Did you know the US has more than 3.5 million truck drivers? Road safety is a major concern for any kind of trucking business, ensuring their workers are safe on the road at all times, thus keeping other drivers safe. This is why knowing the types of commercial truck insurance can be very helpful when you find yourself in a sticky situation.
Nowadays, there are many options of insurance to get for your business. This includes things like personal insurance and truck insurance for any trucking operation. Not only is having insurance a requirement by law, but it can be an incredible asset in protecting your business if something goes horribly wrong.
Do you know anything about the various types of commercial truck insurance that is out there? Worried that you might not understand all the important details about truck insurance? Continue reading our overview on the important facts of everything to do with insurance.
The Types of Commercial Truck Insurance
There are a few common insurance coverages that everyone should consider getting. General liability coverage is a must to protect the driver operating a truck, as well as cover any mistakes that happen during delivery of the load.
Primary liability and physical damage coverage are types of insurance that protect the victim of an accident and cover damage to a truck. This includes physical damage that requires repairs or replacement from either accident or theft. Physical insurance also covers the equipment within the vehicle during any of those events.
Non-Trucking liability and motor cargo truck coverage are related to when trucks are not out on dispatch or if the cargo being delivered is damaged. This is good for things like theft, debris removal, and refrigeration breakdown that can be covered should they occur.
And finally, medical payments are a personal type of insurance that cover any injuries that can happen. This goes for both the driver and the passenger if they are injured in or from the commercial vehicle. Depending on the state you reside in, the conditions of this type of insurance can change.
The Cost of Insurance
The average cost of insurance for owner-operated vehicles can be around $900 or $795, for general freights and specialty freights respectively. In general, however, trucking insurance can run you about $8,000 to $14,000 yearly per truck.
The cost of this may be very high, but it addresses an issue that is not worth risking by not having adequate insurance.
What to Look for When Browsing for Insurance
Some important things to keep in mind when looking for trucking insurance include keeping an eye out for options and additional information on what is available. Speaking with an insurance agent, like one from InsuranceHub, about the requirements and optional add-ons are super important. Some options might not be ideal if you don’t need them for your area, or if the criteria for them are too specific.
Another thing to remember is to know what the monthly premium is for insurance. Knowing when and how often you’ll be charged, as well as what discounts or changes apply over different intervals. You should also look for any deductibles and other benefits you can utilize with the various policies you can choose from.
Understanding the Types of Insurance
After looking through our guide on the types of commercial truck insurance around, you’ll be able to confidently find the right insurance for you.
If you’re into the trucking business, getting the best truck insurance around can help you move forward and be ready for anything that comes up. Read more articles about business and more on our website!
