Commercial Insurance
Royalty Truck Insurance isn’t just in the business of selling insurance for trucks—we can cover almost all of the commercial insurance policies a trucking company would need in order to protect their business from possible losses during normal operations.
In fact, a great way to save money on your commercial insurance premiums is to consolidate as many of your trucking company’s insurance policies with the same commercial insurance provider.
While trucking companies need insurance for their trucks and actual equipment, and some require trailer insurance and cargo insurance in order to stay competitive with other companies in the industry, there are also several basic business insurance policies that can’t go ignored as well.
Here are a few of the most common insurance policies trucking companies need to stay protected.
General Liability Insurance
General liability insurance is the most essential business owner’s policy for trucking companies and businesses in other industries as well.
Not to be confused with primary trucking liability insurance, general liability covers costs of litigation, court costs and witness/attorney fees in the event a suit or claim is filed against your business due to events or actions that occur from normal operations.
It can even cover lost wages for the time you are in court, and pay any settlements or judgments against you should you unsuccessfully defend against your claim or suit.
What General Liability Covers
Any personal injury or property damage claims will be covered by a general liability policy. If any of your products or services cause any personal injury or damage to someone’s property, you’ll also be covered.
Find out more about general liability coverage!
Workers Compensation Insurance
One thing your general liability policy won’t cover are suits or claims from injuries your employees may suffer while on the job. For this type of coverage, one that is often mandated by state law, a workers compensation policy is necessary.
Worker’s compensation not only covers employers from liability during job-site accidents that occur during normal operation, but it also helps cover the medical costs associated with such injuries and any damage costs that may occur as a result.
Most states will require employers who staff over a certain amount of employees to carry private workers compensation policies. Most states will have slightly different rules regarding workers compensation insurance and some even have set up pools for multiple companies to buy into, slightly reducing the cost of this protection. You can always contact a Royalty Truck Insurance agent to find out more about laws that exist in your particular state.
Find out more about workers compensation insurance coverage!
Occupational Accident Insurance
While occupational accident insurance is similar to workers compensation insurance, it is important to know first and foremost that it is by no means a substitute for it—workers compensation is still mandated by law where applicable.
Rather, occupational accident insurance in the commercial trucking industry is a solution to the fact that independent contractors are often excluded from workers compensation insurance.
Occupational accident insurance allows motor carriers or independents financial protection from personal injury due to accidents, and is oftentimes included into truckers’ leasing dues or contracts in order to allow for seamless administration.
Find out more about occupational accident insurance!
Talk to a Royalty Truck Insurance agent today for more business owners insurance policies and to obtain free commercial truck insurance quotes!
