The truck industry in the country is a very diverse and highly regulated industry. The commercial truck industry has a very wide applications and it is required that each of these applications must have a truck insurance coverage amount. The various applications of the truck industry including hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and others.
The commercial truck insurance also varies according to the usage of the trucking business. 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.
Primary truck liability insurance is the most basic insurance required for all commercial vehicles. If your driver is at fault in an accident, this insurance covers for his injuries and damage costs for the truck.
Coverage for truck drivers and other trucking employees are provided by the business owner. This type of insurance also covers independent operators who is under contract by the company. However, independent truck owners also need to protect their personal assets when they are off the job so they also need additional coverage for this.
In the event of truck damage, whoever fault the accident was, the independent truck owner would do well with a physical damage insurance. This is important because the truck is the most valuable asset of a trucker and the truck has to be well maintained and can be repaired if something happens to it.
Non-trucking liability insurance is ideal for independent contracted drivers to provide coverage when they are not on the job.
If you want to provide total coverage of all your own personal assets, then you should get a comprehensive truck insurance. This includes primary truck liability, physical damage, and other insurance clauses that prevent against disasters like fire, vandalism, or theft.
Trailer insurance is often included in the insurance policy of a motor carrier because most trucking companies own a trailer. Trailer insurance are usually not included in the basic truck insurance if there are no specific additional provisions. Truckers who have trailers need to get trailer insurance if it is not included in their basic truck insurance.
Some trucking companies also include cargo insurance coverage in their basic truck insurance. However, independent trucks should get cargo insurance because they will not benefit from the cargo insurance of their hiring fleet if cargo is damaged.
Motor carrier insurance includes coverage for all types of vehicles used for your business. If the trucking company or motor carrier want to save on annual premiums, then it is good to bundle all their insurance policies within one company.