Commercial trucking insurance is essential coverage for a small business or an owner-operator offering trucking services. Insurance can be a costly item for a company that owns only one or two trucks. The options available differ according to the type of truck. Equally important, the goods carried, the risks incurred and the number of years’ experience the driver has. The insurance package you choose for your business will likely include several types of coverage. Understanding how these work will help you identify the options you need.
Types of Commercial Truck Insurance
The category of commercial trucks involves several types of large vehicles, including:
- Semis (tractor-trailers or 18-wheelers)
- Dump trucks
- Garbage trucks
- Car haulers and auto trailers
- Tow trucks
- Flatbed trucks
- Tank trucks
- Box trucks
What Does Commercial Trucking Insurance Cover?
Like many auto insurance policies, commercial truck insurance comes with several types of coverage. Each coverage is specifically designed to protect your business and your personal assets. The coverage you need may include:
Commercial truck liability insurance:
Covers your liability risks in the event that you or one of your employed drivers causes an accident. Your commercial truck liability will include bodily injury liability. That is to cover the costs of injuries and medical expenses for the injured party. Also, property damage liability to cover the costs of property damage in an accident. In other words, physical damage to third parties. Your commercial truck liability insurance will typically also cover the costs of legal defense. No matter if your company at fault in an accident
Physical damage coverage:
As mentioned above, covers the costs of damage to objects. In this case, for your vehicle. This coverage includes both collision coverage to pay for damage from a crash and comprehensive coverage to pay for damage from theft, vandalism and “other than collision” causes
In addition to these types of coverage, you will have many other options as you structure your policy to cover your specific concerns. For example, if your employees sometimes need to drive their own vehicles in the course of business, you may want a non-owned vehicles policy. This coverage will protect you and your drivers from the costs associated with accidents that occur during business hours when an employee is driving a vehicle that your company does not own.
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