Liberty Mutual Commercial Fleet Insurance Review

Liberty Mutual is one of the largest insurance companies in the United States, insuring both individuals and businesses. The company offers customized insurance policies for trucking and towing companies.

Liberty Mutual Commercial Truck Insurance

Liberty Mutual offers coverage options for trucking fleets and commercial vehicles. Additionally, the company provides specialized coverage for smaller fleets through its Motor Cargo product.

Fleet Insurance Coverage

Liberty Mutual offers comprehensive, standard commercial auto insurance options as well as add-on coverages to bridge gaps and mitigate risks. They offer the essential coverages to meet the basic needs of fleet owners. Additional coverage is also available to mitigate other risks that your business may face.

A commercial auto insurance policy from Liberty Mutual should include the following coverage:

Bodily Injury

Most states will require bodily injury coverage. If someone in your fleet gets into an accident and another party is hurt or killed, bodily injury liability will cover:

• Medical costs
• Funeral expenses
• Loss of income

Bodily injury liability is an essential coverage for commercial trucking companies.

Property Damage Liability

Property damage liability is also mandatory in most states. Just as the name suggests, this coverage will cover the costs of damage to third-party property if you are at-fault for an accident.

Collision

Although optional in many cases, collision coverage is a smart investment for trucking fleets. If a truck is damaged in an accident, collision will cover the cost of repair. In addition, damage will be covered whether your truck was parked or if you were at-fault for the accident.

Comprehensive

Comprehensive is also an optional coverage, but it’s another great investment for commercial trucking fleets. It covers the cost of damages or loss caused by unforeseen events, such as:

• Natural disasters (storms, floods, etc.)
• Fires
• Theft
• Vandalism

With natural disasters on the rise, comprehensive is worth the investment.

Medical Payments

Medical payments, also known as personal injury protection (PIP), will cover medical care for drivers and their passengers if they are injured in an accident. Along with the initial medical care, PIP can also cover lost income and legal fees.

Uninsured or Underinsured

An estimated 1 in 8 motorists in the U.S. doesn’t have auto insurance. Many more have the minimum coverage or not enough insurance to cover the cost of damages in an accident. Uninsured or underinsured coverage will cover the cost of damages if you are in an accident with a driver who doesn’t have enough (or any) coverage.

Add-On Coverage: On-Hook Towing Insurance

Liberty Mutual also offers additional coverage for on-hook towing. If a driver in your fleet is in an accident and the truck needs to be towed, this coverage will cover these costs.

Additional coverage may also be available to cover your unique needs. Plans can be customized and tailored to mitigate the unique risks that your business faces.

Liberty Mutual Motor Cargo

In 2022, Liberty Mutual introduced its Motor Cargo insurance product. Motor Cargo is designed for fleets with less than 50 vehicles that operate within a 500-mile radius. It replaces the motor truck cargo product that was once offered by Liberty Mutual.

Liberty Mutual introduced the product to better serve an underserved market that will continue to grow. It aims to provide coverage for small businesses and gig drivers that require specialized coverage.

Prior to this offering this product, small fleet owners relied on policies designed for larger fleets and long-haul trucking operations. These policies often have unnecessary coverages and excess limits that do not meet the needs of smaller fleets.

Motor Cargo simplifies insurance coverage for last mile delivery operations, offering specialized coverage that addresses their needs and risks. It also comes at a more affordable price for smaller business owners and gig workers.

Coverages include:

• Trailer coverage
• Electronics coverage, which includes onboard and off-board equipment used for tracking, communication and navigating
• Refrigeration breakdown
• Fraud coverage
• Contract penalty coverage
• Expediting expenses coverage

A Liberty Mutual agent can provide more information on Motor Cargo coverage. Initially, this product was only available in select states, but it will be available in all states by the end of the year.

Policy Discounts

Commercial auto insurance comes at a cost for every business, even if it is an essential expense. Like other insurance companies, Liberty Mutual offers discounts to help reduce premium costs, which include:

• Multi-policy
• Paid-in-full
• Package discounts

Other discounts may be available. An agent can explain which discounts are available and how to obtain them.

It’s important to note that Liberty Mutual does not offer online quotes. You will need to contact an agent directly to get a quote on a policy for your commercial fleet. However, they do disclose factors that may affect your premium costs, which include:

• The trucks you’re insuring
• Your location
• Driving history

Liberty Mutual’s commercial auto coverage and Motor Cargo products can help fleet owners mitigate risks. Customizable policy options allow you to choose the coverage that best suits your needs and budget.