If you operate a commercial trucking business -- whether you have a fleet of one or hundreds of vehicles -- you need commercial trucking insurance.
Commercial trucking insurance is needed to protect you in case of accidents on the road, or even during the loading or unloading of cargo. In fact, insurance can protect you and your driver should another truck hit yours while your driver is taking a break at a rest stop.
Good Insurance is Good for Business
Insurance for your commercial vehicles is required by law. Good business practice also 搑equires?it -- having good commercial trucking insurance can protect you from financial ruin when the inevitable minor and major accidents and injuries occur.
As you search for insurance, you抣l be looking for coverage that applies in four areas, general liability, non-trucking liability, motor truck cargo and primary liability.
General liability commercial trucking insurance covers those incidents mentioned above, those that don抰 happen while your truck is on the road, such as at rest stops, loading and unloading, and so on. General liability insurance also provides protection for you due to theft and vandalism.
Your non-trucking liability insurance (also known as bobtail insurance) covers your truck when your vehicle isn抰 running, such as when it抯 in the repair shop.
Motor truck cargo insurance protects the cargo your vehicle is shipping. This protects your client should your vehicle抯 cargo be stolen or damaged en route.
In addition, if your company抯 trucks pull trailers owned by someone else, you probably will want to consider what is known as trailer interchange coverage. This type of commercial trucking insurance protects you against losses to those trailers you抮e leasing from another company.
The Federal Government抯 Insurance Minimums
Federal law requires that you carry a minimum of $750,000 in liability insurance and $5,000 in cargo insurance. Industry-wide, the standard is $1 million in liability and $100,000 in cargo insurance. Be advised that you may want to consider the higher amounts because in the instance where the cost of theft, accident damage or other incidents is higher than your commercial trucking insurance, you more than likely will be required to pay the difference between the insurance coverage and the actual damage amount.
Not having adequate commercial trucking insurance could bankrupt you should your trucks and drivers be in harm抯 way. Insurance can help you, your drivers and your customers, rest easy as you all know your trucks and cargo are covered in case of tragedy.
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