7 Best New Venture Trucking Insurance for 2023

Thang Truong
Thang Truong
Updated on:

Are you just starting in the trucking business? You may be finding it challenging to locate the insurance you need to protect yourself and your business. Look for new venture trucking insurance companies that specialize in insurance for fledgling trucking businesses. To take some of the guesswork out of shopping for insurance, we’ve created a guide to the five best new venture trucking insurance companies. 

7 best new venture trucking insurance companies

We researched various insurance companies, and these 7 are our favorites for new venture trucking insurance companies. 

  • biBERK: Best for affordable coverage and great digital experience
  • Progressive: Best for several discounts
  • Simply Business: Best for comparing several quotes in one place
  • InsurePro: Best for flexible pay-per-day coverage
  • The Hartford: Best for fleets
  • Smart Financial: Best for connecting new venture trucking businesses with knowledgeable and experienced agents
  • THREE: Best for simple coverage

biBERK: Best for affordable coverage and great digital experience

biBERK is a new member of the reputable Berkshire Hathaways family. They specialize in selling insurance directly to small businesses. They have developed their insurance products in the way that allows them sell and distribute to small businesses completely digitally, no need to get agents and brokers involved in the process. As a result, they are able to cut costs and save small businesses at least 20% on premiums.

Small businesses can get quotes, buy, and bind the policy completely online within 10 minutes. After buying the policy, small businesses can also mange the policy completely online from downloading the certificate of insurance, adding an insured, renewing the policy, or filing a claim.

Progressive: Best for several discounts

Progressive provides commercial insurance coverage to over 12% of the market, making them the US’s largest commercial auto insurance company. The company has the largest American carriers’ market share, providing various coverages. The company also offers several discounts to their customers.

Progressive has policies available in all 50 states, and the company offers coverages for various styles of trucks. If you like dealing with your insurance companies online, Progressive has you covered. They also provide multiple payment options for their customers. 

Simply Business: Best for comparing several quotes in one place

Simply Business works with multiple truck insurance companies to provide you with several quotes to compare. Typically, they return 3 or 4 quotes either online or via telephone. Completing their form is a simple process and takes between 5 and 10 minutes. 

Simply Business is an independently operated subsidiary of Travelers Insurance, one of the largest commercial truck insurance companies. Be aware that Simply Business will likely return a quote from Travelers when they return your quotes. 

InsurePro: Best for flexible pay-per-day coverage

InsurePro is a newer and innovate small business insurance agency. They partner with many leading insurance companies and develop an innovative coverage for trucking drivers and companies. They allows trucking drivers and companies to buy coverage for a short period, just a couple of days. You only pay for the coverage when you are on the road.

This is particularly useful to new venture trucking companies. When you just start out, you may not have enough demand to be on the road every day of the month. You may not need regular coverage that you have to pay premiums for the whole month. Being to pay for trucking coverage for just a few days of the month when you are on the road will save you a lot of money. It is also super fast to get a quote on their website. You may want to give it a try.

The Hartford: Best for fleets

The Hartford has come a long way since its early days as a fire insurance company. Now, it’s one of the country’s best-known commercial insurance companies. The company has commercial trucking insurance options available in all 50 states. 

The Hartford is geared toward providing coverage for larger companies, but they do have offerings for smaller companies. If you have a fleet of trucks, you may want to start with the Hartford.  

Smart Financial: Best for connecting new venture trucking businesses with knowledgeable and experienced agents

Smart Financial is an online insurance broker. They specialize in trucking insurance and strive to facilitate an easy buying process. This company makes a bold promise of striving to help every trucker in the country find affordable insurance through an easy buying process. 

They promise to connect you with agents specializing in trucking insurance even if you are operating under new authority. Their goal of helping every trucker find coverage helps to ensure that you will find a complete coverage package at an affordable rate. 

THREE insurance: Best for simple coverage

THREE is another subsidiary of the Berkshire Hathaway family. It was founded on the belief that insurance for small businesses can be simplified in plain English with no jargon or fine print. In fact, they commit to delivering a policy document with no more than 3 pages consisting of several coverages from commercial truck to workers comp to general liability.

THREE is one of a few companies that can offer commercial truck insurance quotes online. You may want to get a quote online. It shouldn’t take more than 10 minutes to get a quote on their website.

What kind of insurance do new venture trucking companies need? 

There are three types of commercial trucking insurance that create the foundation of the policy packages purchased by many trucking companies. 

Many other insurance offerings are available, but these three form the basis for the packages many truckers consider crucial to their livelihood. Here are some of the other available coverages: 

How much does new venture trucking insurance cost?

New venture trucking insurance is always more expensive than a trucking business that has been around for a few years. The average cost of new venture trucking insurance for one box truck is $1,800 per month, or $21,600 per year. This is for a good driver, 40 years old, with no violations on his personal driving record. This policy includes trucking primary liability, general liability, trucking physical damage, truck cargo, and bobtail coverages with the following breakdown:

New venture trucking coverage Average costs
Trucking primary liability $750 per month
Trucking general liability $250 per month
Trucking physical damage $400 per month
Truck cargo insurance $300 per month
Bobtail insurance $100 per month

These are just the averages. Your rates will be different. Be sure to shop around with a few companies to compare and choose the cheapest one for you. Getting online quotes whenever available. InsurePro, biBERK, THREE, and Progressive are the carriers providing truck insurance quotes online. You may want to give them a try.

Why is new venture trucking insurance so expensive?

Trucking insurance is generally expensive. But new venture trucking is even more expensive. It is because insurance companies consider new venture trucking businesses one of the high-risk profiles.

As in any business, if you are new to the industry and without prior experience, it is a lot more likely for you to make mistakes. Making mistakes in trucking business is very expensive and insurance companies have to pay for these mistakes. That’s the reason why they charge all new venture trucking businesses a significant premium to reserve for accident payment.

Some insurance companies even refuse to sell insurance to new venture trucking businesses.

What factors affect the cost of new venture trucking insurance?

New venture trucking insurance is a risk for both the trucker and the insurance company. With that in mind, most insurance companies will consider the following factors when considering writing for new trucking ventures. 

  • Who owns the truck
  • Your personal driving history
  • The equipment you use and the loads you carry
  • Your company size
  • The location of your route

The best way to know exactly what items factor into your insurance cost is to discuss your options with the insurance company and agent you have chosen to use. Insurance companies may look at other factors as well as the ones we have listed here. The things they look at are up to their discretion. 

How do you find cheap new venture trucking insurance?

The best way to find affordable new venture trucking insurance is to compare rates for coverage. One of the easiest ways to compare quotes is to request a quote from a broker. When you find companies you are interested in working with, request quotes from them. Ensure that you are getting quotes for the same levels and kinds of coverage from each company. 

Final thoughts

As a new venture trucking company owner, you must have insurance to operate your business legally. Finding the right insurance at a cost you can afford may prove difficult as a new venture trucker. Many companies are hesitant to accept the risk of writing policies for a new venture trucking company. 

When you find companies you are interested in contracting with for your insurance coverage, ensure you compare rates and that the coverages are equal in limits and terms.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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