Hot shot trucking is a big business that offers freedom in work scheduling while allowing for significant financial gain depending on how much and how often you want to expedite freight. While a typical truck driving job may be too demanding, a hot shot trucking job may be just what you are looking for, however in order to protect your financial standing you need to know about hot shot truckers and insurance requirements.
Are You a Hot Shot?
There are many benefits to being a hot shot driver, but what exactly is a hot shot? Hot shot trucking is a lucrative type of business that specializes in expediting freight to its destination without the use of an entire trailer. Typically the loads are LTL, meaning “less than truck-load mode” and require the use of a heavy-duty flat bed truck outfitted for a gooseneck trailer. Even though a tractor-trailer is not being utilized to haul freight does not mean that insurance matters less. By not meeting specific insurance requirements, your financial future could be essentially compromised.
Hot shot truck drivers must have a clean driving record, CDL (Commercial drivers license), open schedule, and insurance for your truck. Keep in mind that insurance for this is dependent on variable factors such as your driving experience, operational radius, amount of expedited freight, driving record and credit score.
Secure the Proper Insurance Protection for Your Hot Shot Trucking
As a hot shot truck driver, you will need to find the right type of insurance protection to cover you while expediting your freight to its destination. Below are some of the usual insurance requirements you will need as an Alabama hot shot truck driver:
Physical Damage- This insurance may be optional depending on varying factors, but provides protection for your truck and trailer for covered comprehensive/collision losses such as collision, contact with an animal, fire, theft, and vandalism.
Cargo Insurance- Cargo insurance is mandated by the FMCSA (Federal Motor Carrier Safety Administration) for protection for the cargo being hauled/transported and most shippers demand at least $100,000 of insurance. When searching for insurance, always inquire whether the cargo insurance is flexible to match the amount of freight being hauled.
Liability Insurance- Liability insurance protection includes both bodily injury and property damages that you cause while operating your truck. The FMCSA requires commercial truckers to carry at least $750,000 of coverage, while most brokers require $1,000,000 in commercial liability insurance coverage.
Keep in mind that there are other available insurance options to meet your Alabama hot shot trucking needs such as Towing and Storage, Medical Payments, and Bobtail Insurance, to name a few. It is recommended that you contact your local Alabama independent insurance agent with any questions regarding available hot shot coverage options that may suit your specific commercial needs.
Shop Around
Your cost of hot shot insurance is dependent upon many factors, as outlined above, but you can find the right type of insurance that meets your unique set of needs at an affordable price, if you shop around! While shopping for the best insurance, be specific about your trucking experience, anticipated travel radius, along with the expected load(s) you plan to expedite so that you will only be paying for the insurance you specifically need.
Burkett & Associates Insurance Agency understands your needs as a hot shot trucker and can assist you in finding the right type of insurance that is affordable to you. Call us TODAY at 256-704-7400 and let us do the shopping for you.
