Whether this is your first time entering the trucking business or have had it for years, commercial truck insurance is the investment you need for your business. The truck business is a very challenging business, so you must protect yourself from financial losses due to accidents and / or theft.
Commercial truck insurance will protect you from the risks that commonly occur in the trucking business such as vehicle damage, theft and employee injury. Getting commercial truck insurance makes the difference between going bankrupt or continuing your business with minimal losses.
Understanding the totality of commercial truck insurance can be confusing but knowing the basics will make it easy to choose the right insurance package for your business. Trucking insurance usually covers four areas, namely Main Obligations, Non-Transport Obligations, Motorcycle Truck Cargo, and General Obligations.
Primary liability insurance is what truck drivers need to drive legally on the road. This includes damage to property and injury to people. At least $ 750,000 is needed to drive a truck legally. If an accident occurs, this amount will be used to cover damage. In cases where the amount of damage is more than the insurance coverage, you may be dump truck hino required to pay the remaining cost.
General liability insurance covers all accidents that do not occur on the road. Apart from being on the road, trucks also stop to load, unload, and stop and accidents can occur during this time. Common risks with stopping include theft and vandalism.
Cargo Truck Motor includes the cargo that you carry in your truck. This coverage is not mandated by the government but your client might need it. This ensures that the cargo will reach its destination safely and protected from damage and theft.
Non-truck liability insurance is called bobtail insurance and provides protection for your truck when you are not working. Truck insurance generally protects your truck only while on the road but while in the garage, you are personally responsible for it. With this special insurance, you cover all your bases.
These are the four covers of commercial truck insurance. Basically, truck insurance is the same as ordinary car insurance. It has a higher premium to pay because it provides broad coverage.
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