Trucking insurance policies give financial protection to businesses that operate commercial trucks. Policies are designed to protect trucking companies and their drivers from the financial risks associated with operating commercial vehicles, including accidents, injuries, and property damage. They have several coverages to this end.
Liability Insurance
Liability coverage offers a safeguard for trucking companies and their drivers against any third-party claims stemming from incidents of bodily harm or property damage.
The coverage is crucial for trucking companies as it can assist in covering medical expenses and legal fees in the event that someone is injured in an accident caused by one of their trucks. Additionally, it can assist in covering repairs costs if any property is damaged; property can be other vehicles, buildings, or almost any other physical asset.
Physical Damage Insurance
Physical damage coverage affords protection against any loss or damage to commercial vehicles. The coverage is essential for trucking companies as the expense of replacing damaged or lost vehicles can be substantial. Additionally, it can assist in covering repair costs if a vehicle is damaged.
Trucking companies that have leased or financed their equipment are usually required to carry physical damage insurance. Those that own their trucks outright might not have to purchase physical damage insurance, but the coverage is still recommended.
Cargo Insurance
Cargo insurance shields against loss or damage to the goods that trucking companies transport. It can also help to cover the cost of lost revenue if goods are delayed or not delivered.
Whether cargo coverage is needed depends on the terms of a trucking company's agreement with its customers. If customers are responsible for insuring their loads, then trucking companies might be able to forgo this insurance. If customers don't purchase their own cargo protection, trucking companies should get cargo insurance.
Non-Trucking Liability Insurance
Non-trucking liability insurance is a type of coverage that provides protection for trucking companies and their drivers when they are using their commercial vehicles for personal use. This coverage can help to cover the cost of medical expenses and legal fees if an accident occurs while the vehicle is being used for purposes other than work.
Bobtail Insurance
Bobtail insurance extends coverages to times when drivers are operating their commercial trucks without a trailer. Other coverages often exclude driving that's not done with a trailer in tow, as most other coverages are intended for when trucking companies are transporting loads between two locations.
For more info, contact a local trucking insurance service.
Share30 January 2023
