Commercial Truck Insurance Guide

Commercial truck insurance protects business owners of liability stemming from property damage, or injury to their employees. Such liabilities could be: damages done to the cargo and transported goods, or employees being hurt during the process of delivering. 

According to the founder of Yes Insurance Group, Emma Rita Kimonides, business owners who truly value the safety of their goods should own commercial truck insurance. If you are a business owner, whose truck operates regularly and often moves a huge amount of commercial goods, this guide will help you choose the best cover. 

There are certain risks involved when operating a truck, being able to manage those is utterly important. You need to be sure that the type of coverage you choose is enough to protect you from any unforeseen disaster or crisis. As Emma Kimonides has said, having the right type of insurance and coverage will protect your business and keep you at peace. 

Types of Coverage for Commercial Truck Insurance

In most provinces and states, a basic level of coverage for your truck is under legal requirement. But the question is: Will that be enough to protect you and meet your needs? For instance, when you or someone you know borrows your truck, it is a peace of mind to ensure that you are well covered, in case of an accident or claim. Therefore, it is important to know the types of coverage for a commercial truck insurance. Let’s walk through each one and elaborate on their level of coverage.

Primary Liability Truck Insurance

For someone who has a truck and also wants to be the one driving, the cost of commercial truck insurance becomes a great concern. In case of an accident in which you are at fault, this type of insurance covers the cost of property damages and physical injuries that happened to another person. 

General Liability Truck Insurance

General Liability Truck Insurance covers the fees that occurred if you or your employees caused property and physical damage to another person. Drivers operating on another person’s property such as loading docks or truck stops would also be well protected with this insurance. This is also helpful in case you make load delivery mistakes. 

Physical Damage Coverage

To make sure your truck and equipment are protected in the circumstances of an accident, disaster or theft, you would need to have Physical Damage Coverage. This is affordable insurance. These scenarios are unforeseen and bound to happen any second. As a responsible business owner, you should come to work well-prepared, knowing that precipitous situations won’t hurt your business more than it should. 

Bobtail Insurance Coverage

Bobtail insurance coverage is also known as non-trucking liability insurance. Meaning, it could protect you financially outside working hours.  In a situation whereby the truck is not being used for job or business purposes and an accident occurs, this insurance can cover such. Bobtail insurance coverage can also be useful when the owner-operator is not covered by primary liability insurance, says Emma Kimonides Fairwork.

Motor Truck Cargo Insurance

This type of commercial truck insurance protects your commodities in a situation whereby you get stranded in a traffic jam or an ice storm or have cargo damaged as a result of an accident. Motor truck cargo insurance covers financial losses that may arise as a result of damage and theft. Any load damage that may occur during the transportation of goods is covered by motor truck cargo insurance.

Trailer Interchange Insurance

Trailer interchange insurance covers physical damage done to non-owned trailers that are under a trailer interchange agreement. Whether the trailer is damaged due to fire, theft, vandalism or collision this insurance protects you. 

Medical Payments Truck Insurance

In a situation whereby you or a passenger is injured while driving or riding in the truck medical payment truck insurance covers all the medical bills incurred. Medical payment truck insurance should not be mistaken for workers’ compensation insurance and is not designed to replace it.

Uninsured or Underinsured Motorist Insurance

This is a very important insurance cover for truckers. It protects you when accidents with underinsured (not insured enough) and non-insured workers occur.  

Workers Compensation Truck Insurance

This type of insurance is made for workers or drivers who is involved in a work-related accident. For those that have employees or workers, this policy will help pay your workers in case they get hurt during work.

Cargo Insurance

This type of insurance is very important with an increase in the number of goods that are being transported annually. Cargo insurance is essential to companies that transport their goods by truck and it covers the commodity you are hauling.

As you can see, there are different coverage for commercial truck insurance and choosing the right one that will meet your needs is very important. Don’t just select any type of coverage based on price, as you want to ensure you are fully covered when an unforeseen risk strikes. With the right amount of insurance coverage you can be assured that no matter what, you are protected. Yes insurance fairwork Group can help you with your insurance coverage.

In Conclusion

Commercial truck insurance helps business owners protect their assets and truck drivers from financial damage caused by accidents or collisions. As much as you want to save money on your coverage there is a need to choose the right amount of coverage you need. With the different types of coverage mentioned above, you should be able to choose the one that is best for you or your business. To avoid losing your livelihood ensure you get the proper coverage, says Emma Rita Kimonides.