Commercial truck insurance is a specialized package of auto insurance policies that provide financial and legal protection to trucking business owners, independent truck drivers, and companies that use trucks. The insurance effectively secures your assets by offering protection from a wide range of perils.
It includes protection from bodily injury or property damage caused by the truck in the event of a collision. It also offers coverage for client contract disputes, theft, damage by fire or weather, trucking equipment, towing damage, and specialized cargo contained in the truck.
This insurance policy is specifically for trucks and cargo and includes:
Commercial truck insurance essentially consists of:
It includes bodily injury liability risks and property damage liability. The policy covers third-party medical expenses and property damage costs if you or one of your drivers injures someone in an accident or causes property damage. It also covers the litigation fees if you are sued.
It covers your medical expenses and property damage costs in the event of an accident in which the other driver who is at fault is uninsured.
The coverage pays for damage, destruction, or loss of cargo that may occur during its transportation. It also includes the storage of cargo at your terminal or warehouse and also during loading and unloading.
This coverage protects you against damage to your truck in an accident or other incidents. It includes collision coverage that pays for damages due to an accident and comprehensive coverage that covers damages by theft, vandalism, weather, and other non-collision factors.
However, depending on your unique needs and specifications, you may buy a custom-made policy that can include added coverages and protection against liability claims. Besides the above-mentioned coverages, you may also opt for the following coverages for extra protection.
Whether you own a single truck or a fleet of trucks, you are required by law to purchase a basic commercial truck insurance policy. Also, according to the regulations laid down by The Federal Motor Carrier Safety Administration (FMCSA), you, as the business owner of a trucking company must own the insurance policy to be able to operate your business to transport commodities for hire.
This specialized insurance must compulsorily be owned by:
For more information on commercial truck insurance coverages, contact our team at Anderson Insurance Affiliates LLC today. We can help you get the best-suited policy at the best industry rates.
