We know that you cannot outrun your risk, but you can be ready for it. At Marvin Johnson & Associates, we offer a full array of insurance products. Our insurance advisors can help you identify gaps in coverage, look for ways to save money, and help to keep your rig or fleet safely on the road.
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Commercial Trucking Insurance
The type of trucking insurance you need can vary based on a number of factors. Private carriers who are hauling goods in their own truck or for an employer will need insurance designed for private trucking. Owner-operators will have different needs depending on whether they are operating under their own authority or under permanent lease to a motor carrier.
Having the right insurance for the situation is essential. For example, an owner-operator under permanent lease to a motor carrier may have their primary liability insurance provided by the motor carrier. However, there are other coverages they’ll want to consider. Additionally, the type of truck, driver experience, and goods hauled can all affect coverage needs as well.
Garagekeepers and On-Hook
Tow trucks carry a unique risk involving the property of someone else. The tow truck could be involved in an accident and the vehicle it is towing could become damaged. Also, it’s not unusual for a towed vehicle to be stored overnight at the garage of the towing company. In either scenario, special insurance is needed to cover the towed vehicle.
On-hook insurance provides protection in the case of damages to a vehicle while it is being towed. Garagekeepers insurance would cover losses sustained when a vehicle is being temporarily stored at the towing company’s location.
Sometimes a truck is driven without a trailer attached. This could include when the driver is on their way to pick up a load, has just dropped off a load, or is in between loads. When a truck is driven this way under someone else’s trucking authority, a coverage gap can exist if the truck is involved in an accident and found liable for bodily injury or damage to property.
Bobtail insurance is a liability policy that provides coverage for legal fees, damages awarded, and medical expenses for times when a truck is driven under someone else’s trucking authority and there is no trailer attached.
Trucks that are under permanent lease to a motor carrier are typically covered under their liability coverage, which offers protection when the truck is used for business purposes. But what happens if the truck is involved in an accident and is liable for damages caused while being driven for non-business purposes?
Non-trucking liability insurance offers protection when a truck is driven for personal reasons, for example while running personal errands on a day off. It covers medical expenses, property damage, and legal fees related to the driver.
There are times a trailer needs to be handed off from one trucker to another to finish the shipment. The contract that arranges this transfer is known as a trailer interchange agreement. The parties to this agreement would need trailer interchange insurance.
If a trailer is damaged, the trucker currently in possession of it would be responsible for them. Trailer interchange insurance offers protection for these damages for the period of time the policyholder is in possession of the trailer.
Rental Reimbursement With Downtime
A truck that’s been damaged in an accident will need to be taken off the road for repairs. When the truck can’t be used, the business will lose money.
Rental reimbursement with downtime may cover the cost of truck payments and other bills while the truck is inoperable due to a covered loss. It may also provide reimbursement for a temporary replacement truck.
Motor Truck General Liability
Owner-operators under their own authority and motor carriers can find themselves responsible for their mistakes. A customer injury, a delivery mistake or damage to goods, or damage to property caused by their truck or the actions of a driver can all be very costly.
Motor truck general liability insurance provides coverage for bodily injury and property damage, medical payments, personal or advertising injury, and other damages caused by the company’s own negligence.
Motor Truck Cargo Insurance
For-hire truckers are often hauling something for someone. For the time that the freight or goods are in the possession of the trucker, the trucker is responsible for any damage to the goods. Whether the goods are damaged in a collision, are spilled off the truck, or damaged during loading and unloading, the expenses associated with this damage can add up fast.
Motor truck cargo insurance, sometimes simply referred to as cargo insurance, may cover the cost of the damaged cargo, removal expenses if the cargo is spilled, lost cargo, legal fees, and freight charges if the cargo is not delivered.
If a truck is damaged in an accident and another driver is not held liable for these damages, the truck’s owner would be responsible for the repairs. The truck’s owner would also be responsible for damages caused in other ways, such as if something falls on it, it is vandalized, it catches fire, or it is stolen.
Physical damage insurance covers the cost of repairs to your own vehicle if it’s damaged by you or it is damaged by some other factor that you cannot be held responsible for. For vehicles that are owned outright, this coverage may be optional. However, if the truck is being leased or financed, this coverage may be required by the bank.
Primary liability is the main truck insurance coverage that a carrier will have. In most cases, if the driver is leased to another motor carrier Primary liability of the motor carrier will cover an accident while under dispatch. Primary liability is required in order to legally operate a truck.
Physical damage coverage can pay for repairs to your truck if it’s damaged in an accident, whether it’s caused by a collision with another vehicle or a falling tree branch, and can include collision insurance, comprehensive insurance, or fire and theft with combined additional coverages.
Motor Truck Cargo
Motor truck cargo insurance (cargo) provides insurance on the freight or commodity hauled by a motor carrier. A growing number of risk managers require motor-carriers to insure their cargo. This insurance covers you when you are responsible for damage to or loss of the cargo due to fire, collision or even hitting or running over the cargo that you transport.
Trucking workers compensation insurance protects your business and our employees from the risks that are characteristic of your industry. Marvin Johnson and Associates offers workers compensation protection that is customized to the trucking business and we use the most experienced and trustworthy workers compensation insurance brokers.View Scene
Property coverage protects your investment in property and equipment that you may purchase or lease, while its in your care, custody and control. Choosing the right motor carrier coverage is the best way to protect your investment and your business.View Scene
Medical Payments insurance
Medical payments insurance, which is available in select states, is first party coverage which can pay medical bills in the case you are involved in an accident or receive an auto-related injury.
Uninsured Motorist insurance
Uninsured motorist insurance can pay for injuries and damages to you and your vehicle, where available, caused by drivers who either don’t have insurance, hit and run, or are under-insured and do not have enough insurance to cover your injuries and damages.View Scene
Life, Health & Employee Benefits
Personal Life Insurance
Life insurance gives you the peace of mind you only get from knowing that you’ve protected your loved ones. In the event of your passing, life insurance provides money directly to your beneficiaries. In addition, permanent life insurance offers a cash value component which can be put to good use during your lifetime.View Scene
Key Man Insurance
With many small businesses the key man or key employee in the business is the business owner. In these cases, key man life insurance can be purchased on the life of the business owner to protect the company in the event that he/she unexpectedly passes away.View Scene
Life Insurance as Loan Collateral
Loans are crucial to the expansion and growth of small businesses. Whether your business is acquiring funds from a local bank, the SBA or a private lender, many of these institutions will require life insurance on the business owner(s) as security for the loan.
Group Health Plans
In general, group health insurance is the first priority for employees and is the second largest expense for employers behind payroll. We’ll help you navigate the healthcare process to evaluate your options and find the most affordable solution so you can hire and retain top talent.
Estate Planning for Business Owners
In many cases, the majority of a business owner’s estate is tied up in the value of the business. Without an effective estate plan, including a business succession plan, the business may have to close or be liquidated to pay estate taxes. With the proper use of life insurance, a business owner can provide the liquidity needed to pay any estate taxes due at his or her death.
Individuals Health Plans
Choosing the right health insurance for you and your family is an important decision. We understand, and we want you to feel confident in your choice. We will help guide you through the enrollment process and explain the various private and public options available including helping you access the Federal Exchange/Marketplace for potential Tax Credits and Subsidies.
Buy-Sell Agreement Funding and Life Insurance
A buy-sell agreement is a legally binding contract which states that at an owner or partner’s death, disability, retirement or otherwise separation from the company, the individual’s interest in the company must be sold back to the business or to the remaining owners at agreed upon terms. These agreements are crucial for small and closely held companies.