Small Business Insurance – Insurance for Small Businesses (2020)
Small Business Insurance Experts – Business Insurance Professionals
Commercial TRUCK Insurance
Whether you are your own independent hauler with one commercial truck or your company has a fleet of trucks, you need commercial truck insurance tailored to your business and your risks. We help business owners determine the cost of coverage’s they need and provides the lowest prices on commercial truck insurance.
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COMMERCIAL tRUCK INSURANCE
Maybe you have a team of drivers who make local deliveries, or you have trained and certified commercial truck drivers who use their skill to drive tractor trailers, big rigs, or large transportation equipment to deliver their freight state to state or cross-country. No two businesses are alike in the use of their vehicle, their specific risks and the amount and type of coverage needed.
Simply put, Insurance is a truck drivers best friend in a lot of ways. The Federal Motor Carrier Safety Administration will not let you operate without it. In fact, the FMCSA and DOT require proof of liability insurance for your Operating Authority/MC Number application. Most shippers require proof of insurance before they will trust your company with their freight. As long as your insurance is in place, you have a working trucking company. Proof of coverage always needs to be handy for inspections or in the event of an accident.
What’s Commercial Truck Insurance?
Commercial truck insurance is an important and essential type of liability insurance that covers and protects you from expensive bills if your truck is involved in an accident. If you drive a personal car or truck, you probably already know that you need some form of car insurance to legally stay on the road.
Commercial truck insurance covers situations in which you use your truck for transporting customers, animals, materials or products. If you use your truck for both personal and professional purposes, a commercial insurance policy fills in the gaps left by your personal auto insurance.
When a commercial truck is involved in an accident, the trucking company needs to be properly insured to protect themselves from these types of insurance claims.
Who Needs Commercial Truck Insurance?
• Independent owner-operators and truck drivers
• Commercial transportation businesses
• Any business with trucks, drivers, or transportation-related activity
From a single truck to a wide fleet spread across the country, basic commercial truck insurance is required by law and offers a variety of options to personalize your protection.
Unlike commercial auto insurance, commercial truck insurance is designed specifically for trucks and cargo. The Federal Motor Carrier Safety Administration (FMCSA) requires any commercial operation of a truck to hold a commercial truck insurance policy.
What Does Commercial Truck Insurance Cover?
Like many auto insurance policies, commercial truck insurance comes with several types of coverage, each of which is specifically designed to protect your business and your personal assets from catastrophic loss. The coverage you need may include:
- Commercial truck liability insurance: Covers your liability risks in the event that you or one of your employed drivers causes an accident. Your commercial truck liability will include bodily injury liability to cover the costs of injuries and medical expenses for the injured party, and property damage liability to cover the costs of property damage in an accident. Your commercial truck liability insurance will typically also cover the costs of legal defense, whether or not your company is found to be at fault in an accident.
- Physical damage coverage: Covers the costs of damage to your vehicle from an accident or other incident. This coverage includes both collision coverage to pay for damage from a crash as well as comprehensive coverage to pay for damage from theft, vandalism and “other than collision” causes.
- Uninsured/underinsurance motorists coverage: Covers the costs of injuries and damages if you or one of your employees is in an accident where another driver is at fault, but that driver does not have adequate coverage to pay for your injuries and property damage.
- Truck cargo coverage: Covers damage or theft of items your truck is hauling.
In addition to these types of coverage, you will have many other options as you structure your policy to cover your specific concerns. For example, if your employees sometimes need to drive their own vehicles in the course of business, you may want a non-owned vehicles policy.
This coverage will protect you and your drivers from the costs associated with accidents that occur during business hours when an employee is driving a vehicle that your company does not own.
What is Required to be Eligible for Commercial Truck Insurance?
Trucking companies must file proof with the state and federal government that they have enough coverage on their trucks to cover both the value of the truck itself and the cargo, as well as protect against any liability claims, such as an accident that was the trucker’s fault.
Making that a bit difficult, especially for new drivers, is the “two-year rule,” an unofficial policy that many commercial trucking insurers have against insuring drivers with less than two years of commercial driving experience.
There are, however, a few companies that will still insure a new driver.
Types of Commercial Truck Insurance
The category of commercial trucks involves several types of large vehicles, including:
- Semis (tractor-trailers or 18-wheelers)
- Dump trucks
- Garbage trucks
- Car haulers and auto trailers
- Tow trucks
- Flatbed trucks
- Tank trucks
- Box trucks
- Refrigerator Truck
- Cargo Vans
Each of these types of trucks has a very different role. The amount you and/or your employees drive your commercial trucks, the miles your trucks travel each year and what they haul will all factor into the type and amount of coverage you need to protect your business investments.
Regulating Agency and References
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works.
Visit us at https://www.iii.org.
