As a commercial truck owner, you know you need to have adequate trucker insurance to protect yourself and your investment. Of course, you have probably talked with an insurance broker to buy the policy, but if you want to be absolutely sure you have all the coverage you need, it is important to understand the different types. Here are some things you need to consider when planning and buying your policy.
You need to be sure that any damage done during an accident that you are involved in will be covered. This should include damage to other vehicles or property. You want to be sure that you will also be covered if a problem occurs with the delivery of the load you are carrying. Make sure the policy will cover damage done to the load itself too. You do not want to have to pay for the items you were delivering because they were destroyed while in your possession.
Property Damage Coverage
While you may be tempted to forgo this coverage if you do not owe any money on your personal vehicle, keep in mind that if your truck is damaged and you do not have this on your policy, you will end up having to pay for all the repairs out of your pocket. The cost of the repairs could easily be enough to effectively shut down your commercial trucking business.
There are bound to be times when you are hauling a trailer that is owned by the company you are hauling for. Do not assume that the trailer will be covered under the company's insurance. Quite often, their insurance will cease the minute you take the trailer off their lot. You want coverage that will not only pay for any damage to the trailer but that will also pay for any damage done because of the trailer.
Not all loss is due to a crash or accident. You need to be sure your cargo is covered in case of theft. In addition, if you are hauling items that need special treatment, such as refrigeration, make sure you will be covered if the refrigeration system breaks and everything spoils.
Do not treat commercial truck insurance the same way you treat your personal automobile insurance. Trucks can cause a lot more damage in more ways than your vehicle can cause. Without adequate coverage, you might not only lose your livelihood but you could also be personally liable.