Business owners might assume that commercial truck insurance is only for the semitrucks used by owner-operators and motor carriers. However, all sorts of other businesses may have delivery vans and pickups that also need coverage. To help you find coverage, we evaluated more than 20 commercial truck companies to come up with our top six.
Top 6 Commercial Trucking Insurance Companies
Commercial Truck Insurance Companies | Best For |
|---|---|
(Best overall) Small business owners in multiple industries who want easy online quotes | |
Small business owners who use light and medium trucks and vans | |
Owner-operators engaged in long-haul trucking who want a commercial truck insurance package | |
Motor carriers and independent owner-operators who haul high-value cargo | |
Manufacturers, wholesalers, and distributors with small fleets | |
Truckers who haul hazardous materials, such as explosives and gas |
Commercial Truck Insurance vs Commercial Auto Insurance
Commercial truck insurance most commonly refers to policies for trucking businesses, like owner-operators, motor carriers, and private carriers. Each policy covers different risks that come with using trucks. Some policies, like primary liability, cover damage you cause others with your truck, while others pay for damage to your trucks or the cargo you haul. These policies may also be called semitruck insurance.
Business owners with light and medium trucks, such as pickups and SUVs, also need insurance, but they typically need commercial auto insurance. This includes coverage like liability, collision, and uninsured/underinsured motorist. Most states require liability for business-owned trucks of any size.
See our criteria for choosing the best commercial truck insurance companies.
Progressive Commercial: Best Overall Commercial Truck Insurance for Small Businesses
Progressive Commercial has both the experience and financial strength to offer broad coverage for everything from small businesses to owner-operators and motor carriers. This, plus the company’s consistently strong customer reviews, list of potential discounts, and ability to cover any sized truck, earn it the top spot on our list of the best commercial trucking insurance companies.
Progressive Commercial Strengths | Progressive Commercial Weaknesses |
|---|---|
+ Multiple discounts available on commercial truck and auto insurance | - No online chat assistance |
+ Easy application and fast quotes online | - Physical damage coverage only available for businesses that need hazardous materials placards |
+ State and federal filing assistance available | |
+ In-house adjusters manage repairs after claims | |
+ A+ (Superior) rating from A.M. Best |
Costs
Progressive Commercial is one of the few carriers that posts any cost information on its website, claiming the average specialty trucker spent $9,540 per year on commercial trucking insurance last year while the average transport trucker spent $11,172. Moreover, Progressive lists eight discounts for truck insurance customers, including:
- Smart Haul Program: For-hire truckers can earn a minimum 3% discount for using an electronic logging device
- Commercial driver’s license (CDL): Truckers who’ve had their CDL for two or more years can save on vehicle liability insurance
- Business experience discount: Commercial truck insurance customers who’ve been in business at least three years are eligible for a discount
- Paid-in-full discount: Business owners can earn up to 15% off their insurance when they pay the entire premium at the start of the policy
Available Coverages
Progressive Commercial’s truck insurance policies include:
- Motor truck cargo
- Motor truck general liability
- Physical damage coverage
- Nontrucking liability
- Trailer interchange
- Rental reimbursement with downtime
- Medical payments
- Uninsured/underinsured motorist
Commercial Trucking Insurance Experience
Progressive Commercial has been writing truck insurance for more than 40 years. It can offer coverage to owner-operators and motor or private carriers as well as small business owners with pickups, flatbeds, dump trucks, mobile food trucks, and towing operations.
Additional Services
Progressive Commercial’s financial stability means it can offer additional services that many trucking businesses may find attractive. In addition to offering state and federal filing assistance, Progressive Commercial truck insurance customers a single representative who walks them through the claims process and gets them in touch with an extensive network of truck repair shops.
CoverWallet: Best Commercial Truck Insurance for Light and Medium Trucks
CoverWallet is an online broker that specializes in small business insurance. It partners with many top-rated carriers, including CNA, Liberty Mutual, and Hiscox. While these and other partnerships allow CoverWallet to get coverage for many trucking operations, its strongest offering is for light and medium trucks.
CoverWallet Strengths | CoverWallet Weaknesses |
|---|---|
+ Instant quotes available | - Services and claims processes vary by insurer |
+ Opportunity to compare multiple offers from one online application | - Financial strength varies by insurer |
+ Assistance available via chat, email, and phone | - Additional fees may apply |
+ Online platform lets you manage policies, make payments, and download certificates |
Costs
CoverWallet is one of the few insurance brokers that readily offer cost estimates. The company organizes these in a series of plans, including one that allows truck owners to customize their coverage.
CoverWallet plans are:
- Basic: Includes cargo insurance for $125 per month
- Standard: Includes primary liability, nontrucking liability, and physical damage coverage plus an option to add bobtail coverage starting at $500 per month
- Pro: Includes commercial auto and cargo insurance for $600 per month
- Custom: Can include bobtail, general liability, workers’ compensation, and other policies
Available Coverages
Commercial truck insurance policies available through CoverWallet include:
- Cargo insurance
- Hired and nonowned auto
- Workers’ compensation
- General liability
- Bobtail
- Trailer interchange
- Nontrucking liability
- Inland marine insurance
Commercial Trucking Insurance Experience
CoverWallet has only been around since 2015, making it the newest broker on our list of the best commercial truck insurance companies. However, this isn’t a major drawback because the company partners with insurers with extensive experience. Through these partnerships, CoverWallet can offer coverage to all types of light and medium trucks, including vans, sport utility vehicles, and box trucks.
