Commercial trucking is a crucial industry that requires proper insurance coverage to protect the business and its drivers. Below is information on the different types of insurance coverage you should consider, as well as factors that can affect your insurance premiums.
Coverage Types
Commercial truck insurance typically offers several types of coverage. One type is liability coverage. This covers damages or injuries that your drivers may cause to others in an accident. It will not cover your driver's injuries or damage to your trucks.
Physical damage coverage is another type you should consider. This covers damages to your trucks, trailers, or cargo caused by accidents, theft, fire, or vandalism.
Another type you should choose is cargo insurance. This covers damage or loss to the cargo that is being transported. You may have an employee that gets in a wreck while driving to their destination. Their truck may be broken into, and your cargo stolen.
There is also uninsured/underinsured motorist coverage. If your employee gets in a wreck that is caused by another driver, the other driver may not have insurance or have enough coverage. If so, this coverage will cover the costs you would have to pay.
Requirements
Commercial truck insurance is mandatory in most states. The specific requirements vary by state, but most require a minimum amount of liability coverage. You may also be required to carry additional coverage, depending on the nature of your business and the cargo you transport. It is essential to know and comply with the insurance requirements in your state to avoid fines, penalties, or legal issues.
Factors Affecting Premiums
There are several things that can affect your commercial truck insurance premiums. First, you need to know the driving record of each employee. You do not want to hire someone that has a history of vehicle accidents on their record as this would result in you paying higher premiums.
The type of cargo you transport can also affect how much you pay in premiums. For example, if you are carrying dangerous cargo, such as gasoline, hazardous chemicals, etc. your premiums will likely be higher.
The distance your drivers travel each week can also affect the premiums. This is because more miles on the road will increase the risk of vehicle accidents. The age of your trucks and the condition they are in may increase the insurance premiums. This is because older vehicles may be more prone to breakdowns and accidents.
For more information on commercial truck insurance, contact a company near you.
Share10 May 2023
About ten years ago, my auto insurance was cancelled. This took place after one too many accidents. I was now a high risk, and my provider was not willing to keep me on any longer. Since there was no way that I was going to get behind the wheel without coverage, I started checking out plans with high-risk insurers. Some were not all that great, but others offered benefits that were very close to my old plan. I soon found a provider who would accept my application, and I began to be a little more careful with my driving. If you are having trouble buying auto insurance, let me help. I'll tell you what to look for in a high-risk provider, and how to find the best one in your area. In no time at all, you'll be covered and ready to get back on the road again.
