Insurance is one of the biggest expenses for trucking companies and owner-operators. At Single Point Capital, we provide affordable insurance coverage for Class A vehicles, so you can focus on growing your business instead of worrying about premiums. Our insurance coverage for Class A vehicles includes:
Primary Auto Liability: Primary liability coverage from Single Point Capital pays for damage and/or injuries to others when an accident occurs, and the driver is found to be responsible. Typically, Class A vehicles over 10,000 pounds require a minimum coverage of $750,000. That said, the recommended minimum is $1 million or above for drivers, which is the industry standard. Physical Damage: Physical damage coverage provides protection for tractors, trailers, and other equipment in case there is an accident.
Motor Truck Cargo: All commercial carriers and owner operators are require to carry Motor Truck Cargo Insurance. The typical minimum suggestion for this is $100,000. Our motor truck cargo policies cover the carrier in case they are responsible for the loss, damage, or destruction of items being shipped, including lost packages, damaged/broken goods, and stolen articles.
General Liability: General liability offers coverage for a business in case of negligent acts resulting in property damage or injury on the premises when someone is injured while performing general operations or if someone is injured due to using the equipment.
Bobtail Liability: Small fleets and owner-operators are at their most vulnerable after they have completed shipments, because the hiring company only offers coverage until the load is delivered. Keep vehicles covered after they have made their deliveries, and are on their way back to your terminal.
Occupational Accident Insurance: Most states do not have workers’ compensation laws that apply to owner-operators, even if they are working with motor carriers. Occupational accident insurance provides benefits to owner-operators who suffer injury, death, or medical issues while on the job.
Workers’ Compensation Benefits: When employees at a trucking company suffer injury, illness, or death, workers’ compensation provides compensation and medical care. The amount of care and compensation varies from state to state. Single Point Capital offers the resources to help owner-operators and small fleets navigate workers’ compensation guidelines so they can protect themselves while also ensuring employees get the help they need.
Insurance Down Payment Assistance
Clients who use our freight factoring services can take advantage of our insurance down payment assistance program to offset the steep cash outlay of insurance premiums. Our simple program features:
• Single Point works with your insurance agent to confirm coverage and your down payment amount
• Single Point pays up to 50% of your down payment
• The advance is repaid from your factored invoices over a period of 6-10 weeks
Single Point Capital also offers premium financing to help manage costs without placing a strain on cash flow.
Whether you own a small fleet, are launching a new trucking company, or if you are an owner-operator, get the insurance coverage you need to keep moving safely, without breaking the bank. Contact Single Point Capital today.
