Find nsurance companies to cover your business doesn’t have to be a hassle. Read on to discover everything you’ll need to know concerning commercial insurance coverage for your company.
You must have proof of motor carrier insurance before you begin a new business. Before you begin operations it is essential to work with an insurance provider to obtain the proof to the Federal Motor Carrier Safety Administration. They won’t activate the DOT number until proof of insurance is in place.
What type of insurance do I require? All motor vehicles must carry the minimum of 750,000 in public liability insurance which protects against bodily injury, damage to property, and environmental restoration.
Is this the same amount? If it is based on the type commodity you are hauling like hazardous materials, this $750,000 minimum can be increased by $1-5 million. While motor carriers aren’t mandated to have insurance on their cargo but it is highly recommended.
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