Commercial truck insurance is expensive, but necessary. There are approximately 77,000 truck drivers in Florida alone, and every nine out of 1,000 jobs belong to a truck driver. Whether you have a fleet of trucks or work for yourself, whether you drive a truck in Miami, Orlando, or Jacksonville, commercial truck insurance is vital. The good news is that many companies offer commercial truck insurance coverage in Florida. Here are our recommendations for the top 7 providers.
In this article, we’ll cover the following:
- The 6 best commercial truck insurance companies
- What is commercial truck insurance?
- What does commercial truck insurance cover in Florida?
- Commercial truck insurance requirements in Florida
- Types of trucks covered by commercial truck insurance
- How much does commercial truck insurance cost in Florida?
- How to find cheap commercial truck insurance in Florida?
- What doesn’t commercial trucking insurance cover?
The 7 best commercial truck insurance companies
We research several insurance companies offering commercial truck insurance in Florida and here are our recommendations of the 7 best providers for your consideration.
- Progressive: Best Overall
- Simply Business: Best for comparing several quotes
- biBERK: Best for low-cost coverage from a reputable company
- Sentry: Best for specializing in commercial insurance
- InsurePro: Best for the innovative only-pay-when-you-drive coverage
- THREE: A comprehensive trucking business insurance policy at an affordable rate
- Smart Financial: Best for connecting you with knowledgeable agents
Progressive: Best Overall
Progressive is the top commercial vehicle insurer in the United States, capturing 12% of the overall market. They serve all fifty states and insure all kinds of commercial vehicles: everything from tractor trailers to ice cream trucks.
Progressive has a wide variety of discounts, so you can reduce your costs. You can discounts for:
- Years of experience
- Having a CDL certification
- Paying in full
- Bundling with personal auto insurance
- Electronic logging devices (to monitor driving)
- Signing up for autopay
This quote from Progressive is for a tractor trailer company with no accidents or moving violations in the past three years.
- Industry leader with great reputation and a lot of experience insuring all types of commercial trucks
- Very comprehensive coverage with high limits
- Online quotes available for all types of trucks and customers
- Offer several discount programs
- Rates may be higher than other options, but for more comprehensive coverage and higher limits
- Customer satisfaction rating can be improved
Progressive will give you a quote online, but to buy a policy you have to go through an agent.
Simply Business: Best for comparing several quotes
Simply Business is an online insurance broker. They work with several commercial insurance companies and are able to pull quotes from these companies for your comparison. Their quote form is simple and straightforward. After you answer questions about your business, revenue, and your drivers, they usually spit out at least one quote, and sometimes two or three quotes so you can compare them. This makes comparison shopping much easier.
However, it doesn’t always work. When we requested a quote for our commercial trucking business, we got the screen that asks us to call them because they need to clarify a few details in our trucking business.
If this happens to you, you’ll have to call. It makes sense because there are a lot of details that make up a commercial truck insurance quote, such as:
- Years you’ve been in business
- Experience in the industry
- Whether you have a DOT number on the vehicles
- Whether or not you have a CDL
- How much revenue you expect to earn
- How many employees you have
- Driving records of employees
- Age of trucks
- Weight of trucks
- How far you drive in a given day
- Dangerous chemicals
- Where vehicles are stored
According to Simply Business, basic commercial trucking insurance starts at $135 a month. They are a subsidiary of Travelers, one of the biggest insurance companies in the world, so they have good financial backing. They also earn an average 4.1 stars out of five on the Trustpilot, which is pretty good.
- Easy to get and compare several quotes in one place conveniently
- Provide access to carriers who have competitive rates and would not be accessible otherwise
- Knowledgeable agents help you navigate the complicated landscape to find the cheapest coverage for your trucking business
- Some carriers they work with may not be well-known, although they still have excellent financial strength ratings
- You have to file claims directly with the carriers, not through Simply Business
biBERK: Best for low-cost coverage from a reputable company
biBERK is a direct-to-customer insurance company specializing in small businesses, trucking businesses are one of their focused industries. biBERK is a subsidiary of Berkshire Hathaway, Geico’s parent company, so you can expect them to have expertise in insuring vehicles and excellent financial backing to pay claims when they need to.
biBERK built their direct business model, bypassing agents and brokers, to cut costs and reduce their rates. In fact, they claim that they help save at least 20% on commercial truck insurance rates for their customers.
