First things first, it’s helpful to understand the coverages you’ll need for your new trucking operation. Here are the common ones:
General Liability Coverage
Truckers General Liability Coverage —This cover those driver who is working on someone else's premises, like truck shop and loading the docks, it is also covers mistake of the driver. Whether you are a large truck company or an O/O, GL insurance is a good idea. General liability insurance can cover risks to your business outside of operating your truck. Some of the exposures GL insurance can guard you against are:
Delivering your load to the wrong place
A client slipping and falling in your office
One of your drivers going berserk at a truck stop
Slandering a load broker that later sues you
It makes sense to cover your risks whether they are on the road of off the road.
Primary Liability Coverage
Primary Liability Coverage — This insurance cover the damage you may do to other while drive your truck. it does not cover your truck. Liability insurance is a mandatory for all commercial trucks. It will pay for bodily injury and property damages that your truck may cause to other people or property. Driving without any liability insurance can and will result in large fines and penalties. Never drive your truck without liability insurance.
Physical Damage Coverage
Physical Damage Coverage —Physical Damage is generally broken up into two types of coverage: Comprehensive coverage and Collision coverage. Collision provides coverage in the event of a collision or overturn, while Comprehensive coverage is meant to cover a majority of the other physical damage losses. These losses might include fire, theft, vandalism, windstorm, or contact with an animal.
Non-Trucking Liability Coverage
Non-Trucking Liability Coverage — Coverage for damages or injuries to others while the truck is not under dispatch from the company you are currently leased on with.
Motor Truck Cargo Coverage
Motor Truck Cargo Coverage — When protecting your cargo, make sure your insurance covers you no matter the risk — stolen goods, wet load, refrigeration breakdown, debris removal, etc. It’s very important to have a cargo policy that is Broad Form and not Specified Perils (more on that later).
Trailer Interchange — Covers a non-owned trailer being used under a trailer interchange agreement.
Medical Payment — This covers medical bills if you or a passenger is injured while driving or riding in the tractor (this coverage varies from state to state).
medical payments coverage is an overlapping coverage for yourself. Your health insurance may already cover you if you were to be injured. But, you may be travelling with family members or friends that might not be covered under your personal health insurance policy. This is a prime reason why you may need medical payments coverage on your truck insurance policy. If an employee were to be hurt (or if you are an employee), it is possible that a workers compensation policy would kick in to help with medical bills and living expenses.
Uninsured motorist coverage offers payments for damages to your truck caused by another vehicle that does not have any insurance or does not have enough insurance to cover all of the bills.
This coverage is mandatory in New York, Illinois, Maryland and many other States. Accidents involving “hit and run” incidents are usually considered to be an uninsured motorist accident according to insurance law in many States.
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