Truck Insurance in Los Angeles- how much is it?

Los Angeles businesses that deal with transportation daily know that it can get tough on the road, making the trucks’ safety from loss and physical damage essential. However, when accidents happen, you need to fix things immediately to ensure happy clients and a thriving business. To battle these challenges, you’ll need to ensure you have adequate commercial truck insurance.

Having truck insurance policies covering all possible liabilities is ideal, whether you’re running a small number or massive fleet of trucks. Buying truck insurance with complete coverage ensures the longevity and success of your trucking business. 

Here are the different commercial truck insurance coverage options, how much they cost, and where to get the best deals on insurance policies and other insurance services to help you get the best trucking insurance program for your business’s success.

Truck Insurance Coverages in Los Angeles, CA

Whether you’re an owner-operator or own a fleet of trucks, here are the different types of commercial trucking insurance options you may want to consider: 

  • General Liability

General liability insurance provides monetary protection against bodily injuries or property damage sustained while on your business’s premises, or when someone uses your products and services. 

  • Commercial Auto Insurance 

Commercial auto insurance is recommended for truck owners since it covers any vehicles used for business, providing sufficient coverage that personal auto policies don’t. 

  • Motor Truck Cargo Insurance

This insurance policy provides coverage on the freight or commodities and liabilities related to cargo. Out of all the truck insurance, commercial motor cargo insurance is an excellent choice for contractual truckers. It protects you against losses from physical damage, fire, collisions, strikings, and other perils.

  • Non-trucking Liability (Bobtail Coverage) 

Non-trucking Liability offers limited insurance for an owner-operator that’s permanently leased to an (Interstate Commerce Commission of Motor Carrier) ICC regulated carrier. It provides liability protection when the worker isn’t on dispatch trucking or pulling a loaded trailer. 

  • Dump Truck Insurance

Dump truck insurance is a branch of commercial trucking insurance dedicated to dumping trucks since they’re larger than regular vehicles that are more prone to experiencing accidents. 

  • Semi-truck Insurance

Semi-truck insurance or owner-operator insurance is a liability coverage covering expenses for injuries or damages caused to third parties when the operator is at fault. You can add other policies like life insurance or privacy policy, depending on your trucking job. 

  • Workers’ Compensation Insurance 

Workers’ compensation insurance is designed to protect truck drivers and operators if accidents or injuries happen while doing trucking work. Most states require this policy on all kinds of businesses. 

  • Business Owners Policy (BOP)

A business owners’ policy (BOP) is an insurance package policy consisting of multiple insurance coverage, from trucking policies to commercial auto insurance. 

How Much Does Truck Insurance Cost In Los Angeles

Although several factors affect the total rate for trucking California policies, the average cost is around $14,000 per year in Los Angeles. That’s because most premiums range from $12,000 to $16,000. However, not every insurance company is the same, so ensure you ask for a truck insurance quote to get the best deals and protection for your trucking business and employees. 

When shopping for an insurance plan for your trucking company and drovers, ensure the insurance agency is regulated by the National Association of Insurance Commissioners (NAIC). That’s because insurers regulated by the NAIC are legally operating companies that offer well-chosen policies, lessening the impact of unforeseen perils and accidents in the trucking world – saving you money, your drivers, and your business.

What is the Coverage of a Commercial Property Insurance?

If you have a commercial property in California, you need to insure property by getting an insurance policy with the right kind of property coverage to protect your commercial property. Some of the coverage for this type of insurance commercial property is damaged due to some natural disasters like storm, theft, fire, and others.  

This form of property insurance is applicable whether the building is owned, leased, or rented. Part of the coverage may also include some assets within the building such as computers, other types of equipment, valuable documents, inventory, satellite dishes, and the like. Property insurers may also offer additional coverage for your property insurance commercials, such as commercial signs, business vehicles, and outdoor fences. This property insurance policy may also protect losses of business income and rebuild or replace costs if the building is damaged or destroyed.

What is not part of this insurance commercial coverage is flooding, so you may want to consider getting flood insurance, terrorist attack, earthquake, damage from the war, nuclear attack, usual wear, and tear. If you or your employees have intentionally neglected the building.

Forms of Commercial Property Insurance

 Operating a business in California can be challenging, so getting insurance for a property is vital to saving you from business income losses if something unfortunate happens to your business. Direct Damage Property Insurance is one type of property insurance policy that you may want to think about. It offers coverage for either the physical damage or loss of the property. This kind of policy coverage covers the rebuilding or the replacement of the property and may include removal and cleanup of debris following a covered disaster. This type of property insurance commercial is very flexible as you can easily remove, adjust, or add some other coverage. 

It may also be essential for you to know the difference between Replacement Cost and Actual Cash Value so you can decide which is better for your business in California. The actual Cash Value is less expensive than a Replacement Cost, but the policy owner usually gets lower than what they have purchased. It is computed based on the value of the items less than the depreciated value. Replacement Cost Value, on the other hand, is more costly, but you are sure that you are given the needed amount that you need to replace your damaged property. This business property insurance is what is appropriate if your business assets are expensive to replace.

If you want an insurance commercial property policy that is easy in the pocket and yet still comprehensive, you may opt to get a BOP or Business Owners Policy as it is a combination of commercial property insurance and general liability insurance. If you are looking for business insurance that will give you some added protection, this type of policy might answer your concern as it covers your business from various claims, including personal injury, property damage, and bodily injury.

Contact us to know more about California’s insurance properties and get the property insurance that best works for your business. 

Other Property Insurance that Complements Commercial Property Insurance

To get maximum protection for your business, you may add another policy to your commercial property insurance, such as extra expense coverage, which pays for the supplementary costs to remain open or minimize downtime before reopening. Business interruption coverage protects against income losses while your business is closed due to property damage, leasehold interest coverage protects you from financial losses when your lease is canceled due to property loss or damage. 

Other policies that may work well with commercial property insurance are commercial vehicle policy, which will cover the damages of your business transportations in case of a break-in or an accident, and equipment breakdown policy, which will pay for damages to specific equipment such as A/C, computers, furnace or boilers.

Commercial property insurance’s average cost is around $500 for the entire year or up to $5,000. Be sure to consult your trusted broker- agent to avoid duplication of coverages. 

How to Avail of a Commercial Property Insurance?

Several factors affect your commercial property insurance, and they are the size of the property, location, age of the building, physical assets that need coverage, etc. To get started with your business insurance, consult a licensed broker- agent whose specialty is commercial policies. Get someone very knowledgeable in commercial property insurance and one that is reliable. 

If you still do not have your insurance agent, try to ask your business contacts for recommendations as they can surely lead you to the one who can offer the best business insurance for your company. Once you have your insurance agent prospects, you first need to confirm their insurance license with the California Department of Insurance (CDI). Try talking to more than one insurance agent so you can compare and choose the best commercial property insurance for your company’s needs. You may also ask if you need to get personal property insurance as well.

Who Needs to Have This Policy?

This kind of insurance is a must-have for different industries which include those who offer professional services like web designers, copywriters, marketing consultants, etc.; skilled tradespeople such as painters, carpenters, homebuilders, etc.; and those in the retail business like restaurants, pet stores, clothing shops, etc.

Whatever type of industry you are in, for as long as you are operating a business, be sure to get the best insurance policy for your business and have the maximum coverage.