They offer all of the standard coverage options you would expect, such as:
- Bodily injury
- Property damage
- Personal injury
- Underinsured/uninsured motorist
On the plus side, working with biBERK is super convenient and fast. You can obtain quotes online in less than 10 minutes, but a policy, and manage the policy entirely online. You will notice that biBERK usually offers lower quotes compared to other providers.
- Offer low-cost coverage to all truckers and trucking businesses
- Excellent digital experience from getting quotes, buying a policy, to managing the policy
- Owned by Berkshire Hathaway with a great reputation and financial strength
- Coverage limits may be lower than other options. When comparing rates with other options, be sure to pay attention to coverage limits
- Some trucking businesses with unique operational nuances may not be able to get quotes online
Sentry: Best for specializing in commercial insurance
Sentry was founded in 1904, so they have over one hundred years of experience. They serve all fifty states, including Florida. They can insure large businesses, trucking fleets, or even just one truck. Since they are a small company, they offer personal attention and service that’s hard to find these days.
Most large insurance companies offer products to both personal and commercial customers. Some insuretech startups like Next or Thimble specialize in commercial insurance only. However, these insuretech startups don’t offer commercial auto or commercial truck insurance. Sentry is probably the only commercial insurance specialist offering commercial truck insurance. This makes them unique.
Sentry doesn’t offer online quotes: you’ll have to work through an agent. On the BBB website they are not accredited (which doesn’t mean much) and they earn 1.05 stars out of five. However, this is based on just 22 reviews, so it might not be representative.
InsurePro: Best for the innovative only-pay-when-you-drive coverage
InsurePro is a newer broker. They offer innovative business insurance coverage, which they call insurance on-demand. This means that you have the flexibility of buying trucking coverage for a short period of time, even just a day and you only pay for coverage when you are on the road.
This is perfect for part-time truckers or trucking businesses that may not haul every day of the month. Buying trucking coverage for a few days when you need it will help you save a lot of money since you don’t pay for the coverage when you are not driving your truck.
InsurePro also offers one of the best digital experiences. You can get quotes and buy the policy directly on their website, which only takes about 10-15 minutes. After buying the policy, you can manage your policy online using their dashboard with many useful features.
THREE: A comprehensive trucking business insurance policy at an affordable rate
THREE is another subsidiary of Berkshire Hathaway group. However, they offer a very unique business insurance product, which is entirely different from other products available in the market. For any business that THREE covers, they offer one simple comprehensive policy that the business may need. For trucking businesses, the policy includes general liability, commercial property, and commercial truck coverages.
Even with comprehensive coverage, the policy is only three-page long, and with simple, straightforward, no-jargons language. It doesn’t contain exclusions in the fine print either.
The policy’s rates are also very competitive and reasonable compared to three similar separate policies obtained from other insurance companies.
If you are looking for one comprehensive policy protecting your trucking business at a reasonable rate, you definitely should get a quote from THREE.
THREE also offers quotes online. It should takes less than 10 minutes to get a quote and buy a policy on their website.
Smart Financial: Best if you prefer working with knowledgeable agents
Smart Financial is a national broker specializing in small business insurance, including trucking businesses. They offer a wide range of small business coverages for all industries. For trucking businesses, they offer all coverages that a truck owner-operator or a trucking business would need. Whatever coverages you might need for your trucking business, you can find at Smart Financial
One of the unique aspects of Smart Financial is that they partner with hundreds of agents across the country, who represent hundreds of carriers. These agents are experts in their field, knowledgeable about the specifics of each industry as they have accumulated years of experience helping tens of thousands of customers. Regardless of how unique your trucking business is, you can count on Smart Financial to connect you with the most knowledgeable about your situation who will help you find the right coverages for your business at the most affordable prices.
- Very knowledgeable agents with years of experience helping thousands of truckers and trucking businesses
- Compare several quotes in one place to find the cheapest one
- You can get other coverage your business may need with Smart Financial as well
- Digital experience can be improved
- You have to file a claim directly with the carrier. Smart Financial doesn’t handle claims
What is commercial truck insurance?
