The trucking and freight industry is crucial to the economy, transporting goods from coast to coast. But a lot of liability is riding on your trucking and freight operation.

Thieves stole over $31.1 million in shipments in the last quarter of 2023, according to CargoNet’s Q3 2023 Supply Chain Risk Trends. Check out these top freight theft schemes:

Straight theft is when criminals steal straight off the truck along the route or at a stop.

Strategic theft is when scammers fake a legitimate freight booking or transfer loads between brokers without authorization. Strategic cargo theft groups focus on stealing high-value goods during transportation. Others pretend to be brokers: They book freight with one carrier, switch to another at a cheaper rate and pocket the difference. Both types of fraudsters have a deep understanding of the supply chain and know how to exploit it.

Cyber theft is when a cybercriminal captures driver, broker or warehouse employee credentials and account information. They use these credentials to fake identities, access warehouses and truck routes, or impersonate a freight broker using stolen account logins to intercept loads.

Solutions for federal and state requirements

Motor carriers, freight forwarders and brokers need permission from the Federal Motor Carrier Safety Administration (FMCSA) to operate across state lines or international borders. To get permission, they must carry insurance that complies with FMCSA standards.

Public liability insurance covers bodily injuries, property damage and environmental restoration due to motor carrier negligence. The FMCSA requires specific amounts of insurance, such as:

• $750,000 to $5 million in public liability coverage (depending on what they’re transporting) for trucks weighing 10,001 pounds or more
• $300,000 in public liability for trucks carrying nonhazardous materials weighing 10,000 pounds or less

Even if you don’t operate across state lines, you still need insurance that complies with your state laws. We work with insurance carriers that understand the proof of insurance required for federal and state authorities.

But we also recommend protection that goes beyond just compliance.

Get complete protection

In addition to meeting regulatory requirements, you should protect your trucking operation from liabilities threatening your revenue — like vehicle accidents, cyberattacks, cargo theft, and damaged and lost freight. Here are common risk areas that we cover:

Bobtail insurance/nontrucking liability covers your rig when you aren’t under dispatch or you aren’t pulling a loaded trailer.

Commercial umbrella insurance extends liability limits across multiple lines of insurance once the limit on a named policy is exhausted. Umbrella insurance extends to several policies, not just one.

Completed operations coverage helps if a client claims your delivery services damaged their freight and sues you for losses.

Cyber liability insurance covers data theft and losses if a hack compromises your telematics, broker, routing or client management software. It covers restoring software, fines, legal fees and free credit monitoring services.

Excess insurance increases the liability limits on an insurance policy of your choosing. Excess coverage is limited to one policy.

General liability insurance covers bodily injuries and property damage sustained while on your premises, from using your products or services, or because of a breach of contract. It applies to anyone who isn’t an employee.

Motor truck cargo insurance covers your freight against damage and loss. Cargo insurance can protect against various catastrophes, from theft to refrigeration failures.

Physical damage insurance covers truck and trailer repairs after an accident. Add uninsured/underinsured motorist coverage to your auto policy to protect against underinsured drivers.

Workers’ compensation insurance covers employees injured on the job.

Call us for a coverage review

We’re an independent agency. That means we work for you, not the insurance company. We’ll shop multiple insurance carriers and advise you on trucking and freight policies for your business. Call us for a review of your insurance. We’ll see if we can save you money or find better coverage — or both!