Insurance coverage is often considered complicated and confusing. Commercial truck insurance is no exception. This is because the truck industry is highly diversified and many regulations exist to govern it.
The many forms of commercial truck insurance provide motor carriers and independent owner/operators with all the coverage they need to protect themselves and their assets.
The following are several examples of coverage options for both large companies and independent haulers.
General Liability
This coverage protects company employees and vehicles with liability coverage. Damage and injury costs are covered for employees and employers are given protection against lawsuits from accident victims.
Primary Liability
This type of coverage is required by federal regulations and covers damage and injury costs incurred by third party motorists involved in accidents caused by commercial truck drivers.
Physical Damage
Independent drivers are encouraged to purchase these policies in order to protect their own assets, such as their trucks. Damages caused by fires, theft, vandalism, and accidents will be covered up to a certain amount.
Non-Trucking Insurance
This form of liability insurance is a more cost-effective form of coverage for independent drivers. It covers drivers when not on active dispatch and therefore not covered by their contracted employer’s policy.
Trailer Interchange Insurance
This coverage is for instances in which trailers are being exchanged between two different companies. Trailer interchange coverage will cover the cost of any damages to the trailer or its cargo while being hauled by an outside party.
Want to read more about commercial truck insurance? Check out this other blog post about other trucking insurance options.
Part of successfully insuring your truck is making sure that you avoid accidents. Obviously, the reason you choose premium commercial truck insurance is so that you do not have to worry about getting out of a sticky situation when you do need it.
