The Importance of Proper Commercial Truck Insurance

Whether you operate front loaders, dump trucks, flatbed trucks or box trucks, these vehicles can be your business’ lifeline. If your livelihood depends on them, having the right commercial truck insurance in place will be one less worry so you can focus on other activities of your business.

Commercial truck insurance can be a major expense that impacts your bottom line so it is important you understand what the insurance offers and whether it meets your requirements. A single accident can take a toll on you financially and that is why your insurance should be designed to suit your specific needs. If you don’t fully comprehend the wording of the insurance policy, you may end up with unnecessary coverage and pay too much. The other risk is being under insured and this can cost even more money should your truck be in an accident.

Understanding the Language of Your Commercial Truck Insurance

The key to getting the right type of insurance for your business is to understand the language of your policy and the basics of commercial truck insurance. This will help you organize and plan your insurance appropriately.

Commercial truck insurance usually offers protection against loss and damage. You can take out insurance for semi-trucks, trailers, cargo trucks, flatbeds, front loaders, haulers, dump trucks and box trucks.

  • The liability clause of commercial truck insurance will cover damage to the other party involved in an accident. For instance, if your truck driver is backing the truck into a loading dock and it crashes into the lift of the dock, your insurance provider will pay for the dock repairs.
  • Cargo insurance covers stolen or damage cargo that your truck hauls. For example, if your truck is hauling electronics and they get damaged because the driver takes a sharp turn, this damage will be covered by cargo insurance. Also, if electronics get stolen from the truck during transit, your insurance policy will cover the loss sustained by your customer.
  • Physical damage insurance covers actual damage to the truck caused by poor weather conditions, an accident or another vehicle or person’s negligence, and will pay for the repairs.

Recommended Insurance for Commercial Truck Businesses

There are some special options to consider especially if your truck drivers tend to take the vehicle home and do not operate it. One example is bobtail insurance, which covers the truck when it is being used to drive home after the goods have been delivered. Another is reefer insurance, which covers damage caused by reefer motor failure.

So the best commercial truck insurance for your business depends upon the kind of trucks you operate and how they are being used. Be sure to shop around for the best rates before you invest in insurance protection for your trucks.

A commercial truck insurance broker at Mitchell & Whale can help you choose the right type of insurance for your business’ trucking needs. Contact us today to learn more about the customized coverage we can offer you.

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