Coverage You Want On Your Commercial Truck Insurance Policy
If you're in the business of operating commercial trucks, you're probably already familiar with the concept of commercial truck insurance. A comprehensive commercial truck insurance policy can help protect you and your business from financial losses in case of accidents or other unforeseen events. However, choosing the right coverage can be a daunting task, as there are various types of commercial truck insurance coverage available. Here are some of the essential coverages that you should consider when purchasing a commercial truck insurance policy.
Liability Insurance Coverage
Liability insurance is the most basic and essential coverage that you need to have on your commercial truck insurance policy. This coverage helps protect you from financial losses in case you are found responsible for causing an accident that results in bodily injury or property damage to a third party. Liability insurance coverage includes bodily injury liability, which covers medical expenses, lost wages, and other damages that result from bodily injury, and property damage liability, which covers the cost of repairing or replacing property that is damaged in the accident.
Physical Damage Coverage
Physical damage coverage is another essential coverage to have on your commercial truck insurance policy. This coverage protects your vehicle from damages that result from events such as collisions, theft, vandalism, or weather-related incidents. Physical damage coverage is usually divided into two parts: collision coverage and comprehensive coverage. Collision coverage pays for damages to your vehicle resulting from a collision, while comprehensive coverage pays for damages resulting from non-collision incidents such as theft, fire, or natural disasters.
Cargo Insurance Coverage
Cargo insurance coverage is important if you transport goods for others. This coverage protects the cargo that you are carrying in case of loss or damage while in transit. Cargo insurance coverage can also include coverage for debris removal, pollutant cleanup, and emergency removal expenses.
Bobtail Insurance Coverage
Bobtail insurance coverage provides coverage for your commercial truck while it is being driven without a trailer attached. This coverage is important if you operate a trucking company that allows drivers to use their vehicles for personal use when not hauling cargo. Bobtail insurance provides liability and physical damage coverage for your vehicle while it is being driven for personal use.
Non-Trucking Liability Insurance Coverage
Non-trucking liability insurance coverage provides liability coverage for your vehicle when it is being driven for non-business purposes, such as personal use. This coverage is important if you allow your drivers to use their vehicles for personal use when not hauling cargo.
Uninsured/Underinsured Motorist Insurance Coverage
Uninsured/underinsured motorist insurance coverage provides coverage for bodily injury and property damage caused by an uninsured or underinsured driver. This coverage is important if you are involved in an accident with a driver who does not have enough insurance to cover the damages.
Commercial truck insurance is an essential requirement for any trucking company that operates commercial trucks. The coverages mentioned above are just some of the essential coverages that you should consider when purchasing a commercial truck insurance policy. To ensure that you have the right coverage for your needs, it is important to work with an experienced commercial truck insurance agent who can help you choose the right policy and coverage amounts for your specific situation.
For more info about commercial truck insurance, contact a local company.