Whether you’re a driver, owner/operator, fleet manager, or trucking company owner, one thing is for sure:
You have a lot riding on the road. Logistics and transportation are vital to our nation’s infrastructure and economy, and your trucks and what they carry need to be protected. But that’s more than just property. Let’s take a look at the coverages that can help protect your rig.
Insuring Drivers
Although the talk of “driverless” trucks is still out there, we have not seen it as a reality. Drivers are a crucial part of this business, and they need to be protected. The coverages that can help do that include:
Workers’ Comp
Drivers are at risk of injury from loading/unloading cargo, accidents on the road and even blood clots, to name a few examples. When these injuries occur, worker’s compensation insurance can help truckers with the costs they incur.
Occupational Accident Coverage
Another option to help protect truckers is Trucking Occupational Accident coverage. This typically includes medical, disability, death, and other benefits for accidents that occur on the job. It is often a good alternative when work comp isn’t a fit.
Insuring Trucks
Often as much or more expensive than your cargo, the tractor trailers themselves have a large cost.
Physical Damage
This covers the costs of damage to your vehicle, including both collision coverage for damage due to a crash, and comprehensive coverage, which covers damages from theft and vandalism, or others specified non-collision causes.
Liability
If you or a driver you employ causes an accident, Truck Liability protects your risks, whether another party is injured or their property is damaged. Primary liability most often will cover the cost of your legal defense as well.
It’s important to note that if you are driving for hire, the DOT requires you to carry a minimum of $750,000 liability coverage. Depending on your business, the requirement can be up to $5 million. A trucker with insufficient coverage can face major problems if they get into an accident.
Insuring Cargo
The money is in the trailer – almost literally. You’ve assured your customers that their goods will arrive safely at their destination, but what if the worst does occur?
Cargo Insurance is sometimes – but not always – a requirement for your operation. What’s covered and for how much are often where the variables come into play. Cargo Insurance can help cover the cost of cargo that’s lost or damaged on its way to its destination due to accidents, fire, or theft. It can also cover the cost of preventing further loss to damaged cargo, legal expenses, cleanup to remove debris or potential pollutants from a spill, and even freight charges lost when a load doesn’t make it to its destination.
Other coverages, including Bonds for trucking, Bailee’s coverage, and Umbrellas, are also worth reviewing as you discuss the risks of your operation.
We’ve been helping insure truckers and trucking operations for years, and we’d love to help you be confident in your coverages. Let us help review your risks and discuss the options you have available.