Driving is a “multi-player” game – you and everyone else. And no matter how good one driver is, accidents happen to result in serious injuries and severe damage to vehicles. To protect your business and assets from unfortunate moments like this, investing in trucking commercial insurance can go a long way.
When you compare the financial distress one incident can cause to your company versus the low monthly cost of insurance premiums, commercial semi-truck insurance will always prove to be a wise investment.
Why Do You Need A Commercial Truck Insurance Policy?
As you are quite aware, there are plenty of responsibilities that come with the commercial truck industry. While fully complying with state and federal law is the default option, having adequate insurance protects your assets and investments and allows your business to stay on track. Furthermore, having the proper trucking insurance in place will not only fulfill all legal requirements but will also give your lenders peace of mind that doing business with you is a serious matter without any surprises.
With insurance for commercial trucks in place, your business will experience far fewer disruptions. Your daily operations most likely can continue even after an accident. Plus, this protection is extended to your employees, in the case of workers’ compensation, and to your clients if you carry general liability insurance.
What Does Commercial Trucking Insurance Cover?
If we divide the trucking commercial insurance into segments, the three specific safety needs that are being covered include:
General Liability Insurance – it keeps your business covered from any claims that result from a mishap occurring during regular business operations. That can range from property damage to medical bills and injuries (especially in cases where your truck was part of the accident). Liability insurance ensures your legal defense costs are also covered, no matter whose fault the accident was.
Workers Compensation Insurance – insurance that is mandatory in almost all states. This is the insurance that is used when workers need to be reimbursed for medical costs, lost income, rehabilitation, etc. As each driver is responsible for a big daily delivery, taking care of their well-being must be the top business interest.
Commercial Umbrella Insurance – now this type of insurance is activated when the active insurance policy is insufficient to reimburse the overall losses. For example, if one of your trucks crashes into an office building, the property damage would be huge, far more than what the liability insurance can cover on its own. In such unfortunate cases, umbrella insurance is activated to cover any remaining costs.
Physical Damage Coverage
Commercial truck maintenance is essential, no matter if you lease or finance. Physical damage trucking insurance delivers valuable coverage for both protection and repairs when you have cases like accidents, theft, or vandalism.
Primary Liability Coverage
As a carrier, automotive liability is something you must have as it is required by federal regulations. And while this cannot be activated for damage to your truck, it will be quite welcomed as protection against damage done to other drivers while dealing with your business activities.
Non-Trucking Liability Coverage
For those moments when unfortunately, you find yourself (or some of your drivers) in an accident but the truck is not dispatched, this is the insurance that will save you. Known as bobtail or deadhead, non-trucking liability insurance will be the best option for unforeseen cases of this nature.
General Liability Coverage
As you might know, accidents can happen anytime, not only while you are on the road. So, for all those random mishaps that can happen where there is cargo loading or unloading, or even someone takes a tumble at a dock, although not connected to your trucking activities, the general liability insurance will be there to save you.
Medical Payment
Now, this is a straightforward one. This insurance will assist in protecting yourself when you receive injuries during dispatch. As the bills can be quite costly, with this insurance there should be no random surprises.
Conclusion
With everything that can happen on the road, any trucking insurance is welcomed. You don’t want to find yourself in a situation where your business suffers. But while that is all good, you also want to make sure you have an insurance agency that can support all your endeavors every step of the way.
The VL 17 Insurance Agency, with experience ranging from home insurance up to auto and health coverage all across Texas, will make sure all day-to-day activities and associated risks are understood, offering just the right coverage you need. They are specialists in small businesses and mid-level corporations, so they understand the importance of reliability and knowledge. With a great portfolio under its belt, the VL 17 Insurance Agency is just the right insurance provider every trucking business owner might need.