Commercial truck insurance is an insurance policy that covers trucking businesses, people who use trucks for work, or companies that use trucks. Unlike commercial auto insurance, commercial truck insurance covers large vehicles that are often used in construction, contracting, or hauling freight.
Even though commercial trucking insurance is typically purchased by the owner of the company, it insures the drivers, passengers, and any individuals harmed in an accident.
What does commercial truck insurance cover in Florida?
Commercial truck insurance can provide coverage for a number of incidents, including:
- Damage to the truck
- Injury or death to the driver or passengers
- Damage to other vehicles or property
- Cargo damages or losses
A comprehensive commercial truck insurance policy may provide all coverages mentioned above and more. Below are the details:
Trucking primary liability insurance:
This is the main coverage that all truckers must have. It is required by all state and federal regulations. It pays for the third party’s bodily injuries and property damages if you are involved in an accident and you are at fault. It can also include medical payment coverage and noninsured/underinsured coverage as well. Learn more at trucking liability insurance.
Truck cargo insurance covers the things you haul in your trailer. It’s not a coverage required by the Federal Motor Carrier Safety Administration (FMCSA), but most brokers and shippers will make you purchase it. If you don’t have it, they won’t hire you. The standard limit for cargo insurance is $100,000, but you may need a higher one if you haul particularly valuable cargo. Learn more at the best motor truck cargo insurance companies.
Bobtail insurance covers you when you drive your truck without a trailer attached to it. If you drive under your own authority, you will need this coverage. If you lease on with a motor carrier, you can find out whether you need this — or other — coverages on your lease agreement. It is likely that the motor carrier only covers your trucking primary liability insurance, but you need to confirm with them. Learn more at bobtail insurance cost and the best bobtail insurance companies.
Non-trucking liability insurance
Non-trucking liability insurance covers you if you are involved in an accident when driving your truck without cargo on it. Learn more at the best non trucking liability insurance. Sometimes it is confused between bobtail and non trucking liability. They are similar but subtly different. You can learn more about the differences between the two and what you would need more here.
Trucking physical damage insurance
Trucking physical damage insurance protects your personal tractor or trailer if it’s damaged in an accident. This coverage is required if you finance your truck. Even if you don’t, it’s a good idea to purchase it. Your truck is your livelihood. If it’s seriously damaged in an accident, you could be forced to pay for repairs out of pocket. Repairing trucks is expensive and the cost of an accident could jeopardize the future of your trucking business.
Workers comp insurance for truckers
If your trucking business hire truckers as full-time workers in Florida, you are required by Florida law to provide them with workers comp insurance. Workers comp insurance for truckers covers them in case they are injured while working. Workers comp insurance can cover medical expenses, lost wages, and death benefits.
Truckers have one of the most expensive workers comp insurance rates since truckers have one of the highest injury-at-work rates and their injuries usually result in significant costs.
Most trucking businesses hire truckers as independent contractors so that they don’t have to provide them with workers comp insurance. In such cases, they can provide them with occupational accident coverage, which is similar but much cheaper than workers comp insurance.
Occupational accident coverage for truckers
Occupational accident coverage is a type of insurance that provides benefits to truckers who are injured while working. It covers medical expenses, income replacement, and death benefits.
One of the reasons occupational accident coverage is cheaper than workers’ compensation insurance is that it does not provide as many benefits. Occupational accident coverage only pays for injuries that occur while the trucker is working, whereas workers’ compensation insurance covers injuries that occur at any time.
Your insurance agent or rep at your insurance provider can advise you on the levels you need.
