The Texas Department of Insurance regulates is the main insurance regulatory agency in the Lone Star State. Texas is quite lenient when it comes to insurance requirements for business owners. In fact, there is only one type of insurance that business owners are legally required to carry, and that is commercial auto insurance. If you are planning on using a vehicle for anything related to your business, whether it's making deliveries, transporting goods, or meeting with clients, you must have a commercial auto insurance policy.
While Workers' Compensation coverage is required in every other state, in TX, is it not mandated; however, if you decide not to carry this type of coverage, you will be required to offer your employees some type of incentive package in the event that the do become injured or develop a work-related illness.
Additional Resources For Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Commercial Auto
- Commercial Van
- Dump Truck
- Food Truck
- Non-Owned and Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
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?
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.
Request a free Texas Big Rig Truck insurance quote in Abilene, Allen, Alvin, Amarillo, Arlington, Austin, Balch Springs, Baytown, Beaumont, Bedford, Benbrook, Big Spring, Brownsville, Bryan, Burleson, Carrollton, Cedar Hill, Cedar Park, Cleburne, College Station, Colleyville, Conroe, Coppell, Copperas Cove, Corpus Christi, Corsicana, Dallas, DeSoto, Deer Park, Del Rio, Denison, Denton, Duncanville, Eagle Pass, Edinburg, El Paso, Euless, Farmers Branch, Flower Mound town, Fort Worth, Friendswood, Frisco, Galveston, Garland, Georgetown, Grand Prairie, Grapevine, Greenville, Haltom City, Harker Heights, Harlingen, Houston, Huntsville, Hurst, Irving, Keller, Kerrville, Killeen, Kingsville, Kyle, La Porte, Lake Jackson, Lancaster, Laredo, League City, Leander, Lewisville, Little Elm, Longview, Lubbock, Lufkin, Mansfield, Marshall, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Nacogdoches, New Braunfels, North Richland Hills, Odessa, Paris, Pasadena, Pearland, Pflugerville, Pharr, Plainview, Plano, Port Arthur, Richardson, Rockwall, Rosenberg, Round Rock, Rowlett, Sachse, San Angelo, San Antonio, San Benito, San Juan, San Marcos, Schertz, Seguin, Sherman, Socorro, Southlake, Sugar Land, Temple, Texarkana, Texas City, The Colony, Tyler, University Park, Victoria, Waco, Watauga, Waxahachie, Weatherford, Weslaco, Wichita Falls, Wylie and all other cities in TX - The Lone Star State.
Federal Motor Carrier Safety Administration Information
- Federal Motor Carrier Safety Administration (FMCSA) - The Federal Motor Carrier Safety Administration's primary mission is to prevent commercial motor vehicle-related fatalities and injuries.
- Safer System - The FMCSA Safety and Fitness Electronic Records (SAFER) System offers company safety data and related services to industry and the public over the Internet. Users can search FMCSA databases, register for a USDOT number, pay fines online, order company safety profiles, challenge FMCSA data using the DataQs system, access the Hazardous Material Route registry, obtain National Crash and Out of Service rates for Hazmat Permit Registration, get printable registration forms and find information about other FMCSA Information Systems.
- FMCSA Forms - All forms needed for the Federal Motor Carrier Safety Administration.
- Update MCS 150 - Form MCS-150 and Instructions - Motor Carrier Identification Report.
- How does CSA work? - CSA (Compliance - Safety - Accountability) re-engineers the former enforcement and compliance process to provide a better view into how well large commercial motor vehicle carriers and drivers are complying with safety rules, and to intervene earlier with those who are not.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.