Categories: Business

Why It Is Important To Get Commercial Truck Insurance

Commercial trucking is a vital part of the American economy. Trucks move goods and products across the country, delivering them to businesses and consumers. To keep this process moving, truckers need to have commercial truck insurance.

Trucking insurance protects truckers from the financial risks associated with accidents and injuries. Without trucking insurance, a trucker could face bankruptcy after an accident. Commercial truck insurance is, therefore, essential for anyone who drives a commercial truck.

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What Does Commercial Truck Insurance Cover?

This insurance typically includes property damage, bodily injury, and cargo coverage. It may also cover legal fees and other expenses related to an accident.

Property damage – Commercial truck insurance can cover damage to the truck itself and damage to any other property involved in a collision.
Bodily injury – In case of an accident, trucking insurance can cover any medical expenses for injured parties and legal fees related to a lawsuit.
Cargo – If cargo is damaged or lost, trucking insurance can cover the cost of replacing it.

Benefits Of Commercial Truck Insurance

1. You Are Required By Law To Have Insurance.

The most crucial justification that commercial vehicle insurance is non-negotiable is that it’s required by law. Without suitable coverage, you risk being fined heavily, facing potential legal repercussions, or having your business shut down, threatening your livelihood. Depending on the state, you may need a certain liability coverage level to operate legally. Nonetheless, it’s always a good idea to have sufficient coverage to protect you and your business in case of an unexpected accident.

2. Insurance Is One Of The Most Expensive Things A Business Can Invest In.

One of the largest annual expenses for your business will be your commercial insurance policy, second only to the cost of vehicles and fuel. You might think that choosing the cheapest policy is a savvy business decision, but being underinsured can cost you more in the long run if you have an accident or something is stolen.

You want a policy that gives you enough coverage to recover from an accident quickly and easily without paying for coverage you don’t need. The right policy will be customized to your company and strike the perfect balance between cost and coverage. Ensure that you have a comprehensive policy to protect yourself, your vehicles, and your business financially.

3. Your Insurance Policy Covers More Than Just Accidents.

It is essential to have insurance that covers the costs of a car accident, but there are other aspects of truck coverage that are just as important. Most policies protect your truck, trailer, and cargo in the event of damage or loss. Insurance also covers damage to other vehicles and property involved in the accident. Here is a basic overview of the different types of commercial vehicle insurance:

Liability – With liability insurance, you are covered for any damage to other parties or their property caused by your negligence. For example, if you rear-end another car and they suffer bodily injury or damage their vehicle, your policy would provide the funds to pay for their medical bills or repairs.
Physical Damage – Protect your equipment from damage due to theft, severe weather, or other people or vehicles.
Cargo – Insurance for your transported belongings in case they become damaged or stolen en route.
Reefer Insurance – You are provided extra coverage concerning the reefer system. The motor’s repairs are not included, but you are covered for the temperature-related damages caused by a faulty reefer unit.
Bobtail Insurance – protects drivers against liability when their tractor is in operation without a trailer, which is often recommended for those who take their rigs home during non-working hours or on vacations.

4. Additional Services Can Help Simplify Your Life.

Many insurance companies offer roadside assistance for truck drivers, which is often low-cost but can save time, money, and headache. The specifics will differ depending on the provider and policy you choose, but most programs have several perks like:

Concierge service for the best truck stops, restaurants, lodging, and more
Roadside assistance
Tire replacement assistance
Navigation assistance
Jump starts
Truck rental help
Mobile mechanic services
Towing
Locksmith services
Fuel delivery

5. Your Insurance Company Is A Valuable Resource

Your commercial truck insurance company is more than just a monthly bill; they can also provide you with useful information and support. Many insurance companies offer safety resources, including online courses and driver training programs to protect your vehicles and employees on the road. Look for a provider that has a good reputation for customer service and can assist you with claims, questions, and other needs.

Conclusion

Overall, commercial truck insurance is a necessary investment for any trucking business. It offers protection and peace of mind, allowing you to focus on your company’s success. Trucking insurance can also provide additional services and support, making it a valuable resource for your business. Please don’t wait until it’s too late; make sure you have the proper coverage for your trucks and cargo today.