Commercial trucks are an important part of the transportation industry, delivering goods and products across the country and around the world. However, with the increase in demand for commercial trucking comes a greater need for insurance protection.
Commercial truck insurance is a specialized type of coverage that provides financial protection for trucking companies and their drivers.
That said, there are different types of coverage available, each designed to provide specific protection for different aspects of the trucking industry.
Whether you are a small business owner or a large trucking company, understanding these coverage types is essential to ensuring that your business is adequately protected in the event of an accident or other unexpected event.
In this article, we will explore the different coverage types of commercial truck insurance, including liability coverage, physical damage coverage, and cargo coverage.
So, let’s dive in and learn more about the different coverage types of commercial truck insurance.
Liability coverage is the most basic type of commercial truck insurance and is required by law in most states. This coverage protects drivers and trucking companies from financial losses in the event of a third-party accident. Liability coverage includes bodily injury liability and property damage liability, which covers medical bills, damage, and lost wages.
It’s important to note that liability coverage limits vary depending on the state and the trucking company’s needs. The minimum liability coverage required by law may not be sufficient to cover all damages in the event of an accident.
As such, it is essential to work with a reputable commercial truck insurance company to ensure that you have adequate coverage for your business. Insurance companies can provide guidance on the right amount of liability coverage for your company, taking into account your business size, type of cargo, and other factors.
Cargo coverage protects the cargo being transported by the truck in the event of damage or loss, making it very important for all commercial trucking companies. This is especially true for those that transport valuable or fragile cargo.
You’ll find that the cost of replacing or repairing damaged cargo can be significant. But cargo coverage ensures that your business is not financially burdened in the event of an accident or other unexpected event.
Non-trucking Liability Coverage
Non-trucking liability coverage is another type of commercial truck insurance that is often overlooked. It protects drivers when they are driving their vehicles for non-work related reasons, such as driving to and from their homes, offering coverage against bodily injury liability and property damage liability, similar to liability coverage.
Without this coverage, drivers may not be protected in the event of an accident while using their trucks for personal use.
Understanding the different coverage types of commercial truck insurance is crucial to ensuring that your business is adequately protected in the event of an accident or other unexpected event.
That said, when choosing commercial truck insurance coverage, it is important to work with a reputable insurance company that can provide guidance on the right coverage types and limits for your business.