A Guide to Truck Insurance Coverages
One of the most diverse and highly regulated industries in the country is the commercial truck industry. The reason for this is that commercial trucks can be used in many different applications and all of these truck applications should have truck insurance coverage amounts which are required. The various applications of the truck industry including hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and others.
So, with the many applications in the trucking industry, there is also a diversity in the kinds of commercial truck insurance. With the different trucking applications, different types of commercial truck insurance are also needed. Here are the basic insurance policies that commercial truck owners should purchase.
If you are an owner of commercial vehicles then you are required to get primary truck liability insurance. This covers drivers for injuries and damage costs if the truck is involved in an accident where the truck driver is at fault.
Usually it is the business owner that provides the coverage for their employees. This type of insurance also covers independent operators who is under contract by the company. The only thing about this set up is that the truck owner needs additional coverage to protect his personal assets and insurance when they are off the job.
An independent truck owner needs to get a physical damage insurance to pay for the cost of damage in an accident, whoever is at fault. In order to be able to repair your truck when it gets damaged in an accident, then this insurance coverage is important.
If you are an independent contracted driver, you can get coverage when you are not on the job with non-trucking liability insurance.
If you want to provide total coverage of all your own personal assets, then you should get a comprehensive truck insurance. In this comprehensive policy, you will have primary truck liability, physical damage, and other insurance clauses that prevent against theft, vandalism, or fire.
Trailer insurance is often included in the insurance policy of a motor carrier because most trucking companies own a trailer. If there is no added provision for trailer insurance in the policy, then this is not included in the basic truck insurance. For trailer owners it is important to get trailer insurance if your basic truck insurance does not include this.
Cargo insurance is also included in some insurance policies of motor carriers or fleets. But if you are an independent contractor, you should get cargo insurance for damaged cargo because this is not included in the hiring fleet insurance.
Truck fleet owners can also get motor carrier insurance which includes the same policies for regular trucks but will also cover all the vehicles they use for the business. Getting your insurance policies from one company will help you save on annual premiums.