A sort of commercial insurance called trucking insurance is made to guard trucking firms and truck drivers against monetary losses resulting from their business operations. It offers protection against a variety of trucking-related hazards, such as theft, accidents, and cargo damage.
A complete trucking insurance policy would normally include the following important insurance coverage categories:
Primary Liability Insurance:
This protection against physical harm and property damage brought on by the trucker’s negligence is mandated by law. In the event of accidents, it pays for defense expenses, settlements, or judgments.
Physical Damage Coverage:
In the event that the covered truck sustains damage from an accident, theft, vandalism, fire, or a natural disaster, this insurance will pay to repair or replace it.
Cargo Insurance:
Cargo insurance safeguards the goods being transported in the event of theft, loss, or damage while in transit. It often includes provisions based on the type of cargo being transported and typically covers the value of the products being transported.
Bobtail Insurance:
Trucks are covered by bobtail insurance when they are driven without a trailer or while the trailer is empty. When used for non-business purposes, it defends against liability lawsuits and property damage.
Non-Trucking Liability Insurance (NTL):
Also referred to as “deadhead” coverage, NTL insurance offers liability protection when a truck is used for non-commercial or private activities, such commuting or running errands for pleasure.
Occupational Accident Insurance:
Truck drivers who purchase occupational accident insurance are covered for benefits such as medical costs, disability payments, and benefits for accidental death. It is frequently used as a substitute for workers’ compensation insurance for independent contractors or owner-operators.
Given that the dangers and standards in the business might be specific, it is crucial for trucking companies and drivers to engage with insurance carriers who specialize in commercial trucking insurance. Various factors, including the size of the fleet, the nature of the goods being transported, the driving histories of the drivers, and the safety procedures followed by the company, will affect the precise coverage and cost of trucking insurance.
When thinking about trucking insurance, it’s best to speak with insurance experts or brokers who can evaluate your unique needs and guide you toward the most appropriate options for your company.
