Whether you own a long haul business or a delivery service, you are going to need commercial truck insurance. This is a form of insurance that will not only protect you in the event of an accident, but it can cover everything from medical related expenses to repair costs of the vehicle. And, this is not to even mention that the law requires it. If you are caught in a commercial vehicle without this insurance, there is a good chance that you might end up losing your license. That being said, commercial insurance is by no means inexpensive or easy to understand.
Don’t Completely Rely On Your Broker
As a busy business owner, you are probably just thinking that you can find a good insurance broker and leave all the work to them. This is why they exist in the first place, right? It is true that your broker can be an excellent resource and extremely helpful when it comes to helping you decide the types of coverage that you will need. However, you really need to sit down and consider all the risks that you and your employees will be exposed to. You will also need to greatly weigh the question of how much coverage you are going to need.
Your Provider Should Know Trucking
You are in the trucking business and you probably know everything there is to know about the business. Well, any good truck accident lawyer will tell you that it is also imperative for your insurance provider to understand the industry as well. There are a number of insurance providers out there, but not all of them specialize in trucking insurance. The provider needs to fully understand the trucking business, so they will know the specifics risk and losses that you are exposed to on a daily basis. Not getting the right type of coverage will result in higher costs and lost time after an accident.
Understand The Types Of Coverage
Probably one of the most confusing things about commercial truck insurance is that there are so many coverage options. Of course, each option is designed for a very specific risk, but you need to completely understand what each coverage option has to offer you.
- General Liability Coverage – This type of coverage will protect the actions of any driver who is working on someone else’s property. For instance, if you pulling into a loading dock and accidentally damage a piece of property in the process, this coverage will pay to rectify the damages. It also covers any damages that are inflicted to the load that you are carrying.
- Primary Liability Cover – Primary liability coverage will protect you in the event that you do damage to someone or someone’s property. It does not cover any damages that are done to your truck.
- Non-Trucking Liability Coverage – This is a unique policy, as it will cover any damages or injuries to others when the truck is not dispatched on the road.
- Motor Truck Cargo Coverage – This is an extremely important type of coverage for the long haul trucker, as it will cover your cargo. Whether you accidentally damage the load or it gets stolen, this type of coverage will pay for the cost of that load.