If you own or operate a commercial truck, you understand the importance of insurance. It not only protects your vehicle and cargo, but it also protects you from potential lawsuits and damages. However, selecting the right commercial truck insurance can be overwhelming. With so many policies and add-ons available, it's challenging to know what you should have added to it. In this blog post, we'll discuss everything you need to know about getting commercial truck insurance and the essential coverage you should consider.
Liability Insurance
By law, every insurance policy must have liability coverage. Liability coverage includes bodily injury liability and property damage liability. Bodily injury liability covers the medical expenses, lost wages, and other costs associated with injuries or death caused to third-party individuals in an accident. Property damage liability covers damages that occur to someone else's property.
Physical Damage Insurance
Physical damage insurance is also known as comprehensive and collision coverage. It covers damages that occur to your vehicle, whether it's due to accidents or natural disasters. Comprehensive coverage covers damages caused by theft, vandalism, weather events, or falling objects. Collision coverage covers damages caused by collision with another object, vehicle, or animal. Physical damage insurance protects your vehicle and business investments.
Cargo Insurance
Cargo insurance covers lost, stolen, or damaged cargo. If you transport goods for clients, you understand the importance of cargo insurance. It not only protects your client's products and business, but it also protects your business from costly lawsuits. You can opt for specific cargo insurance policies like refrigerated cargo, hazardous materials, or auto haulers.
Uninsured Motorist Coverage
Uninsured motorist coverage protects you from drivers who don't have insurance or inadequate insurance. If you're in an accident with an uninsured driver, and he or she is responsible for damages, uninsured motorist coverage kicks in to cover your losses.
Additional Coverage
There are additional coverages you can add to your commercial truck insurance, depending on your business's needs. These additional coverages include medical payments, hired and non-owned auto liability, and general liability. Medical payments cover medical expenses for you and your passengers in the event of an accident. Hired and non-owned auto liability covers your business if you or an employee rents or uses another vehicle for work purposes. General liability covers your business from damages caused by your business operations or products.
Commercial truck insurance is an essential investment for your business. It's imperative to have the right coverage to protect your vehicle, cargo, and business from potential damages and lawsuits. To learn more about commercial truck insurance, contact a provider near you.
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