Businesses that get Commercial Truck Coverage are usually:
- Owner-operators: If you own a vehicle and work independently, your insurance requirements are different from those of motor carrier leases.
- Motor carriers: These companies move freight using their own trucks or owner-operators. Your insurance requirements depend on your company’s type.
- Private carriers: If you carry items for your firm or another employer in your own vehicle, consider private carrier insurance.
If you’re unclear whether you need commercial truck insurance, ask your state’s Department of Motor Vehicles or an insurance agent.
Unique risk exposures and company features determine your commercial vehicle insurance requirements. However, experts urge all trucking companies to obtain this coverage to safeguard their operations:
Commercial Truck Coverage auto liability insurance
Business auto insurance, commercial vehicle insurance, and truck insurance are all types of commercial car insurance. Truck insurance includes vehicle insurance, although it covers many policies.
A business vehicle insurance policy covers personal injury, property damage, and medical costs in the case of an accident. Vehicle theft, vandalism, weather, and wrecks are all covered.
Commercial transportation risks are far higher than personal vehicle insurance, thus, commercial auto policies are distinct.
Commercial vehicle insurance coverage covers you and your assets as the company owner, as well as your employees and other commercial drivers.
Physical damage insurance
Physical damage insurance for your business truck is essential in case of damage. This insurance covers repairs, replacements, and additional expenditures like a rental car while your automobile is being repaired.
Unexpected incidents may harm your car, whether it’s on the road, in the garage, or in a parking lot. Imagine a July thunderstorm with walnut-sized hail and your pickup in the corporate parking lot. Physical damage insurance may help cover part of the expenses of roof and window damage, which is virtually unavoidable.
Motor truck cargo insurance
Motor truck cargo insurance covers commercial truck freight. This coverage protects the trucking firm if the products are damaged, lost, or stolen, unlike truck insurance.
This insurance protects for-hire truckers’ cargo against fires and collisions. Truckers must have the necessary insurance when transporting freight.
Commercial Truck Coverage general liability insurance
Commercial Truck Coverage general liability insurance protects the trucking firm against negligence-related injuries and property damage. This insurance is required by most states and risk managers for commercial truck companies.
If a client or third-party contractor slips and falls on your property, they may sue you for medical costs and lost income if they can’t work for long. Your general liability insurance covers such claims as well as third-party property damage, libel, and slander.
Non-trucking liability insurance
Non-trucking liability insurance protects your trucking firm like motor truck general liability insurance, but for non-business purposes. Truckers who conduct errands or take friends with big baggage to the airport need this coverage.
Carrying freight in your vehicle is normally not covered by non-trucking liability insurance.
Rental reimbursement with downtime
If you or one of your drivers crashed a truck and couldn’t get it back on the road, you’d want to make sure your company can continue. Rental reimbursement with downtime coverage by STAR reimburses your trucking firm for hiring a replacement truck while yours is out of commission.
As the policy name implies, your insurance might reimburse you for downtime instead of helping you hire a car.