Commercial Truck Insurance

commercial truck insurance

commercial truck insurance

It really makes little difference if you are a one-man trucking firm operating within 25 miles of your home or a 300-truck fleet operating nationally, or even internationally; if you make a living with a truck, you need commercial truck insurance.

In much of the world, trucks provide the principle horsepower to make possible the movement of goods from manufacturer to distributor to shop owner and ultimately to the consumer.

In fact, Trucking Info (www.truckinginfo.net), a trucking industry organization, claims more than 15.5 million trucks operate in the US alone, with over two million of those being large tractor trailers.

TYPES OF COVERAGE

In addition to the standard types of personal injury and property liability insurance that all vehicles must carry to insure any persons injured in an accident or property damage caused by the truck, trucking companies require additional types of coverage.

For instance, large trucks may be transporting goods valued at many thousands of dollars. Think of the last time you passed a large truck carrying 10-12 brand new cars. With each car valued at $25,000, you can see how just this one truck may be hauling goods in excess of $300,000. Many comparably valued loads are rolling down the highways 24 hours a day.

The generic name of the insurance protecting carriers for the goods they carry is cargo insurance. In addition to protecting the trucking company against damages to its cargo resulting from road accidents, some additional riders will also cover the carrier against theft or vandalism to that cargo as well.

Finally, many trucking companies carry additional coverage to cover its employees in case of catastrophic accidents. The trucking profession is a dangerous one, not only because of the trucker’s long hours on the public highways but also because of the hazards he or she faces handling the cargo they carry.

Some trucking companies today take advantage of umbrella policies. These policies take a catch-all, comprehensive approach to coverage, covering a company against liability, property, and many other exposures trucking companies face.

BEST WAYS TO BUY INSURANCE

Since commercial truck insurance needs require a full understanding of each company’s scope of business and potential exposure, it makes sense to work with a broker specializing in the trucking industry.

The sheer size of this industry has produced specialists in truck insurance to meet the needs of fleet owners of all sizes.

The best place to start is with your personal insurance representative, the person who insures your car, house, family, and other valuables in your life. He or she may not be personally qualified to serve your commercial truck insurance needs but will very likely be able to recommend someone either within their company, or a trusted friend in the industry.

WHAT DOES IT COST

It’s impossible to give even general guidelines as to cost since each company and its needs vary so greatly. However, the best way to ensure you are not overpaying is to get quotes from at least three reputable companies and then compare them.

At the same time, it’s wise to ask your broker for client references, ideally clients who have the type of coverage you require.

The bottom line is you need to not only have cost effective coverage, you also need to have a relationship with your broker so he or she will go to bat for you if and when you need to make claims.

Incoming search terms for the article: