Every business has unique requirements, and those requirements necessitate the purchase of tailored insurance. If you are a truck owner-operator or lease through a motor carrier, you will want to find the best truck insurance, and arming yourself with knowledge is the first step.
Commercial truck insurance is a subcategory of auto insurance policies designed to cover trucking needs. The trucking policies begin with primary liability and progress to various additional coverages.
What Does Commercial Truck Insurance Include?
Primary liability truck insurance is frequently required as part of obtaining a trucking license. It protects people and property from damage caused by your truck. If you are a driver and wish to drive on your own authority, you must have primary liability insurance. When you own and operate a trucking company, you will extend your trucking insurance to include general liability. This includes:
- Physical Damage Coverage
- Motor Truck Cargo Insurance
- Bobtail Insurance Coverage
- Reefer Breakdown Coverage
Do you need car insurance to drive, and nothing more? Your goal is to have primary liability. Do you need to get your trucks back on the road? You’ll need general liability insurance. If you need a Philadelphia trucking insurance agency, ensure that you receive an insurance plan that suits all your requirements. Keep reading for more detail about these types of insurance coverage.
A general liability commercial truck policy would cover you in the following scenarios:
- Bodily Injury: If your truck injures someone, this pays for medical bills as well as potential lawsuit costs. This also includes anyone who may slip and fall on your property.
- Defective Property/Damaged Materials: If your truck causes damage to someone else’s property, this will cover the cost of repairing and replacing the property. Furthermore, general liability insurance will cover the costs and damages if you deliver goods to the incorrect address.
- Driver Injuries at Delivery Locations: Many variables fall into this category, but if your driver damages property at another location; your general liability will cover the damage.
- Libel, Slander, and False Advertising Claims: If you do any type of advertising or portray your brand on the road, general liability coverage can help in the event of a libel, slander, or false advertising lawsuit.
Discussing the cost is vital
The cost of truck insurance will vary depending on your needs, and it is essential to understand that commercial truck policies are not cheap. For example, an owner-operator looking for primary liability coverage for his or her employees can expect to pay between $5,000 and $7,000 in premiums per year.
Adding endorsements raises the premium. Other factors that may influence your insurance costs include:
- Age
- Driving history
- Your equipment’s age and condition
- The types of items you transport
- Requirements of the state
- How far your drivers drive
Selecting the Suitable Policy
Because trucking regulations and safety requirements are so specific, finding an insurance agent and provider who is familiar with commercial trucking is an important part of the buying process. In order to protect your trucking company or yourself as a for-hire trucker, you must properly insure yourself with a professional.
Whether you need primary truck insurance or general liability, insurance does not have to be an extravagance — and including it in your business costs could help you survive the financial burden of an accident or disaster.
An insurance professional will always take the time to explain coverage options in detail and walk you through the various types and options. Primary coverage is required, general liability coverage may be required or recommended, and any additional endorsements will strengthen your protection.
Consider your business and its worst-case scenarios. Be sure to contact a reputable car insurance broker to receive the policy that suits your vehicle.