Commercial truck insurance requirements in Florida
There are federal regulations regarding how much insurance you need if you drive or own a commercial truck. You can read the list of what’s required here, but the requirements are based on truck weight and what kind of cargo it carries. Generally, the heavier the truck, the more you’ll pay in insurance. Here’s a table:
|Type of freight||Minimum liability coverage|
|Non-hazardous, vehicle under 10,001 lbs.||$300,000|
|Non-hazardous freight for vehicles over 10,001 lbs.||$750,000|
|Hazardous material or explosives||$5,000,000|
Learn more at Commercial Truck Insurance Requirements in Florida
Types of trucks covered by commercial truck insurance
Almost every type of truck can be insured by commercial trucking insurance, including:
- Dump trucks – Learn more at dump truck insurance cost and the best dump truck insurance companies
- Cement mixers
- Box trucks – Learn more at box truck insurance cost and the best box truck insurance companies
- Tow trucks – Learn more at tow truck insurance cost and the best tow truck insurance companies
- Semis – Learn more at semi truck insurance cost and the best semi truck insurance companies
- Pickup trucks – Learn more at the average cost of pickup truck insurance per month
- Log truck – Learn more at the best log truck insurance companies
Pickup trucks may be insured under a commercial auto policy or a personal auto policy. If you’re just driving a pickup truck because you like them and occasionally go antiquing, a personal auto insurance policy is fine. If you use a pickup truck for your business, such as contracting or because you’re a landscaper, you’ll need commercial truck insurance.
Box truck insurance
Box truck insurance is something that is commonly purchased by businesses that use box trucks for commercial purposes. This type of insurance can provide coverage for the truck itself, as well as any property that is being transported in the truck. In addition, box truck insurance can also provide liability coverage in the event that an accident occurs.
Box truck has been used widely for commercial purposes such as moving trucks or Amazon delivery trucks. Box truck insurance may come with different requirements and other specifics.
Learn more at box truck insurance cost
Log truck insurance in Florida
Florida is a vast state with 17 million acres of forests, most of which are working timberlands and are owned by private companies. State and federal governments own some of these timberlands. The forestry industry employs 124,000 Floridians and generates $25 billion a year for the state economy.
As the result, the logging industry is pretty healthy and growing to support the wood-using mills in the state. These wood-using mills need to have log trucks to transport woods. Log hauling is actually a high risk industry and they will need log truck insurance to protect themselves from the risks associated with log hauling. See more at our recommendations of the best log truck insurance companies.
Semi truck insurance in Florida
With 77,000 truck drivers in Florida and the majority of those are driving semi trucks. According to a Florida-based injury law firm, there were at least 23,000 accidents involved a semi truck in Florida in 2019. That is a significant number of accidents. Almost 30% of truck drivers in Florida were involved in a semi truck accident in 2019. These semi truck drivers must have semi truck insurance to protect them. Without a proper commercial truck insurance policy in place, the drivers and their businesses could go out of business if you are found guilty in an accident.
Semi truck insurance can be expensive. It may cost a business up to $10,000 and above to cover for a driver and one semi truck. Learn more about the semi truck insurance cost.
Finding a good and affordable semi truck insurance policy in Florida is critical for all semi truck drivers and businesses to ensure they are protected in their line of business. Here are our recommendations of the best semi truck insurance companies for your consideration.
Tow truck insurance in Florida
The towing industry in Florida is estimated to generate ~$340 million in revenue in 2021, according to Statista, a leading business intelligence company. With a nationwide shortage of truck drivers, Florida has experienced the same in the past years. Tow truck driving is a high-risk job and doesn’t pay necessarily much either. The average salary for a tow truck driver in Florida is about $55,000.
Towing companies have increased salaries to attract more employees to apply for their open positions. They also need to offer proper insurance coverage for these drivers. Tow truck insurance isn’t cheap either. It can cost up to $10,000 or more for each driver and each truck. Learn more at tow truck insurance cost.
Finding a good tow truck insurance policy at an affordable rate is critical for Florida-based towing companies. Here are our recommendations of the best tow truck insurance companies in Florida.
Hot shot trucking insurance
Hot shot trucking refers to a special type of commercial trucking business. Hotshot truckers are needed when brokers and shippers need small loads that must be delivered fast. Hot shot drivers specialize in this kind of work and often ship items like construction materials, agricultural equipment, and heavy machinery from one location to the next, usually in shorter distances and in the same state.
This special commercial trucking operation comes with its own risks that hot shot trucking insurance is designed to cover. If you operate a hot shot trucking business, you need to have the proper hot shot trucking coverage to protect your business. Learn more details at hot shot trucking insurance cost and the best hot shot trucking insurance companies.