Additional Services
As with other online brokers, CoverWallet’s main value adds come in the form of easy-to-use technology. Its clients can apply for coverage, make payments, and create certificates of insurance online. Perhaps most importantly, they can often bind online, which means business owners who need coverage can usually get it fast.
Lancer Insurance Company: Best Commercial Truck Insurance for Long-haul Truckers
Lancer Insurance is a niche insurance carrier that develops policies for various segments of the transportation industry in all 50 states. For long-haul truckers, Lancers has a commercial insurance package that bundles key policies and broad cargo coverage. It has a single deductible that includes their tractors, trailers, and cargo, so damage to any of these contributes to their total out-of-pocket costs.
Lancer Insurance Strengths | Lancer Insurance Weaknesses |
|---|---|
+ Package policy includes liability, physical damage, cargo, and general liability | - No online assistance available |
+ Flexible payment plans available | - No online quotes available |
+ Combined deductible for tractor, trailer, and cargo | - Online application collects information so broker can call |
+ Complimentary onsite safety evaluations | |
+ Assistance available for state and federal filings | |
+ A- (Excellent) rating from A.M. Best |
Costs
Like most insurers, Lancer Insurance does not share commercial truck insurance costs on its website. However, its underwriting profile for agents lists the following information about payment plans:
- Eight installments with 25% of premium down
- Six installments with 30% of premium down
- Three installments with 25% of premium down
Lancer also accepts premium financing agreements.
Available Coverages
Lancer Insurance’s commercial package for long-haul truckers includes:
- Primary liability
- Physical damage
- Motor truck cargo
- General liability
Additionally, Lancer offers insurance for auto rental agencies, garages, limousines, busses, commercial driving schools, and more.
Commercial Trucking Insurance Experience
Lancer Insurance has specialized in developing niche transportation insurance products for nearly 40 years, so its employees bring a wealth of trucking industry experience to the table. In that time, Lancer has developed a commercial truck insurance package to help minimize coverage gaps plus a trove of safety resources to help policyholders reduce claims.
Additional Services
Many of the additional features Lancer offers appear in specific coverages. For instance, its physical damage coverage automatically includes gap insurance to cover the difference between the actual cash value of your truck and the balance still owed on financing. Lancer also offers loss prevention training videos, manuals, and complimentary on-site safety evaluations plus assistance with regulatory compliance.
HUB International: Best Commercial Truck Insurance for High-value Cargo
HUB International is a global broker, which means it partners with many carriers to bring insurance solutions to small business owners. The company has a team of specialists dedicated to the transportation industry and offers commercial truck insurance for owner-operators and motor carriers of all sizes. With coverage limits starting at $25,000 and aggregate deductibles, HUB’s motor truck cargo is ideal for truckers who transport high-value cargo.
HUB International Strengths | HUB International Weaknesses |
|---|---|
+ Aggregate deductible available on cargo coverage | - Services and claims processes vary by insurer |
+ Assistance available for state and federal filings | - Financial strength varies by insurer |
+ Flexible payment options | - No online application or assistance |
+ Risk management and safety resources available | - Additional fees may apply |
Costs
Like many brokers, HUB International does not list cost information on its website. However, HUB is fairly transparent about how it makes money and mentions the potential for additional fees when coverage is complex. These fees are noted in proposals.
Additionally, HUB offers an aggregate deductible on its motor cargo insurance. This puts a limit on the out-of-pocket expense for the policy term rather than each event, which can help keep costs down should you need to make multiple claims.
Available Coverages
For commercial truckers, HUB has:
- Primary liability
- Nontrucking liability
- Hired and nonowned auto
- Excess or umbrella liability coverage
- Physical damage
- Motor truck cargo
- General liability
- Warehouseman’s legal
- Commercial property
- Inland marine
- Crime coverage
- Workers’ compensation
- Surety bonds
HUB also covers other businesses within the transportation industry, including movers, last-mile delivery services, limousine companies, and bus companies.
Commercial Trucking Insurance Experience
HUB International was formed in 1998, but its site doesn’t indicate if it has been writing commercial truck insurance the entire time. HUB does have a team of commercial truck insurance specialists that works with many carriers to bring coverage to the transportation industry.
Additional Services
Most insurers and brokers offer risk management services to reduce claims and, ultimately, lower costs. HUB is no different, offering pre-employment screening, workplace safety analysis, and fleet safety program development and training. However, HUB adds flexible payment options and assistance with federal and state filings.
Travelers: Best Commercial Truck Insurance for Small Fleets
Travelers is a well-known insurance company with a long history of providing quality coverage to businesses of all sizes. Its broad cargo insurance coupled with free state and federal filings assistance and fleet safety resources makes it the ideal company for small fleets of company-owned trucks, especially for manufacturers, wholesalers, and distributors who often have a wide travel radius. Travelers offers its commercial trucking insurance through Northland Transportation.
