Commercial Trucking Insurance New Jersey

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New Jersey is a state that is famous for producing chemicals. This may be a rather dubious honor. Somehow, those chemicals have to get across the country and it is truck drivers who are responsible for transporting this dangerous but necessary cargo across the USA. Whether your drivers are carrying chemicals, toys, or berries from the Garden State, they are going to need insurance.

The federal government requires that professional interstate truck drivers carry a certain amount of insurance. The state of New Jersey has requirements for drivers who never cross state lines. If you do not have trucking insurance, you can face major fines from the Federal Motor Carrier Safety Administration. You can also put people and communities in danger.

Simplex Group has been assisting small trucking companies with their insurance needs for the last 20 years. We can ensure that your trucking company will be fully compliant with federal insurance regulations and that your trucks, drivers, and the public will be protected from any accidents that may befall them. We can offer you more knowledge about the trucking industry than most commercial truck insurance companies.

There are five basic types of trucking insurance that Simplex Group can help you with.

Photo of Trucks

Liability Insurance

Liability insurance will cover you if one of your driver’s causes an accident. It will pay the medical expenses of anyone your driver injures in an accident. It will also pay for repairs to their vehicles. Liability insurance will pay for road cleanup as well as any damage done to the environment as a result of the accident. It will also pay for structures that have been damaged. Trucking accidents can cost millions of dollars, especially if there is a fatality.

The FMCSA requires interstate trucks that weigh over 10,000 pounds to have $750,000 to $5,000,000 of insurance coverage depending on the type of cargo that they carry. Drivers who carry hazardous material in an amount that requires placarding must also have this much insurance. If your truck is under 10,000 pounds and you cross state lines you must have $300,000 worth of insurance if you are carrying non-hazardous material.

New Jersey Truck Insurance Requirements

The New Jersey Department of Transportation has its regulations for intrastate truckers. If you never leave the Garden State, you should know the minimum requirements of insurance for each type of cargo that you may transport: 

  • $1,000,000 for oil transport
  • $300,000 to transport household goods 
  • $750,000 to transport general freight
  • $5,000,000 to transport hazmat materials

Physical Damage Insurance

Liability insurance might pay for repairs to the vehicles of anyone your driver hits. However, if your driver causes an accident, your liability insurance will not cover damage to your truck. Hence, you must have insurance to pay for repairs to your trucks.

Neither the FMCSA nor the NJDOT requires this type of insurance, but it is important to buy it. Your trucks are your lifeline, and they are worth thousands of dollars each. If you don’t have your trucks, you won’t have a business. Your trucks cannot be driven if they are in ill repair.

If you are financing your trucks, the financing company will want to ensure the vehicles are fully covered for physical damage before they give you any money. 

Physical damage insurance will not only cover your truck if it is damaged in an accident, but it will also cover the vehicle if it is damaged by fire or flood.

Unfortunately, trucks are subject to vandalism from protesters and rioters, as well as obnoxious people who want to draw on them. Physical damage insurance will cover your truck if it is vandalized. If parts of your truck are stolen, it will also be covered by this valuable form of insurance.

Simplex Group will make sure that all of your trucks are thoroughly covered.

Cargo Insurance

Cargo insurance is one of the most important types of truck insurance you will buy for your trucking company. Your clients depend on you to get valuable goods from one place to another. If you fail to do so, you must compensate them for the cost of their materials and the money they have lost.

The contract you have with each of your clients will specify the amount of cargo insurance that you have. They expect you to provide coverage for the wholesale cost of their goods. In most cases, you will have to provide more coverage than the minimum. 

The federal government does not require trucking companies that transport freight to have cargo insurance. However, you should never decide it is okay to go without this coverage. If your vehicle gets damaged and you are not covered for it, your reputation in the industry will be ruined.

Cargo insurance covers products that are damaged during an accident, a fire, or during a flood. It will also cover you for any lost or stolen items. Highway robbery is not unheard of in the United States, even with all the security systems that we have.

Non-Trucking Insurance

From time to time, you and your drivers may head home with your truck or at least the bobtail. When you are on your way home, you are not considered to be working. Hence, your trucking liability insurance will not cover you. Non-trucking insurance will cover you if you have an accident while you are not on duty.

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General Insurance

Any business with a brick-and-mortar facility must have general insurance. General insurance will cover you if a visitor to your property is injured. There are many things upon which a person could slip and fall at the average truck garage. Accidents happen, and you want to make sure you can pay the medical bills of anyone to whom you cause injury.

Why You Should Hire Us for New Jersey Truck Insurance

There’s no other company like Simplex Group in the trucking industry. Not only can we provide you with commercial truck insurance, but we can also provide you with full compliance services, tax services, drug testing, and even truck factoring. We understand the needs of the small trucking company, and we are committed to your success. Give us a call today.