If they raise the liability minimum to $2 million or more...

An insurance expert once told me, "the first million dollars is the most expensive. You can get 5 million for not much more"

I worry about the first year for a new operator. Its already edging over $20,000 for the first year.

 

LMAO! Me neither Joe, I don't think I'm quite ready.

Great info Steve, thanks. For the price I think I'll keep mine but dang, I felt better before I read that.

 

I have 1 million umbrella coverage for my business, however it does not cover anything related to cargo hauled for others, it only covers my business properties and vehicles on company business. It specifically does not cover any "for hire" loads I do. I drive my insurance company nuts since I have trucks that do company deliveries for items we sell, and trucks for hire.. and those trucks cross over on certain days.

 

Peasant.

 

Ugh - this always upsets me because these companies always want more and more.

I currently have to have:
- 1 million Auto ( 18k / yr )
- 1 million General liability ( $750 / yr )
- 1 million Pollution ( 1k / yr )
- 100,000 Cargo ( $750 / yr )
- 5 million Umbrella ( 8k / yr )

This is on 2 trucks, 4 trailers and 1 pickup.

 

I wonder how that AB-5 getting promoted to a national agenda will affect trucking for all the leased on Owner Operators.
There was something in the news about it in the last weeks, regarding the US Department of Labor posting and then deleting a portion clarifying the position on it from the federal standpoint.

 

Pretty easy cure for that. Two check system @ minimum wage. Have already done that to some leased on here so they get access to reasonable medical and 401.
Biggest affect would be on the LP people that don't even clear a minimum wage.