Commercial Trucking Yearly Insurance-Related Costs
US Xpress Enterprises, Landstar System and J.B. Hunt Transport Services spent $85.07 million, $75.68 million and $129.41 million in 2018 on insurance coverage respectively. These companies mainly purchase insurance for cargo damage, workers' compensation, employee injuries and accident costs.
Knight - Swift Transportation
- The insurance and claims related costs for Knight - Swift transportation were $215.36 million in 2018 or 4% of their total revenue which was $5.34 billion.
- These costs mainly consist of premiums for cargo, physical damage and liability.
- The insurance expenses grew from $34.44 million in 2016 to $95.2 million in 2017, while their revenues were $1.12 billion and $2.42 billion respectively.
US Xpress Enterprises Inc.
- US Xpress Enterprises Inc. spent $85.07 million on insurance premiums and claims in 2018 or 4.7% of their total operating revenue which was $1.80 billion.
- The insurance expenses increased from $69.72 million in 2016 to $77.43 million in 2017, or 4.8% and 5% of their revenue respectively.
- The company has various types of insurance including commercial automobile liability, cargo damage, workers' compensation, fiduciary liability policy and others.
Werner Enterprises Inc.
- The insurance and claims expenses were $98.13 million in 2018 or 4% of their revenue which was $2.46 billion.
- The companies' insurance policies are mainly for physical damage, workers' compensation and liability.
Landstar System Inc.
- Landstar System spent $75.68 million on insurance and claims in 2018, while their revenue was $4.61 billion.
- The insurance expenses increased from $57.28 million in 2016 to $62.54 million in 2017.
J.B. Hunt Transport Services Inc.
- J.B. Hunt Transport Services had revenue of $8.61 billion and their insurance and claims related costs were $129.41 million in 2018.
- The insurance expenses increased from $78.41 million in 2016 to $123.58 million in 2017.
- The company has different types of insurance such as workers’ compensation, accident costs, employee injuries and cargo damage.
Schneider National Inc.
- The insurance and claims related costs for Schneider National were $102.2 million in 2018, while their revenue was $4.98 billion.
- The company purchases insurance related to vehicular collisions, accidents, employee injuries and cargo damage.
- These expenses grew from $89.1 million in 2016 to $90.3 million in 2017.
We first started our search by looking for a precompiled list of commercial trucking companies in the United States. This approach provided us with a number of company names, which we then used to scan various news articles and industry publications such as Transport Topics, Supply Chain Digital, Truckers News, American Trucker and others. We hoped to find if any of these sources published the amounts that these companies spend on insurance. Since these pages mostly provided information about revenues and other financials we decided to change our strategy and try to find financial reports for the identified companies. Next, we identified which of these companies are public, since they are required to publish their financials. Then we searched each company's website and scanned their annual reports. We found information about insurance expenses for 6 commercial trucking companies, their revenues and also information about the type of insurance they have.