To protect you from potential catastrophes, the decisions you make regarding your truck insurance need to be sufficient. Your business and livelihood can be taken away in a split second even if it’s not your fault.
The most common types of coverage
Primary Liability Insurance
This insurance is intended to cover damages to someone else’s property, or an injury to someone else during an accident where you are at fault. Primary Liability is often confused with General Liability Insurance. Primary liability covers you while you are on the road.
General Liability Insurance
This coverage will protect you from risks that happen off the road, such as a someone who slips and falls at your office or headquarters.
Most GL policies for start at a policy limit of $300,000. The most common limits, however, are $1,000,000 per occurrence with a $2,000,000 aggregate. Higher limits can be obtained if needed. In addition, if you are hauling certain hazardous materials, you may want to add a pollution endorsement.
Physical Damage Coverage
Physical Damage Insurance covers your truck if it is damaged. It consists of two different parts, Collision and Comprehensive.
Collision – This part of the coverage pays for damage to your truck when it collides with another vehicle or object.
Comprehensive – This pays for almost every other peril your truck might face such as fire, vandalism and theft.
Motor Truck Cargo Insurance
This coverage protects you if your load is damaged during transit.
Non-Trucking Liability Insurance
This insurance offers coverage for damages or injuries to others while the truck is not dispatched on a job.
Trailer Interchange Insurance
This covers a non-owned trailer being used under a trailer interchange agreement.
Medical Payments Insurance
This insurance covers medical bills if you or a passenger is injured while driving or riding in the truck. The available coverages for this type of commercial truck insurance varies from state to state.
Uninsured Motorist Insurance
This insurance provides protection if you are in an accident with someone who does not have any insurance or does not have enough insurance.
If you have employees, this coverage would pay your workers if they were hurt or disabled on the job.
Trucking Umbrella Policy
In most cases you may need more protection than your existing policy maximums. An umbrella policy will provide excess liability coverage.