When the government of New Jersey introduced $1.5m liability insurance requirements for truck drivers last year, the trucking business in the Garden State was in chaos. Truckers in the state of Colorado should also monitor recent policy updates affecting their industry, especially in the realm of insurance. Trucking companies and owner-operators should learn how these new Centennial State regulations will revolutionize their business.
We’ll discuss the implications of these new regulations for the trucking industry in this blog. We will outline key adjustments that you can make to ensure compliance. Also, we’ll highlight how a local, experienced insurance company can find the best policy for your business. Remember, it’s crucial to annually reevaluate your trucking insurance policies to choose the best option based on the latest regulations laid down by the state government for Denver truckers.
4 Colorado Regulations to Keep an Eye on
Statistics say that Colorado’s freight trucking industry will exceed $1.2 billion by this year. Over 6,000 freight trucking businesses are currently operational in the Centennial State, employing a whopping 8,400+ individuals. The state government introduced several regulations in 2024 that affect Colorado’s trucking business in terms of trucking insurance. For instance, Colorado in April 2024 almost adopted a new law allowing local authorities to pass regulations that may alter the state’s current idling standards (5 minutes in 60 minutes). In 2025, these laws will play a key role in Denver’s trucking standard landscape:
Hands-Free Driving Law
Effective January 1, 2025, this law states that drivers cannot use handheld devices when they’re on the road. Only hands-free accessories are permitted now in Colorado. This law discourages distracted driving and has a deep impact on your current trucking insurance policy. Statistics say that using your smartphone while driving can double or sextuple the chances of accidents. That is why this law was passed and is now curbing the number of roadside crashes in Denver caused by trucks.
Chain Requirements for Commercial Vehicles
This law, Effective September 1, 2024, requires commercial motor vehicles with a GVWR of over 16,000 pounds to carry chains or approved alternate traction devices when wheeling on certain mountain corridors. This regulation is meant to keep truckers safe when cruising Colorado’s mountainous terrain during the chilly winter months.
Permitted Roadside Chain-Up Businesses
Colorado lawmakers are also tinkering with a bill proposal that may let private companies in the city of Denver install/remove tire chains at designated roadside locations. If passed, this bill will improve compliance with chain laws in the Centennial State for truckers’ safety.
Express Lane Regulations
Effective January 1, 2025, truck drivers may face fines for weaving in and out of express lanes outside certain designated zones. That’s how the state government aims to reduce mishaps that stem from unsafe lane changes.
How Will New Regulations Affect Trucking Insurance?
At this point, you may wonder how these regulations might affect your insurance. Well, Colorado regulations will send ripple waves throughout Denver’s trucking industry. Keep in mind that you should comply with Colorado’s insurance regulations as a trucking company. These regulations include commercial auto liability, cargo insurance, workers’ compensation, etc. So, let’s review a range of changes felt by Denver’s trucking industry in terms of trucking insurance:
- You may see an increase in insurance costs, and premiums will become costlier. Higher minimum coverage requirements and new mandatory coverages added to your policies will be a major financial blow to trucking companies.
- Whenever new challenges are introduced, compliance becomes even more complicated for businesses. Small trucking companies based in Denver that have limited resources will find it harder to keep up with the latest Colorado regulations.
- These regulations may require operational adjustments as well. For instance, you should expect to introduce stricter safety standards to accommodate more frequent inspections of your fleet of trucks. Also, revised driver training programs & new safety technologies may be needed.
- Trucking companies that fail to comply with the new regulations will face penalties, fines, or even the suspension of their operating licenses. That’s why you should find insurance providers capable of customizing a plan designed to meet demanding specifications.
How to Make Sense of New Colorado Regulations?
Data claims that 88k US-based trucking companies filed for Chapter 11 bankruptcy in 2023. So, you can make sense of these Colorado regulations by staying abreast of the latest regulations. Colorado’s trucking industry is challenged by driver shortages and supply chain disruptions. So, advancements like digital fleet management tools and electrification are revolutionizing the industry. You can minimize the potential fallout of these new regulations by:
- Staying Informed: You must monitor the latest updates posted by the CDOT (Colorado Department of Transportation), FMCSA (Federal Motor Carrier Safety Administration), & other regulatory bodies.
- Reviewing Policies: You should then review your existing insurance policies. Are they meeting the new minimum coverage requirements? Do they include all newly mandated coverages? You can bring your insurance provider into the picture to identify gaps in the current coverage plan you have. Top truck insurance companies deeply scrutinize your policies each year and select the best alternatives from a range of top-rated insurance companies.
- Managing Risk: It’ll also help if you evaluate your current risk management practices. It can end up pointing out areas for improvement. With better safety protocols, continuous truck driver training, tech investments, and the right truck insurance policy, you can easily meet this challenge head-on!
- Seeking Guidance: Don’t forget to get an experienced insurance broker who excels at providing foolproof insurance to truckers. An expert insurance provider might help you better understand the latest Colorado regulations regarding the trucking business. They will find the most suitable insurance policy and guide you through the process of getting the right insurance policy at a competitive rate as well.
Why Trust Riverbend Insurance for your Trucking Insurance?
Trucking insurance protects your drivers and your fleet against potential losses. At Riverbend Insurance, we realize that these new Colorado regulations introduce novel challenges for your Denver-based business. We offer customized coverage for every truck and driver, going beyond primary liability so you can bobtail with confidence. We offer comprehensive coverage options like commercial auto liability, cargo insurance, and workers’ compensation. So, are you ready to secure your trucking business? Contact us today to explore your insurance options.