Commercial truck insurance companies offer liability products covering client contract disputes, employee injury, burglary, fire, weather damage, and product liabilities. There are many misconceptions about coverage limits, premium pricing, and insurance claims.
That may be why more than 40% of the 31.7 million small businesses in the US do not carry any 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 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 is the market leader in commercial insurance in the US. It serves a variety of middle market businesses across multiple industries and geographies. Their products are suited for businesses with more than $10 million in annual revenue looking for a one-stop shop for different 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. The brand maintains reasonable proximity to its client’s business locations with a network of local agents and 48 offices across North America. If you have unique business needs, Chubb offers custom-made insurance policies.
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 is often considered the standard bearer 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 risk 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 prefer the brand because of its trucker-specific services like 100% inhouse adjusters, state and federal insurance filing, bobtail truck insurance, and Smart Haul Program, wherein you can reduce the premium by sharing your truck’s Electronic Logging data with the company. Truck owners can also benefit from the company’s vast network of commercial claim specialists and truck repair centers.
With nearly 100 years in the business, Nationwide is the go-to insurer for a broad range of consumer and commercial customers in the continental US. This Fortune 500 insurance company is top-rated among Mainstreet businesses. Nationwide’s quotes may be on the higher side due to brand value, widespread availability, user-based adjustments, and unique coverage options. The quoting process is a bit old-school, and you need to call and provide your details. However, you can lodge claims online through their website or mobile app.
Farmers provide eight types of business insurance; 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. You can buy Farmers insurance from authorized agents only. It has one of the fastest claims settlement processes in the industry and is known to offer deep discounts for responsible drivers. Farmers Insurance is more preferred for its personal policies than its commercial lines. It is one of the top insurers in the Central states.
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 seek multiple coverages under a single policy, you can significantly bring down the costs. State Farm also offers discounts to good drivers and reputed business owners. You can enroll in its Steer Clear driver program and Drive Safe & Save program for additional discounts.
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. The company is rooted in small and mid-sized businesses that account for over half of its premium collections. Hartford enjoys positive brand reviews from its one million plus small businesses.
Allstate has a wide variety 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. Allstate personalizes the entire insurance process like no one else.
Travelers is a national insurance provider for both personal and commercial coverage. It is prevalent in Mid-Atlantic states for its superior customer support and a high percentage of claim settlement. Travelers is often criticized for its price disparity between its property and auto insurance. While it offers deep discounts on auto insurance products, Travelers can charge exorbitant premiums on its property lines. Travelers auto insurance comes with deep discount policies like Multipolicy/Multi-Car Discount and Safe Driver Discount. If you live in Alabama, Minnesota, Nevada, Ohio, Illinois, Indiana, Maine, Virginia, or Connecticut, you can try IntelliDrive, a 90-day vehicle tracking program that can reduce your premiums by 20%.
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. The brand has simplified quote discovery, and you only need to fill out one form to get quotes from A-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: You may get additional discounts if you share your vehicle tracking data with your insurer.
- 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 cover various aspects of commercial trucking like primary auto, accidents, general liability, rental reimbursements, non-owner insurance, medical, bobtail, etc. Very few insurers sell bundled policies that are cheaper and simpler.
- Insurance Fees: Insurers can quote low premiums while marketing and charge extra costs as insurance fees and documentation charges.
- Claim Adjusters: Claim adjusters can misguide their insureds during the claim settlement process.
Choosing your commercial insurance partner can be confusing if you don’t do proper research into your business coverage needs and the products available to cover those risks. Each brand specializes in certain types of coverage or losses and you may choose multiple brands to insure your entire business operation. You can 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 today to speak with one of our Funding Specialists.