Dump truck insurance
Another type of commercial truck is a dump truck. Commercial dump trucks are mostly used in construction and mining businesses. Construction businesses have been on the rise in the US in the past decade, which also leads to the growth of dump truck businesses. There are more than 28,000 dump truck businesses in the US and it has been increasing by 2.5-3% annually in the past decade.
These dump trucks require to have dump truck insurance or commercial dump truck insurance. Dump trucks have their own insurance requirements and coverages. Learn more details at dump truck insurance cost and the best dump truck insurance companies in Florida.
How much does commercial truck insurance cost in Florida?
The average cost of commercial truck insurance in Florida is $933 per month, or $11,200 per year. Most trucking businesses pay between $8,000 and $18,000 per year per vehicle.
It makes a difference whether you have a USDOT filing or not. For example, in Florida, with a USDOT filing, the average cost of commercial trucking insurance is $19,480. Without it, you’ll pay only $12,872 (based on a 40-year old driver with a $40,000 tractor trailer).
You need a DOT number if your truck weighs more than 10,001 pounds and you use it for business purposes. You’re also required to get one if you haul or transport hazardous materials. There are many federal and state regulations surrounding who does and does not need a DOT number: you can read about federal guidelines here, but be sure to check with your state as well. Florida’s are here.
The average cost above is for a comprehensive trucking policy with most coverage that you may such as trucking primary liability, bobtail insurance, trucking physical damage, and cargo insurance. Below are the cost breakdown for each coverage:
|Trucking insurance coverage||Average costs in Florida|
|Trucking primary liability coverage||$555 per month|
|Bobtail coverage||$45 per month|
|Trucking physical damage||$230 per month|
|Truck cargo insurance||$103 per month|
Keep in mind that these are just the averages. Your rates will be different. Be sure to shop around with a few companies or work with a broker like Simply Business or Smart Financial to compare several quotes in one place to find the cheapest one for your business.
What impacts the commercial truck insurance cost in Florida?
The commercial truck insurance cost in Florida can be affected by a number of factors. Some of the most important factors that affect the cost include the age and type of truck, the driving record of the truck driver, the cargo type you haul, and the amount of coverage that is required.
How to find cheap commercial truck insurance in Florida?
Commercial truck insurance is required legally in Florida. While it might be more expensive than personal auto insurance, you can still find cheap commercial truck insurance that you can afford by following the tips below:
- Always shop around with at least 3-5 providers or a digital broker such as CoverWallet to compare several quotes before deciding on the final carrier
- Maintain a good driving record and credit score will help decrease your commercial truck premiums
- Maintaining your commercial truck insurance coverage steadily. If you have gaps in your commercial truck insurance coverage, your premiums might increase as a result
- Lastly, if you also need other business insurance policies such as general liability or professional liability or workers compensation insurance, bundling these policies with the commercial auto insurance policy will earn discounts on the policies.
What doesn’t commercial trucking insurance cover?
While commercial trucking insurance covers the same things your personal auto insurance does, there are some things it won’t cover. It won’t cover intentional damages, and it won’t cover the following types of cargo:
- Live animals
You can get some of these things covered by other insurance policies or a rider. Contraband is not insurable.
Commercial truck insurance for truck owner-operators in Florida
For every truck owner-operator in Florida, it is important to have commercial truck insurance. This type of insurance covers a wide range of potential accidents and incidents that could occur while the truck is on the road. Truck owner-operator insurance policies may provide different coverages depending on if you are driving under your own authority or leasing on to a motor carrier.
If a truck owner operator lease on a motor carrier, the motor carrier usually provides at least the trucking primary liability coverage, which is the most expensive. The owner-operator has to buy other coverages that he may need.
If a truck owner operator drives under their own authority, they need to buy a comprehensive trucking insurance policy to protect themselves and their business. This comprehensive policy is very expensive and usually one of the main expenses of the trucking business. Learn more at truck owner-operator insurance cost
Commercial truck insurance for new truck drivers in Florida
There are a few different types of insurance that new truck drivers in Florida need. The first is liability insurance, which protects you if you cause an accident that injures or kills someone. The second is the collision insurance, or also called trucking physical damage insurance, which pays for damage to your truck if you get into a crash. The third is comprehensive insurance, which covers damage to your truck from events like hail, fire, or theft.
