Commercial Trucking Insurance Types To Consider
In the long-distance trucking industry, many challenges must be faced. Specific insurance policies are designed to address these concerns and help trucking businesses avoid financial hardship. If you own a truck for hire, operate a hauling business, or are thinking about starting a logistics company, you need to know what truckers’ insurance types are available to get.
Auto Liability Coverage
Truck drivers must acquire primary auto liability insurance. This is a must no matter where you are from. Whether a truck is leased or owned, this type of insurance is a must. It must be covered by commercial auto insurance for numerous reasons. For example, if a third party is hurt in an accident, this liability insurance will protect you.
General Liability Coverage
While auto liability covers you in the event of damage or injury, general liability does not. However, general liability coverage is needed when a third party or your property is injured. It can be due to an accident caused by your operations or by one of your workers when loading inventory. General liability insurance can safeguard your assets and your business from financial loss.
Coverage Against Uninsured Motorists
It cannot be denied that not all motorists are insured. Some have insurance, but sometimes, the coverage is not enough to cover the cost of the damage that they have caused. This Commercial trucking insurance San Antonio will cover the amount due if an uninsured or underinsured driver hits you. This will prevent you from paying the bill yourself.
Bobtail coverage is also called the “non-trucking liability.” It protects the truck when used for personal or off-dispatch operations. It covers any situation where the primary liability coverage does not cover the owner/operator. However, you have to note that bobtail insurance does not cover when a truck is towing a trailer or is utilized to transport property for profit.
Physical Damage Coverage
The physical damage coverage will cover the cost of commercial truck and trailer repairs. In the event of damage caused by theft, natural disasters, collision, or vandalism, it can be used to protect against liability. If your truck or trailer is damaged beyond repair, the physical damage coverage will pay for a new one. The rates you pay will be based on the truck’s and your equipment’s value.
Trailer Interchange Insurance
In the event of physical damage, trailer interchange insurance provides coverage for trailers towed under a trailer interchange agreement. This is a form of physical damage insurance for trailers that you do not own. Fire, theft, collision, vandalism, and explosion are all covered if your trailer is damaged in any way.
When looking for trucking insurance, be sure you get all the coverage you need. As a result of a lack of insurance coverage, you may be forced to pay out-of-pocket for the expense. You will also have minimal protection in the event of an accident. Trucking insurance needs to be reviewed every year to ensure that your fleet’s demands and needs when it comes to insurance coverage are being met.