Running a trucking company comes with a multitude of responsibilities. Apart from reaping profit from this lucrative venture, one must stay vigilant for the unexpected turns in the way of conducting business.
In any sector where dealing with automobiles is included, the matter of risk automatically adds to the concern. Therefore, to keep your business active even during unpleasant events like accidents, thefts, or vehicle damage, having Trucking insurance is paramount. Apart from financial backing, these insurance companies need to comply fully with certain state laws. Let’s understand how this coverage can help your business in different ways.
What is Commercial Trucking Insurance?
Commercial truck insurance is a specialized type of coverage designed for large vehicles used in business, from tractor-trailers to various other commercial trucks.
Truck insurance typically covers both liability for injuries or property damage brought on by the vehicle and protection against damage to the truck itself. Additionally, policies may provide coverage for damaged or lost cargo, which is especially helpful when shipping expensive items.
Coverages Offered By Commercial Truck Insurance
Here’s a breakdown of the basic coverages that commercial truck insurance typically offers, with each coverage option playing a specific role in protecting drivers, passengers, and the vehicle itself:
- Bodily Injury Liability: This coverage compensates for medical costs in cases where other people are affected by an accident caused by the truck driver. It is an important shield against possible medical expenses for the third party.
- Property Damage Liability: If the truck driver is at fault in an accident resulting in extensive damage to another’s property, then this Insurance assists in the payment for the repair or replacement, thus easing the burden on the pocket, especially in instances of a hugely costly affair.
- Comprehensive Coverage: This insurance for the trucking business deals with damage to the truck not due to an actual accident, and it is helpful in situations such as weather conditions, fire, or when the truck was vandalized.
- Collision Coverage: There is also legal protection and compensation for any harm that occurred with or without negligence – this is especially helpful for owner-operators in case the truck is damaged.
- Medical Payments Coverage: This Insurance pays for bodily damage to the driver or his passengers in the event of an accident up to a stated amount and may even include wage loss in the event of injury.
- Uninsured/Underinsured Motorist Coverage: This Insurance for trucking business pays for repair or replacement of the truck in the event it is involved in an accident caused by a driver who is underinsured, which in reality protects owner-operators from negligent drivers with inadequate Insurance.
An independent insurance agent can assist in defining the types and a suitable truck insurance quote required by your company. They will assist you in selecting among numerous commercial truck insurance options.
Exceed Insurance- Your Go Place For Obtaining the Best Trucking Insurance Options
We at Exceed Insurance can help you get the best insurance policy for your trucking business. If you are an individual owner or you own a large fleet of vehicles, we have covered you entirely. Our team is aware of the conditions of the trucking business and is committed to offering stable and inexpensive Insurance. Let Exceed Insurance ensure your company’s assets, as well as your cars and your drivers, by getting customized insurance protection today. Contact us today to let us guide you and assist you with your Trucking Insurance requirements.
FAQs
- Why is Insurance necessary for trucking businesses?
Trucks cannot operate without proper Insurance. The FMCSA requires proof of liability and cargo insurance before issuing operating authority.
- What types of Insurance are required for hazardous materials carriers?
Hazardous materials carriers need higher levels of Insurance due to stricter regulations to ensure safety during transportation.
- Does the type of freight affect insurance requirements?
Yes, carriers transporting expensive, irreplaceable goods or passengers may face stricter Truck insurance rules and higher coverage requirements.
