Things You Need to Know About Commercial Trucking Insurance

Whether it's your first time getting into the trucking business or have owned one for years, commercial trucking insurance is an investment you need to make for your business. A trucking business is a very challenging business, thus you have to protect yourself from financial loss associated with an accident and/or theft.

Commercial trucking insurance will protect you from the risks that are common to a trucking business like vehicle damage, theft, and employee injury. Getting commercial truck insurance makes the difference between going bankrupt or continuing with the business with a minimal loss.

Understanding the totality of commercial trucking insurance can be confusing but knowing the basics will make it easier to select the right insurance package for your business. A typical trucking insurance usually covers four areas, namely Primary Liability, Non Trucking Liability, Motor Truck Cargo, and General Liability.

Primary liability insurance is what truckers need to legally drive on the road. It covers damage to property and injury to people. At least $750,000 coverage is needed to legally drive a truck. If an accident occurs, this amount will be used to cover the damages. In case where the amount of damage is more than the insurance coverage, you might be required to pay the remainder of the costs.

General liability insurance covers all accidents that do not happen on the road. Aside from being on the road, trucks also stop for loading, unloading, and rest stops and accidents can happen during this time. Common risks with stops include theft and vandalism.
Motor Truck Cargo covers the cargo that you are carrying in your truck. This coverage is not mandated by the government but your client might require it. This ensures that the cargo will reach safely to its destination and is protected against damage and theft.
Non-trucking liability insurance is called a bobtail insurance and provides coverage for your truck when you aren't working. A typical truck insurance covers your truck only when it's on the road but while it's in the repair shop, you are personally responsible for it. With this particular insurance, you are covering all your bases.

These are the four covers of commercial truck insurance. Basically, truck insurance is the same as regular auto insurance. It has a higher premium to pay though because it provides an extensive coverage.

If you are a truck driver having appropriate commercial trucking insurance is extremely important. To learn more about how commercial trucking insurance can protect you please visit the site today.