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4 Best Insurance for Commercial Truck Rental Businesses for 2023

Truck rental agencies make many types of vehicles available to businesses, including larger trucks, recreational vehicles, semi-tractors, semi-trailers, or other types and sizes of trailers, through short- and long-term rentals. Some truck rental agencies offer additional services, including delivering rental vehicles to customers or picking up customers and transporting them to the rental facility. Others may provide packing or loading services. Many truck rental companies even sell their used trucks direct to other businesses.

All this business complexity creates a LOT of risk.

This article will reveal the 4 best commercial truck rental insurance companies and explain the complex universe of this coverage, including the value a comprehensive insurance policy can have in protecting truck rental businesses and their clients against a wide variety of risks.

4 best commercial truck rental insurance companies 

Progressive: Best for saving money on commercial truck rental insurance coverage

Progressive is the third-largest provider of vehicle insurance in the United States. It insures cars, trucks, commercial vehicles, and more. It has over 18 million customers and more than 20 million policies in effect. Despite Progressive being known for its advertising campaigns starring the character Flo, it’s a highly reputable and serious insurer that provides excellent coverage and service. Progressive sells insurance online and through more than 30,000 independent insurance agencies across the U.S. 

Progressive is known for its discounts, so it’s a company worth checking out if you want to save money on commercial truck rental insurance.

The Hartford: Best for insurance from an established insurer

For more than 211 years, The Hartford has provided people and businesses with the insurance coverage needed to overcome unexpected challenges. It’s a highly reputable and ethical company that has solid financial ratings for strength and stability, which means it’s able to pay out on claims made by its customers. It also has high client service ratings and positive reviews from its insurance holders, which means you can expect a good customer experience whether you’re selecting coverage, purchasing insurance, or making a claim. You can buy coverage online (likely finishing the process with a phone call with a knowledgeable representative because of the complexity of commercial truck rental coverage) or through an agent.

Simply Business: Best for comparing several quotes

Simply Business doesn’t provide insurance directly. Instead, it’s a broker that connects small-business owners with business insurance through its partner companies.

After completing an online application, Simply Business will get you quotes tailored to your business needs from the network of insurance providers it works with. The rest of the insurance experience — underwriting, claims, and customer service — is handled by third-party insurers. Simply Business is an excellent option if you want to get multiple insurance quotes quickly and easily.

Simply Business is owned by Travelers, the second-largest writer of business insurance in the U.S. Simply business is known for its resource library, which contains valuable resources explaining different coverage types. It’s ideal for trucking business owners who like to learn about insurance coverage independently and compare several quotes in one place. Best for small commercial truck rental operations

The mission of is to help companies worth under $10 million find affordable small business insurance. The company has formed strategic partnerships that make it possible for it to provide fast, small business insurance quotes online. And even though the platform is tech-centric, you always have access to industry experts who can advise you on coverage. 

Why do truck rental businesses need insurance?

The answer is simple: Truck rental businesses face an extraordinary number of risks, including:

  • Vehicle loss or damage because of accidents, thefts, or vandalism. 
  • Business property loss or damage because of fire, extreme weather events, vandalism, or burglaries.
  • Employee injuries that happen in the workplace.
  • Damage to other people’s property.
  • Customers getting injured at your place of business.

These are just a few examples of perils faced by commercial truck rental companies. Many could be costly enough to put a rental agency out of business unless it has enough insurance coverage.

What types of insurance do truck rental businesses need?

The exact types of truck rental insurance coverage you need depend on your circumstances. Many factors impact your insurance needs. An insurance agent experienced with truck rental businesses or a representative at one of our recommended insurers can advise you on the coverage you need.

Here are some common types of insurance carried by commercial truck rental companies:

Fleet Insurance

No matter how extensive your rental truck fleet is, this set of policies can insure all your trucks at once. Fleet insurance covers:

  • Truck damage caused by extreme weather and other acts of nature
  • Vehicle theft
  • Collision damage.

