Cargo hauling is a high-profit but risky and expensive venture. Whether you own a fleet of trucks, are an independent truck driver, or have a business that uses these vehicles to transport goods, you need commercial trucking insurance to secure your and your customers’ investments and shield you from liability in the event of an accident.
Let’s discuss the different types of insurance for trucking companies to determine which option best fits your needs.
Why Do You Need Truck Insurance Coverage?
If your truck is being used for your business or occupation, commercial truck insurance is necessary. Having trucking insurance coverage is non-negotiable if you:
- Provide services using your truck
- Transport people or goods for a fee using your truck
- Use motor carriers to tow equipment or a trailer that’s used to conduct business
- Have employees who operate the truck
Commercial trucking insurance is not exclusive to companies that carry cargo or have trucks for hire. Any business that uses trucks for commercial reasons needs this type of coverage. These include bakeries, landscaping companies, food trucks, caterers, manufacturers, handyman services, garbage trucks, and snow plowers.
Types of Insurance for Trucking Companies
Commercial truck insurance companies offer different types of coverage depending on the business size, the number and types of trucks, and the type of freight. We discuss the most common types of insurance for commercial vehicles below.
Primary Liability Insurance
This commercial vehicle insurance covers bodily injury and property damage you cause others while your truck is on the road. The federal government requires you to have this type of coverage before using or leasing your trucks for business purposes.
General Liability Insurance
This state-required insurance protects your business from incidents that happen off the road. It covers incidents that happen as a result of your day-to-day operations, like slip-and-fall accidents and loading delivery errors.
Non-Trucking Liability or Bobtail Insurance
The non-trucking insurance policy covers you when your truck is used on off-days for non-business purposes.
Physical Damage Coverage
Physical damage insurance covers any repairs made on commercial trucks due to theft, collision, vandalism, and natural disasters. If your vehicle is irreparable, this truck insurance policy can also cover the cost of its replacement.
Motor Truck Cargo
This cargo insurance provides coverage for the goods you transport, including losses that result from collision, fire, or striking. For example, if your truck gets stuck in an ice storm or heavy traffic, this commercial truck insurance protects your commodities.
This isn’t a comprehensive list, as there are many more policy options that you can choose to further protect your commercial trucking investment, including trailer interchange, rental reimbursement, reefer breakdown, and medical payment for commercial truck drivers and riders. The cost of premiums varies, as well. If you need more information on which types of truck insurance plans you need or would like customized coverage, talk to a reputable truck insurance company.
Get Reliable Commercial Truck Insurance from Insura
Secure your people and your investment with commercial truck insurance from a trusted provider. Insura offers affordable truck insurance plans for all types of trucking scenarios, including motor truck cargo coverage, non-trucking liability coverage, and motor truck general liability coverage. Our 100 percent in-house team can also assist with federal and state insurance filings, as well as heavy truck claims. To learn more about Insura’s trucking insurance products, contact us today.