Workers Comp Insurance for Trucking Companies

Where can you find workers comp for trucking companies at a fair price? Learn how Coastal Work Comp Brokers can help—even if you haven’t been able to get affordable coverage in the past.

Are you frustrated by the search for affordable workers comp for trucking companies? You may feel like you are between a rock and a hard place.

Perhaps you are struggling to qualify for coverage for your trucking and towing business through traditional insurance companies, but purchasing through the State Fund is cost-prohibitive. What can you do?

At Coastal Work Comp Brokers, our brokers are the problem-solvers and experienced insurance shoppers you need on your side. We help trucking and towing companies like yours to find the ideal policy to meet their needs and budget.

Because our team specializes in high-risk industries, we won’t turn you away—even if you have had a lapse in coverage or previous accidents.

Learn how to protect your business and employees with the workers compensation insurance every trucking business must have to operate ethically and legally.

Do Trucking Companies Need Workers Comp?

Like nearly every other industry, a trucking and towing company that hires employees must either purchase a workers’ compensation policy from an insurance provider or through the State Fund. It doesn’t matter if your truckers work full-time or part-time—they still need coverage.

Without proper insurance, you may experience significant financial hardship or even lose your business trying to cover medical bills and related expenses out of pocket.

There’s no need to leave your business or employees vulnerable. Trucking company worker’s compensation insurance pays for any bills that may arise due to a work-related injury.

Even the most experienced and cautious truckers can suffer from unfortunate accidents and injuries, both on and off the road. These accidents can lead to extensive injuries or death.

Some of the most common trucking and towing injuries include:

  • Bruises
  • Sprains and strains
  • Cuts and abrasions
  • Fractures
  • Soreness and chronic pain

Typically, these injuries happen in a road accident, when loading or unloading freight, while making roadside truck repairs, or during a slip and fall accident exiting or entering the truck.

For truckers in the towing industry, accidents that result in fatalities are 15 times greater than usual, while nonfatal injuries are twice the average.

All it takes is one accident to end a trucking employee’s career. Each time they go out on the road for you, there is inherent risk. The right workers’ compensation coverage will give your truckers peace of mind, so they can focus on doing their jobs to the best of their abilities—not worrying about the future if they have an accident.

Have Other Companies Denied Your Applications for Coverage?

Unfortunately, many national insurance companies won’t even quote insurance policies for specific categories of trucking and towing, such as long-haul and short-haul, because these categories have a “high risk” label. If they offer a quote, the premiums are often so outrageous that you can’t afford the coverage.

As a result, you may find yourself between a rock and a hard place. How can you get reliable and affordable work comp coverage to avoid a worst-case scenario? Costal Work Comp has the workers’ compensation solutions to protect your employees and your business.

Our dedicated brokers will not turn you away or try to sell you something you could never afford. We work diligently to help you find a plan that meets your unique business needs and budget.

You should never feel like you don’t have viable work comp coverage options. Let our brokers shop for your trucking or towing business and show you how hassle-free the process can be.

At Coastal Work Comp Brokers, our goal is to simplify the way you shop for trucking workers’ compensation insurance. Unlike other brokers, we know how to find the ideal plans for businesses in any industry.

Our team specializes in high-risk, high-mod industries, including long-haul and short-haul trucking. When you choose us, you can expect to find the coverage you need at a fair price.

Do Owner Operators Need Workers Comp?

Are owner-operators considered employees? The answer varies, depending on the contract and your state. Most states require all truckers—regardless of their owner-operator status—to have workers’ compensation coverage.

If your company is subcontracting truck drivers, you can typically elect to include them in your workers’ compensation coverage, or the trucker can agree to purchase Occupational Accident Injury Coverage for himself. Either way, there must be coverage in place.

What is right for your trucking business operations? Our Coastal Work Comp Brokers brokers can help you navigate the often complex guidelines for workers’ compensation in your state to determine the best option for your situation.

How Much Is Workers Comp Insurance for Truck Drivers?

Several factors contribute to your trucking workers’ compensation premium. It’s important to keep in mind that the premium cost can fluctuate each year, depending on the number of employees you have, any accidents that take place, and the nature of your specific trucking business.

Every insurance company uses the same factors and formula to calculate the premium you will pay:

Trucking Workers Comp Class Code (X) Employer Payroll (X) Experience Modification Rate (=) Premium

What is the class code for trucking? It depends on the details and duties of your business. The National Council on Compensation Insurance assigns every job a class code rating. The 4-digit codes are directly related to the type of work the trucking employees perform on the job.

Unlike some industries that only have one primary code, the trucking industry has several:

  • Short Haul Trucking – 7228
  • Long Haul Trucking – 7229
  • Mail and Package Delivery and Courier Services – 7231
  • Trucking – Package and Parcel Delivery – 7230
  • Commercial Drivers, Chauffeurs, and Messengers – 7380
  • Contract Trucking – U.S. Postal Service – 7232

So using the above formula to calculate the premiums for a long haul truckers’ coverage, you would multiply the long-haul trucking workers comp class code 7229 by the employer payroll amount and by the experience modification rate to get the premium.

The experience modification rate is based on your claims history—similar to a credit score for your company. Your rating starts at 1, with no accidents, and the number increases each time your company has an on-the-job or workplace accident.

As you can see, the amount of your payroll also factors into your premiums. For each $100 of your trucking or towing company’s payroll, you will pay a set rate determined by the specific class code.

If your company involves multiple types of trucking services, you will need to plug each applicable class code into the formula.

We Can Help You Find Affordable Trucking Workers’ Comp Coverage

At Coastal Work Comp Brokers, we understand that the workers’ compensation insurance details can get complicated. If you have a business with 5 to 500 employees, let us help you make sense of it all so that you can get affordable coverage in place right away.

We believe every business in every industry should be able to buy cost-effective coverage. Even if other insurance companies denied your application, we can help.

With our brokers on your side, you can:

  • Avoid the annual insurance audit
  • Avoid lawsuits
  • Lower your premiums by 30 to 40%
  • Get insurance at a fair price, even if you were non-renewed by a carrier or have gaps in coverage

Plus, we serve clients nationwide and provide value-added risk/claims management and human resources at no extra cost. We have helped thousands of small-to-mid-sized companies in high-risk industries, even those with high-mod ratings and gaps in coverage.

Let us pre-qualify you for coverage and then shop around until we find the right plan for your trucking and towing business.

Call 323-543-4141 for expert help in finding the best workers comp for trucking companies.