Commercial truck insurance has many different parts called coverages. There are different ways to cover the different risks you face in operating your truck. Your coverage decisions will need to be sufficient to protect you from any potential catastrophes. Your livelihood can be taken away in a split second and it may not even be your fault.
With the proper amount of insurance, you will have peace of mind knowing that you are not just one mishap away from being out of work and possibly bankrupt. Below is an overview of the most common types of coverage.
Primary Liability Insurance- This insurance is intended to cover damages to someone else’s property, or an injury to someone else during an accident where you are at fault.
General Liability Insurance- This coverage will protect you from risks that happen off the road, such as a slip and fall at your office.
Physical Damage Coverage- This coverage will help fix damage to your truck if you are involved in an accident. This coverage sometimes protects your truck from theft as well.
Motor Truck Cargo Insurance- This coverage protects you if your load is damaged during transit.
Non-Trucking Liability Insurance- This insurance offers coverage for damages or injuries to others while the truck is not dispatched on a job.
Trailer Interchange Insurance - This covers a non-owned trailer being used under a trailer interchange agreement.
Medical Payments Insurance- This insurance covers medical bills if you or a passenger is injured while driving or riding in the truck. The available coverages for this type of commercial truck insurance varies from state to state.
Uninsured Motorist Insurance- This insurance provides protection if you are in an accident with someone who does not have any insurance or does not have enough insurance.
Workers Compensation- If you have employees, this coverage would pay your workers if they were hurt or disabled on the job.
Trucking Umbrella Policy- In most cases you may need more protection than your existing policy maximums. An umbrella policy will provide excess liability coverage.