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A Guide to Truck Insurance Coverages

One of the most diverse and highly regulated industries in the country is the commercial truck industry. Because of the diversity of applications of commercial trucking, their insurance coverages are also diverse and every application is required to have one. 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. There are special types of insurance for each applications of commercial trucking. Here are the basic insurance policies that commercial truck owners should purchase.

If you are an owner of commercial vehicles then you are required to get primary truck liability insurance. This covers drivers for injuries and damage costs if the truck is involved in an accident where the truck 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. However, independent truck owners also need to protect their personal assets when they are off the job so they also need additional coverage for this.

An independent truck owner needs to get a physical damage insurance to pay for the cost of damage in an accident, whoever is at fault. This is important because the truck is the most valuable asset of a trucker and the truck has to be well maintained and can be repaired if something happens to it.

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. In this comprehensive policy, you will have primary truck liability, physical damage, and other insurance clauses that prevent against theft, vandalism, or fire.

Trailer insurance is often included in the insurance policy of a motor carrier because most trucking companies own a trailer. Trailer insurance is only included in the basic truck insurance policy if there is a specific additional provision for it. Truckers who have trailers need to get trailer insurance if it is not included in their basic truck insurance.

Sometimes motor carriers or fleet include cargo insurance in the insurance coverage for their business. But if you are an independent contractor, you should get cargo insurance for damaged cargo because this is not included in the hiring fleet insurance.

If you use many vehicles in your business, then you should get motor carrier insurance. The best way to save on annual premiums is to bundle all your insurance policies within one company.

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