Travelers Strengths | Travelers Weaknesses |
|---|---|
+ Broad cargo coverage with limits up to $1 million | - No online application or quotes |
+ Free assistance with state and federal filings and Department of Transportation compliance | - No online assistance |
+ Interest-free flexible payment options available | |
+ Family emergency travel coverage automatically included in liability policy | |
+ A++ (Superior) rating from A.M. Best |
Costs
Unfortunately, Travelers’ website makes no mention of minimum premiums, discounts, or payment plans. It does indicate that its trucking insurance has a variety of coverage limits and deductibles. Selecting lower limits or higher deductibles can reduce your premium, but it also reduces your coverage.
Available Coverages
Through Northland Transportation, Travelers can offer:
- Primary liability
- General liability
- Physical damage
- Cargo
- Inland marine
- Workers’ compensation
Travelers can also offer coverage to owner-operators and businesses that transport people, such as bus companies and shuttle services.
Commercial Trucking Insurance Experience
Travelers has been around for more than 160 years and issued its first auto insurance policy in 1897. More importantly, Northland Transportation, its trucking insurance division, has more than 70 years of experience in writing truck coverages and is the only truck insurance carriers with an A++ rating from A.M. Best.
Additional Services
Like many of the insurers on our list, Travelers offers risk management and safety resources to the truckers who buy its coverage. These resources, offered through Northland Insurance, include a library of safety information ranging from driver health to vehicle and cargo management. Additionally, Travelers policyholders can file claims online.
Colonial Insurance Services: Best Commercial Truck Insurance for Hazmat Truckers
Colonial Insurance Services is a family-owned brokerage that only works with commercial truck insurance carriers. The firm offers key policies for hazmat haulers, including pollution liability, hazmat general liability, and coverage for loading and unloading. This, combined with its knowledge of the transportation industry and emphasis on safety, makes Colonial Insurance Services the best choice for hazmat trucking companies.
Colonial Insurance Strengths | Colonial Insurance Weaknesses |
|---|---|
+ 24/7 access to certificates of insurance | - No online application assistance |
+ Dedicated safety engineer to help reduce accidents | - Brokerage fees may apply |
+ Assistance with Department of Transportation compliance | - Financial strength varies by carrier |
+ Access to multiple carriers |
Visit Colonial Insurance Services
Costs
Colonial Insurance is unique in that it provides sample quotes for the different types of insurance programs it offers. In many ways, this is much better than getting a minimum premium. It allows you to compare the sample business’s characteristics and policy terms to yours, giving you a ballpark figure to evaluate any quotes you get.
For example, the sample business for hazardous materials trucking insurance has three trucks hauling fracking chemicals within a radius of 300 to 500 miles. Its premium for $1 million in liability, uninsured motorist, physical damage, and $100,000 in cargo is $36,000 per year. When you compare this to your business details, it gives you a fairly good idea of how much you might pay.
Available Coverages
Colonial Insurance Services works with carriers that can offer:
- Trucking liability
- Nontrucking liability
- Motor truck cargo
- Physical damage
- Occupational accident
- General liability
- Workers compensation
- Umbrella or excess liability
- Employment practices
- Bonds
In addition to hazmat truckers, Colonial Insurance can find coverage for car carriers, expeditors or hot shot truckers, and reefer, flatbed, container, and agricultural haulers, to name a few.
Commercial Trucking Insurance Experience
Colonial Insurance Services does not have years of commercial truck insurance experience. It’s only been around since 2010. However, the company focuses solely on insurance for trucks, so those 10 years are packed with industry-specific knowledge.
Additional Services
One of the pluses of working with a brokerage like Colonial Insurance Services is that you can look for the best policies from multiple carriers to tailor your insurance plan to your unique needs. On top of this, Colonial Insurance provides:
- 24/7 access to certificates of insurance
- A dedicated safety professional to help reduce claims
- Analysis of your Federal Motor Carriers Safety Administration’s Safety Measurement System scores
- Discounts on dashboard cameras
How We Evaluated Trucking Insurance Companies
We used the following criteria to evaluate commercial truck insurance:
- Costs: Premiums depend on too many variables to provide specific cost information. Instead, we looked for information on minimum premiums and available discounts.
- Available coverages: Companies that offer multiple policies make it easier for small business owners to get and manage their commercial truck insurance.
- Additional services: Offering services, like safety training, free state and federal filings, and roadside assistance are some ways insurers increase their value.
- A.M. Best rating: Many credit rating agencies evaluate carriers’ financial stability, but A.M. Best focuses on the insurance industry.
- Commercial truck insurance experience: Insurance can be complicated for trucks, especially for semis that carry cargo long distances. For that reason, we looked for companies with a history of writing commercial truck insurance.
Bottom Line
Commercial truck insurance is essential for any business owner who uses trucks in the course of their operations. However, the specific types and amounts of coverage depend largely on the industry. Those in the transportation industry may need to work with specialty insurers to find appropriate coverage, while business owners who use light to medium trucks may be able to work with standard carriers.
