What Truck Insurance Coverage Should You Get?
Because of the diversity of the trucking industry, it is also highly regulated. The commercial truck industry has a very wide applications and it is required that each of these applications must have a truck insurance coverage amount. You will find different applications for the trucking industry and some of these include hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and others.
This is the reason why there are also man different kinds of commercial truck insurance. With the different trucking applications, different types of commercial truck insurance are also needed. Below are some of the common types of insurance policies that owners of commercial trucks should get.
All commercial vehicles are required to be covered by the primary truck liability insurance. With this insurance, the driver is covered for his injuries and damaged to the truck if it is involved in an accident where the driver is at fault.
Usually it is the business owner that provides the coverage for their employees. This type of insurance also covers independent operators who is under contract by the company. The only thing about this set up is that the truck owner needs additional coverage to protect his personal assets and insurance when they are off the job.
In the event of truck damage, whoever fault the accident was, the independent truck owner would do well with a physical damage insurance. The importance of this insurance is obvious; every truck owner needs to protect his asset.
If you are working for a trucking business under contract and your truck gets damaged outside of your contracted job, then the best insurance to protect your asset is a non-trucking liability insurance, if the accident is your fault.
Total coverage of your own personal assets can be gained through a comprehensive truck insurance police. What is included in this comprehensive truck insurance are primary truck liability, physical damage, and other insurance clauses like prevention against fire, vandalism, or theft.
Motor carriers usually include trailer insurance in their basic insurance policy because most of these businesses have a trailer. Trailer insurance are usually not included in the basic truck insurance if there are no specific additional provisions. So, truckers are aware that trailer insurance is not specifically provided for in the basic truck insurance and is a different kind of insurance.
Cargo insurance is also included in some insurance policies of motor carriers or fleets. However, independent trucks should get cargo insurance because they will not benefit from the cargo insurance of their hiring fleet if cargo is damaged.
If you use many vehicles in your business, then you should get motor carrier insurance. Getting your insurance policies from one company will help you save on annual premiums.