Don’t be confused by the word auto in this type of insurance. If you own a trucking company or are an independent semi driver engaged in the business of transporting goods, you must have a motor carrier liability policy.

In the event of an incident, such as damage to one of your semis from accident, weather or other incident, you can file a claim and receive compensation that will help cover the cost of repairs – and more.

If you or one of your drivers is at fault in an accident that injuries another person or damages their property, that person can file a claim with your insurance company. In this case, your motor carrier auto liability insurance will cover the cost of the claim, up to the limit of your policy.

After you get your quotes, pin down the cost and buy the insurance, your agent will post insurance filings with the Federal Motor Carrier Safety Administration to show that you have auto liability insurance.

Tip: Many trucking company owners and independent semi drivers choose to buy a commercial umbrella policy to cover the costs of large liability claims that exceed the limits of the vehicle liability policy. This strategy can provide much higher limits - in $1 million increments, to cover the costs of liability claims and law suits and protect your business from potential financial upheaval.

Remember: You cannot legally operate your semi – or fleet of trucks - until these filings are in place.