Commercial property

Commercial property coverage will protect you if your business is damaged or you experience losses due to theft, fire, weather and other acts of nature, and vandalism. Your physical building, its contents, and outdoor property are covered. Learn more at the best commercial property insurance companies.

Commercial general liability

This core insurance coverage protects you if a customer or other non-employee is injured on your business property or you or an employee damages someone else’s property and you are sued. General liability insurance can help cover legal defense and settlement costs. Learn more at the best general liability insurance companies

Workers’ compensation insurance

Workers’ comp provides benefits to employees who are injured on the job or become ill for work-related reasons. Benefits include medical care, disability, lost wages, job retraining if the employee cannot do their routine work because of the injury or illness, and much more. Worker’s comp is required coverage if you have employees in most states. Learn more at the best workers comp insurance companies

These types of insurance are merely examples of the coverage you may need. Contact your insurance agent or connect with the recommended insurers on our list to determine what insurance you should purchase to protect your business.

How much does commercial truck rental insurance cost?

Based on extensive research, the average price of a standard $1,000,000/$2,000,000 general liability insurance policy for truck rental operations ranges from approximately $320 to $580 per month. Use that range as a benchmark. The costs of this coverage can vary based on factors like the size of the business, types of trucks, claims history, location, years of experience, and more. Also, you will need much more coverage than just general liability protection.

This is just an average. Your quotes will be different. Be sure to shop around with a few companies or work with a top broker like Simply Business, CoverWallet, or to get and compare several quotes to find the cheapest one for your truck rental business.

How can I save money on my commercial truck rental insurance premium costs?

One of the surest ways to keep premiums low is to avoid making claims on your insurance. You can do this by implementing safe business practices like:

  • Keeping customers out of your garage and vehicle maintenance department.
  • Eliminate hazards, such as loose carpets, in customer waiting and service areas.
  • Keep your business location in good condition and eliminate fire hazards.
  • Install burglar and fire alarms and fire prevention systems.
  • Ensure employees who transport customers or move trucks have perfect driving records.
  • Eliminate snow and ice from sidewalks and parking areas.
  • Regularly train employees on safety best practices.
  • Consistently inspect hoists and other equipment to ensure it’s in perfect working condition.
  • Refuel trucks in well-ventilated areas.
  • Check wiring to make sure it’s in good condition.
  • Maintain a clean and tidy workplace.
  • Store trucks in safe places difficult for thieves to access.
  • Check the driving records of the people you rent vehicles to. 
  • Keep all trucks in sound driving condition.
  • Avoid keeping trucks in locations where they could be impacted by hail and other extreme weather.

Taking these steps in all business locations will help prevent incidents that could result in claims. Preventing claims will help you control your commercial truck rental insurance costs over the long term. 

What types of coverage should businesses renting trucks get?

When someone rents a truck from a commercial truck rental company, they should get four types of coverage:

Damage waivers

A damage waiver protects against any damage to a rented truck or theft of it. If the renter secures a damage waiver policy, they won’t be financially responsible for paying for damage if involved in an accident. If the damage waiver is a limited damage waiver policy, the renter may be responsible for up to $500 worth of damage. After that, the truck rental company covers the remainder of the expenses.

Supplemental liability insurance.

If a renter hits another vehicle and causes very significant injuries or damage, supplemental liability insurance (SLI) protects them from claims made against them, typically up to $1 million.

Personal accident and cargo protection

This type of truck rental insurance protects items and belongings while inside the truck. This type of protection doesn’t typically cover damage caused by theft or shifting cargo. 

Check with your insurer to make certain the businesses you rent trucks to have adequate coverage.

How can I get commercial truck rental insurance?

You can work with an insurance agent to get your coverage or contact the providers on our list. You should get several quotes through a broker or marketplace like Simply Business or insurers like Progressive or The Hartford. You can compare coverages and costs to get the right insurance protection for your rental business at a reasonable price.

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