When it comes to trucking businesses, safety is a major concern. No matter how many precautions you take, accidents can still happen. However, it becomes easier to deal with such situations when you are prepared with trucking insurance.
If you are involved in a crash, there are high chances of fatalities, or maybe the smaller vehicle gets totaled, which can further result in costly lawsuits. Whether you own a single truck or a fleet of commercial trucks, you need an insurance policy to protect your financial investment.
A standard commercial truck insurance policy provides essential coverage like state-required minimum property damage and bodily damage liability coverage.
However, many insurance companies offer additional coverage for commercial vehicles, which mainly includes:
- Collision Insurance: Covers the cost of fixing when the truck gets damaged in a collision with another vehicle or object.
- Motor Truck General Liability Coverage: Covers the cost of liability-related damages due to business activities.
- Non-Trucking Insurance Coverage: This coverage caters to independent owners/operators who work on a contract basis.
- Physical Damage Insurance Coverage: Covers the cost of fixing your truck when damaged. This coverage is more likely to work when you're leasing your truck.
- Theft and Fire Insurance: This coverage protects against fire and theft.
- Motor Truck Cargo Insurance Coverage: This insurance plan provides coverage for your cargo.
- Downtime Insurance/Rental Reimbursement: This coverage provides options for the loss of income when your truck is in an inactive state due to damage or is being fixed.
- Environmental Insurance: It covers pollution-related fines and losses.
- Off-Season Comprehensive Insurance: This type of insurance plan works for truck owners whose business operations are seasonal and provides coverage during their off-season.
However, several other factors, such as your truck's model/type, age, weight, and condition, determine the insurance rate.
If you have more queries about commercial truck insurance, contact our Family Financial Insurance Group experts and get adequate coverage for your commercial truck.