The cost of commercial truck insurance for new drivers varies depending on your driving history and the type of truck you have. However, they can be quite expensive, especially for young drivers who are just starting out. That’s why it’s important to shop around and find the best deal possible.
Commercial truck insurance for new truck authorities and new trucking ventures in Florida
One of the most important things that new truck authorities and new trucking ventures need to know is the insurance requirements for doing business in Florida. In order to operate a commercial vehicle in the state, you must have a minimum of $300,000 in liability coverage. You may also need additional coverage depending on the type of business you are operating.
Another thing that new truck authorities and new trucking ventures need to be aware of is the permitting process for commercial vehicles in Florida. You will need to obtain a permit from the Florida Department of Transportation before you can operate a commercial vehicle in the state. The permit application process can be found on the department’s website.
Lastly, insurance companies often consider new truck authorities and new trucking ventures high-risk since they don’t have much experience driving a truck and operating a trucking business yet. As a result, new authority truck insurance and commercial truck insurance for new ventures are very expensive. You need to shop around with a few companies to find the cheapest rates for you.
Commercial truck insurance for fleets in Florida
The insurance coverage you may need for a truck fleet is similar to the ones that you need if you have one truck only. Businesses that run a truck fleet may also need trucking general liability coverage.
If you want to buy fleet truck insurance, you may want to work with some carriers specializing in fleets such as Progressive or the Hartford. If you are new to buying truck fleet insurance, you may want to work with an experienced broker like Simply Business or Smart Financial who can help you find the best coverage at the cheapest rate.
Fleet truck insurance may be a bit cheaper on per-truck basis since insurance companies often offer discounts for several trucks. Working with an experienced broker will help you find the most discounts.
No down payment commercial truck insurance in Florida
Commercial truck insurance in Florida is expensive and insurance companies usually require 20-30% down payment on your annual trucking insurance policy, which can be around $3,000-$6,000. This is a large amount of money, especially if you are just starting out with your new business. You may think you can try to find no down payment truck insurance to start with. However, you will soon realize that no down payment truck insurance isn’t available. However, you can find cheap truck insurance to reduce the down payment amount or you can find truck insurance down payment assistance programs that may be available for you.
Commercial truck insurance in Orlando, Florida
There are 4,878 trucking businesses with DOT registered in Orlando, Florida. Trucking business in Orlando, FL has been experiencing a driver shortage in the past years so severe that local trucking businesses have offered signing bonuses of $15,000 to lure new truckers to join the industry. This has run the media headlines in Orlando. Trucking businesses not only spend more to hire new truckers, they will also need to spend more on providing trucking insurance for these new drivers since commercial truck insurance for new drivers is a lot more expensive.
However, making sure these new drivers have proper and sufficient insurance coverage is critical in the long-term success of these businesses. Be sure to consider the best providers that you recommend above to secure good truck coverage at the most affordable prices in Orlando, FL.
Commercial truck insurance in Jacksonville, Florida
There are 2,980 trucking businesses with DOT registered in Jacksonville, Florida. Similar to the situation in Orlando, Jacksonville, FL has also experienced a truck driver shortage, especially for long haul trucking businesses. Recruiting new drivers to the industry is also necessary. Finding good truck insurance coverage for these new drivers at an affordable rate is also critical. Be sure to consider the top 6 providers of commercial truck insurance in the state of Florida we recommend above or the best truck insurance companies in Jacksonville, FL.
Commercial truck insurance in Miami, Florida
Similar to other parts of Florida, Miami also experienced a shortage of truck drivers given the increasing demand. Truckers and trucking businesses in Miami may pay the most for their commercial truck insurance policies, compared with other parts of Florida. Some estimate suggests 11%-23% depending on the types of trucks, truckers’ profiles, and locations in Miami.
Be sure to shop around with a few companies or work with a broker like Simply Business to compare several quotes to find the cheapest one for your truck. Getting quotes online, if possible, will make quote comparison easier. Progresisve, biBERK, and THREE offer commercial truck insurance quotes online. It shouldn’t take you more than 10 minutes to get a quote on their websites.
Although commercial trucking insurance is expensive, trying to squeak by without it could result in even more expenses. Shop around and get the best policy for you.