If you have a business that involves one or more trucks, then the protection of your fleet is of utmost importance. And without the right type of insurance, you leave yourself and your business exposed to financial disaster.
Unlike Commercial Auto insurance, the options available for Commercial Truck insurance policies can be confusing. But the advantage of this complexity is that a Commercial Truck insurance policy can be customized so that you’re only purchasing the types of coverage that you need.
Some of those coverages include the following:
- There are two types of liability coverages to consider when purchasing a Commercial Truck insurance policy. The first is primary liability which covers the damages caused by your truck. If you or one of your drivers is responsible for an accident then primary liability will cover any injuries or property damage. However, that still leaves the business open to any lawsuits resulting from that accident. General liability coverage will ensure that legal costs are covered should you need to defend the business from litigation. This coverage will also provides protection should a driver cause damage at a delivery site. It’s recommended to include both primary liability and general liability coverages when purchasing a Commercial Truck insurance policy.
- Bobtail insurance coverage provides protection if the truck is in an accident when it isn’t hauling a trailer (this is called “bobtailing”). So, for example, if a truck delivers a trailer to one location and then has an accident while driving to another location to pick up a different trailer, then Bobtail insurance would cover this loss.
- Reefer breakdown coverage will protect you from loss of cargo should the truck experience mechanical issues. A common loss protected by this coverage is the refrigeration unit (commonly referred to as a “reefer unit”) failing on a truck causing the loss of cargo. Typically this coverage protects the cargo from any type of loss, including damage due to an accident.
- It’s also common to add Income Loss coverage to a Commercial Truck policy. If your truck is out of commission as a result of a covered accident, then this coverage will pay for the wages lost while repairs are made. This is typically an inexpensive coverage which can make or break small businesses that don’t have a large number of vehicles in their fleet.
The best way to determine what type of Commercial Truck insurance you should purchase is to ask a licensed agent in our office. We can assist you with assessing your insurance needs and provide you with some quotes from several of the top insurance companies.
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