The truck industry in the country is a very diverse and highly regulated industry. The reason for this is that commercial trucks can be used in many different applications and all of these truck applications should have truck insurance coverage amounts which are required. The various applications of the truck industry including hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and others.
The commercial truck insurance also varies according to the usage of the trucking business. Special types of insurance are needed for the different ways that commercial trucks are used. Below are some of the common types of insurance policies that owners of commercial trucks should get.
Primary truck liability insurance is the most basic insurance required for all commercial vehicles. If your driver is at fault in an accident, this insurance covers for his injuries and damage costs for the truck.
Coverage for truck drivers and other trucking employees are provided by the business owner. Even if the truck is owned by an individual truck operator who is under contract by the company, he is also covered in this type of insurance. But, if the accident happens when the trucker is off the job, then this requires him additional coverage if he wants to protect his assets.
An independent truck owner needs to get a physical damage insurance to pay for the cost of damage in an accident, whoever is at fault. In order to be able to repair your truck when it gets damaged in an accident, then this insurance coverage is important.
Non-trucking liability insurance is ideal for independent contracted drivers to provide coverage when they are not on the job.
Total coverage of your own personal assets can be gained through a comprehensive truck insurance police. This includes primary truck liability, physical damage, and other insurance clauses that prevent against disasters like fire, vandalism, or theft.
Trailer insurance is often included in the insurance policy of a motor carrier because most trucking companies own a trailer. Trailer insurance is only included in the basic truck insurance policy if there is a specific additional provision for it. So, truckers are aware that trailer insurance is not specifically provided for in the basic truck insurance and is a different kind of insurance.
Sometimes motor carriers or fleet include cargo insurance in the insurance coverage for their business. If you are under contract with a trucking business, it is important for you to get cargo insurance because you are not included in the coverage of the company.
If you use many vehicles in your business, then you should get motor carrier insurance. If the trucking company or motor carrier want to save on annual premiums, then it is good to bundle all their insurance policies within one company.