The factors contributing to truck accidents are changing every year, from lack of sleep to using a cell phone while driving, and many are leading to record-breaking settlements. As a result, many major commercial fleet insurers have left this industry due to these excessive payouts.
This business involves particular hazards, and for this, commercial trucking has very specific insurance requirements. The easiest way to protect your trucking company is to meet and exceed those requirements.
What’s Covered Under Commercial Truck Insurance?
There are many risks associated with trucking from the people driving the trucks, the cargo they are carrying, and the safety of their equipment. Unfortunately, as with all drivers, being on the road is one of the top risks, resulting in highway crashes and weather-related accidents.
As with any business, operating a trucking company carries the possibility of hazards. The trucking business is nevertheless open to far more claims and mishaps. Here are a few of the most typical perils associated with commercial trucking.
Damage to Property
When transporting cargo, your company could be held accountable if your driver accidentally damages the contents of any of the items being transported. Therefore, product-transporting trucking companies should have comprehensive general liability insurance.
It is important to understand what is and is not protected, as this type of policy does not provide coverage for damage to your own business property.
If someone suffers an injury and your business is at fault, general liability insurance can help with those expenses. For example, you may be covered for payment of the medical bills for the injured party, or in the worst case scenario for burial expenses, when directly related to a trucking injury. It may also be possible to pay for legal fees and fines related to court-ordered judgments.
When operating a commercial trucking company, accidents may occur causing physical injury to drivers, passengers and others on the road. Due to the increasing costs of medical treatment, it is important to keep in mind the amount of insurance necessary to adequately protect your trucking company.
Problems can also be a result of the conduct of your drivers. These mistakes and other issues, whether they occur at a loading dock, on the road or at a truck stop, may give rise to legal action. Some of these issues could occur while driving such as falling asleep at the wheel and causing a crash, others could occur while at rest stops.
General liability insurance can offer protection in these special situations. Although this category may appear broad, it has the potential to shield your firm from a variety of problems that can result in a claim being made against it.
General Liability Insurance
Each state has different insurance requirements for individuals and businesses. For specific types of enterprises, some states will require general liability insurance, while others will only recommend it. It is not unusual for some businesses to require it when collaborating with a contractor or establishment.
General liability insurance is particularly recommended for businesses operating in the transportation sector. As one of the most fundamental types of insurance, this will offer assistance when you need it most.
General Liability Insurance Coverage
What is covered under general liability insurance? This is an important question to consider if you own or operate a commercial trucking company and are considering general liability insurance coverage. Typically, there are several situations that are covered. These include:
- Physical injuries
- Property damage
- Medical payments
- Products and operations
Having these components of coverage can be the difference between a thriving business or bankruptcy when faced with claims involving injuries, medical payments or product damage.
Who Needs General Liability Insurance?
For the commercial trucking industry, insurance is important to cover key aspects of the daily job when issues arise. If you are an independent trucker, or you own and operate a trucking company, this insurance is key in protecting drivers and the company from a lawsuit if an issue occurs.
Where Should You Get Commercial Trucking Insurance?
With the various risks of commercial trucking purchasing commercial trucking insurance is beneficial for the safety of employees, businesses and consumers.
By working with an experienced insurance group, you can be assured that you are getting the best coverage based on their wide based knowledge. A reputable provider will help you bundle policies, making purchasing insurance even easier.
Insurance providers that understand the requirements of the commercial trucking industry are necessary when purchasing commercial trucking insurance. They will understand the specific requirements, and the nuances that apply to the type of trucking company you have.