General Liability Insurance for Trucks
Commercial General Liability Insurance: An Overview
General liability insurance is a type of full coverage that covers all kinds and classes of trucks. If things go wrong on your or another property relating to traffic accidents, you are protected with this kind of plan. It covers a wide variety of risks, for example, bodily injury or property damage that occur on your premises in connection with the use of your goods and services, or contractual liability. You can also select additional options, such as professional liability coverage, pollution and environmental coverage, and garage coverage, to suit your company’s specific needs. You need an all-hazards policy prepared and ready to activate, which will provide protection for your business in the event of any mishap.
Importance of General Liability Insurance
Having general liability insurance can help protect your company from expensive accidents and other surprises. This can include bodily injury and property damage to keep your company afloat financially in case of an incident for which you must pay. With coverage for legal fees, settlement expenses, and medical bills as well, this type of insurance prevents financial disasters that may stem from lawsuits; thus, you can concentrate on running your business without worrying about potential lawsuits.
Concerns About Additional Coverage
For typical transportation industry operations, basic insurance generally provides adequate protection. However, if your company has fuel tanks on the property, it’s a smart idea to acquire truck pollution coverage. Freight forwarders or customs house operations may require a specific type of professional liability insurance. Additional coverages can include policies for environmental cleanup costs and legal fees related to pollution claims, making sure every aspect of your business is secured. To ensure your operations are sufficiently protected, consult with your insurance broker about the key policy provisions.
Limits on General Liability Insurance
The policy covers a wide variety of limits, ranging from $300,000 to $2 million. But the most popular limit selected is $1 million per claim, with a policy aggregate of $2 million. If your specific requirements demand higher limits, they can be accommodated accordingly. Selecting the appropriate limits ensures that, in the event of a large claim, your business is not financially overwhelmed. Assess your risk factors and discuss the most suitable options with your insurance provider. If you have any queries regarding general liability or if you would like to receive a quote, please visit our dedicated truck insurance quotation page to get in touch with one of our agents.
Legal Requirements and Compliance
Not only is general liability insurance highly advisable, but it can be a legal requirement for any commercial truck running on the roads in the US. Minimum liability insurance is required, as published by the Federal Motor Carrier Safety Administration (FMCSA). If they don’t, startups will be fined or face other legal problems. Moreover, many small business clients and affiliates will not do business with a company lacking proof of insurance.
Protecting your trucking business
General liability insurance is essential for protecting your trucking business from financial risks associated with accidents and other liabilities. At Royalty Truck Insurance, we offer personalized solutions designed to provide all-encompassing coverage that suits your specific needs. Act today, contact us now for a free quote, and protect your business. We have an expert team to guide you through the various coverage options and suggest solutions that are prudent and cost-effective, ensuring your operations are safe as well as compliant.
