Solutions
Commercial Truck Insurance
Single Point talks truck that’s why we offer specialized insurance solutions for small fleets and owner-operators. We recognize the substantial effort involved in managing a trucking business that’s why we ensure a seamless and flexible process to obtain the coverage you need. From general liability to vehicle and cargo damage, our insurance provides personalized solutions tailored to the needs of our clients, making the entire process simple and efficient.
Truck Owner-Operator Insurance Coverage
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.
Physical Damage
This policy safeguards against the loss or damage of an insured vehicle due to collision, fire, theft, or vandalism, calculated on an actual cash value basis. Our comprehensive coverage encompasses glass breakage, chip repair (glass), and downtime protection at no extra cost to our members. Additionally, the Combined Deductible feature ensures that in the event both tractor and trailer are covered under physical damage insurance and are involved in the same accident, only the highest deductible on the policy will be applied. Shield yourself from potential losses or damages to your equipment caused by collision, fire, theft, or vandalism with our coverage, which includes windshield breakage, chip repair (windshield), and downtime coverage.
Insurance Down Payment Assistance
At Single Point, we understand that the initial hurdle for new trucking companies often lies in the down payment for insurance. The upfront cost can be substantial, presenting a challenge. That is why we created a streamlined process, making insurance down payments more manageable for your business.
Clients who have enrolled in factoring services with Single Point Capital can benefit from our deferred down payment program. In three simple steps, we can defer up to 50% of your insurance down payment.
Our Process
Step 1: Single Point works with your insurance agent to confirm coverage and your down payment amount
Step 2: Single point pays up to 50% of your down payment
Step 3: The advance is repaid from your factored invoices over a period of 6-10 weeks
Integration with Factoring Services
How can factoring help cash flow?
Your trucking business is getting plenty of loads but waiting 30, 60 or 90 days to get paid is slowing you down. Single Point Capital can pay you immediately for those invoices, allowing you to grow your base more rapidly.
Why do you need factoring services?
As you start sending us your invoices, you’ll find yourself with the freedom to concentrate on essential tasks like finding and delivering loads from Point A to Point B. With our commitment to processing your invoices on the same day, ensures that you can continue excelling at what you do best.
How does Factoring affect your insurance payments?
Clients who have signed up for factoring services from Single Point Capital can now take advantage of our deferred down payment program for insurance. We are able to defer up to 50% of your insurance down payment in three simple steps.
How does the integration with factoring services work?
Enroll in our factoring services and enjoy our down payment assistance benefits. We will streamline the collection of your weekly payments through your weekly funding, allowing you to focus on what you do best!