Truckers move the World
It’s almost impossible to list goods that aren’t affected by the trucking industry in one way or another – it is the most in demand job there is. Still, the average truck accident costs the semi owner $59,000, and can keep you off the road for months, something you just can’t afford. With a Commercial Semi Truck policy, you just might keep most of those costs covered.
What does Commercial Trucking Insurance cover?
A Commercial Semi Truck policy has some similarities to a Commercial Auto Policy, and bundles a combination of several types of coverage that most commonly affect truckers:
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.
Commercial Truck 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.
General Business Liability – If a driver causes damage while outside of the truck unloading cargo or a vendor gets injured while on your property, your commercial truck liability won’t cover any costs you have to pay. That’s where general liability steps in. It protects you in non-accident-related lawsuits as well as libel/slander and false advertising disputes.
Uninsured/underinsured motorist coverage – If an accident happens to one of your trucks or drivers, and the driver at fault doesn’t have enough insurance to pay for you or your employee’s medical bill, this insurance will step in and pay out.
Motor Truck Cargo Insurance – Commercial Truckers are required by law to carry a substantial amount of liability coverage, but only $5,000 worth of cargo protection. Most trucks are hauling quite a bit more valuable cargo than that, and a good cargo policy will add a more substantial amount of protection.
What Specialized Coverages are Available for Truckers?
Depending on the specifics of your business, you may need to add on more specific coverages. For instance, Leased Trailers or borrowed trailers are insured differently than owned trailers. You may need Refrigerated Unit Malfunction coverage, or a Non-Owned Vehicles policy.
At Plummer Insurance, our agents have a wealth of experience and expertise in writing Commercial Truck policies, and we are here to share that expertise with you, so you can get out on the road with the protection you need to keep you there.