Whether you're an owner-operator or run a small trucking business, you know that running commercial trucks comes with its own unique set of risks. As vehicles are often larger and heavier than traditional passenger cars, trucks are more difficult to maneuver and have a higher likelihood of causing serious accidents on the road. That is precisely why it is crucial to possess comprehensive commercial truck insurance coverage, safeguarding both your business and your drivers. The good news is that there are a variety of insurance options available to meet your unique needs. Here's what you need to know.
Liability insurance is required by law for all commercial truck drivers. This type of coverage will protect your business in case your driver is deemed at fault for causing damage or injury while on the job. It typically covers bodily injury or death, as well as property damage. It is worth emphasizing that liability insurance solely provides coverage for damages caused to others, excluding any damages to your own truck or drivers.
Physical Damage Insurance
While physical damage insurance is not legally mandated, it is strongly advised for all commercial trucking enterprises. This form of coverage safeguards your vehicles against potential harm resulting from accidents, weather events, theft, or acts of vandalism. Physical damage insurance is usually broken up into two categories: collision and comprehensive. Collision coverage offers financial protection for damages caused by collisions with vehicles or objects, while comprehensive coverage provides protection for a lot of different kinds of damages.
Cargo insurance is an additional type of coverage that is designed to protect the cargo or goods that your trucks are carrying. It can cover any damage or loss that occurs during transit, including theft, fire, or spoilage. Cargo insurance is of utmost significance for businesses involved in transporting valuable or delicate goods. It plays an essential role in minimizing the financial repercussions that may arise in case of any mishaps during transportation.
Workers' Compensation Insurance
Workers' compensation insurance is required by law in most states for businesses that have employees. This coverage will provide benefits to your employees if they are injured or become ill while on the job. It can provide coverage for medical expenses, compensation for lost wages, and support for rehabilitation costs. Workers' compensation insurance is particularly important for businesses that employ drivers who are at a higher risk of injury, such as those who drive long distances or in hazardous conditions.
Operating a commercial trucking business entails specific risks, but obtaining appropriate insurance coverage can safeguard your business and provide tranquility. By comprehending the various types of commercial truck insurance accessible, you can select the options that best suit your requirements and ensure the safety of your drivers on the road. Remember that it's always better to be over-insured than under-insured, so make sure you have the coverage you need before you hit the road.
For more information on commercial truck insurance, contact a professional near you.