A trucking insurance policy can protect you from bodily injuries and property damage. These policies also have the advantage of being customizable to meet your specific needs. However, you may need to acquire additional coverage before the insurance actually kicks in. Fortunately, there are a number of companies that specialize in this type of coverage.
The Federal Motor Carrier Safety Administration (FMCSA) requires all carriers to carry liability insurance on all rigs. Additionally, every state has a requirement for general liability insurance. Liability insurance is a type of coverage that pays for damages or losses to third parties. For instance, if a customer’s freight is damaged by an accident, your insurance may cover some or all of the cost to repair or replace the shipment.
Commercial trucking insurance can also provide you with rental reimbursement in the event that you lose your equipment or trailer while on the road. The insurance industry has created an online marketplace that allows you to shop for quotes from various providers. This can save you time and money. However, it’s important to do your homework to make sure you choose the right company.
Trucking insurance can be a bit confusing. If you’re new to the industry, it’s a good idea to seek out a reputable company. Insurance brokers are also a useful resource to help you shop for coverage.
The size of your fleet determines the price of your premiums. Your driving record can also influence your rates. Some drivers will pay a higher premium for the same level of coverage. Another way to reduce costs is to use a deductible. Deductibles can be high, however, and can be harmful to your budget.
In addition to liability, commercial trucking insurance can include medical payments, which pays for medical expenses incurred by an injured driver. Medical payments coverage is different from a general auto insurance policy.
Other types of insurance that are available to truckers are non-trucking liability, which covers damages incurred by a trucking company or its employees when the truck is not under dispatch. This type of coverage is often referred to as deadhead or bobtail insurance. It may also be necessary for companies that operate within a local radius.
Although not mandatory, physical damage coverage is a must-have for any trucking company. Physical damage coverage works in the event of a collision, theft or natural disaster. Depending on your specific business, this could be a large deductible or a limited form.
A quality insurer will also have experts in loss control to discuss the right way to manage your business’s risks. They may also have training videos, newsletters and other helpful tools to help you avoid accidents and reduce your premiums.
Finally, a good insurance company will have a claims service that’s available around the clock. This will help you resolve your claim faster. You might be able to have a claims adjuster come to your location to inspect the damage and ensure that you take the proper steps to get your business back on the road.