To start a trucking company in Mississippi, you need at minimum commercial auto liability insurance ($750,000-$1,000,000 depending on cargo type), cargo insurance ($100,000+), and physical damage coverage for your trucks. Federal Motor Carrier Safety Administration (FMCSA) regulations require specific minimum insurance levels before you can obtain your operating authority (MC number). Mississippi-based carriers hauling general freight interstate need $750,000 in liability, while hazmat carriers need $1,000,000-$5,000,000 depending on the materials transported.
Required Insurance for Mississippi Trucking Companies
| Coverage Type | Minimum Required | Recommended |
|---|---|---|
| Commercial Auto Liability (general freight) | $750,000 | $1,000,000 |
| Commercial Auto Liability (hazmat) | $1,000,000-$5,000,000 | Match FMCSA requirement |
| Cargo Insurance | $100,000 | $250,000-$500,000 |
| Physical Damage | Required by lenders | Full value of trucks |
| Workers Compensation | Required if employees | Required by law |
| General Liability | Not federally required | $1,000,000 |
| Umbrella/Excess Liability | Not required | $1,000,000-$5,000,000 |
Commercial Auto Liability Insurance
This is the primary coverage required by FMCSA. It pays for bodily injury and property damage you cause to others in an accident. The $750,000 minimum for general freight is a federal floor — many shippers and brokers require $1,000,000 before they’ll contract with you. Liability insurance for new trucking companies in Mississippi typically costs $8,000-$15,000 per truck per year, though rates vary significantly based on driver experience, driving records, cargo type, and operating radius.
Cargo Insurance
Cargo insurance protects the goods you’re hauling. FMCSA requires a minimum of $100,000 for general freight carriers, but most shippers expect $250,000-$500,000. If you haul high-value cargo, you may need higher limits. Cargo insurance covers theft, damage from accidents, and spoilage for temperature-controlled loads. Costs typically run $1,500-$3,000 per year for a small Mississippi fleet.
Physical Damage Coverage
Physical damage insurance covers your own trucks and trailers against collision damage, theft, fire, vandalism, and weather events. If you finance or lease your equipment, lenders require this coverage. Even if you own your trucks outright, the cost of replacing a $150,000 semi-truck makes physical damage coverage essential. Deductibles typically range from $1,000-$5,000, and annual premiums run $3,000-$8,000 per truck depending on value and deductible.
Workers Compensation in Mississippi
Mississippi requires workers compensation insurance for trucking companies with employees. If you operate as a sole proprietor with no employees, you’re exempt but may want to carry it anyway. Workers comp covers medical expenses and lost wages for employees injured on the job. Mississippi’s workers compensation rates for trucking range from $5-$12 per $100 of payroll depending on the classification code.
Getting Your MC Number and Filing
Before you can haul freight, you need your FMCSA operating authority (MC number). As part of the application, you must file proof of insurance using Form BMC-91 (for liability) and Form BMC-34 (for cargo). Your insurance agent files these forms directly with FMCSA on your behalf. Bridgeway Insurance Agency handles this filing process for Mississippi trucking companies as part of our commercial auto service.
Start Your Mississippi Trucking Company With the Right Coverage
Bridgeway Insurance Agency specializes in commercial auto insurance for Mississippi trucking companies. We help new carriers get the coverage needed for FMCSA compliance and file all required forms. Call (601) 264-0541 or request a quote online.
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