There are many factors to consider when shopping for commercial truck insurance. The type of insurance policy you need is determined by the type of industry you work in and your employment status. Trucking is a highly diverse industry which is why truck insurance comes in many forms. This allows a commercial truck insurance company to meet the needs of different truckers by providing the coverage they need based on common safety regulations and local laws.
Trucking companies may handle one specific type of cargo, such as liquid chemicals, building materials or refrigerated produce, for instance. Some companies haul several different types of general freight. There are also a few different types of specialized trucks, including tow trucks, construction vehicles, and dump trucks. These vehicles do not haul any cargo.
Each one of these subcategories of commercial trucking needs to have their own coverage amounts for financial responsibility in case of an accident and to meet with regulations. Regulations, laws and the cost of damage, may make separate or specialized insurance policies a necessity. Here are a few examples of specialized coverage options.
Building Material Hauler Insurance
A construction vehicle may haul building materials to and from work sites. This type of truck may require cargo insurance and truck liability insurance. Typically, the motor carriers working in construction may need a building materials haulers insurance policy for their non-cargo vehicles.
Produce Haulers Insurance
This coverage is for refrigerated trucks that haul perishable foods. The food industry has a large number of commercial trucks on the road every day. These trucks need a blend of physical damage commercial insurance and liability insurance, to cover damage, spoilage, and damage to refrigeration equipment.
Tow Truck Insurance
Tow trucks need liability insurance to cover damages to the vehicles being towed. They also need selectable coverage clauses and liability insurance for the tow truck itself. These types of policies are based on the frequency of use and the capacity the tow truck was used in. Read more information about tow truck insurance cost from here: http://www.buriedcar.com/tow-truck-insurance-cost/
Commercial coverage is not just for major corporations, Individuals also need this type of insurance, although their policies vary greatly from the policies purchased for large motor carriers that have fleets of trucks and dozens of employees.
Motor carriers must provide their drivers with adequate injury, liability, and physical damage coverage. They also need to protect their assets, such as their cargo, trailers, and trucks. The assets need to be protected against vandalism, theft, and damage.
General Liability and General Freight Insurance
These are two forms of commercial truck insurance. They are the basic coverage options for motor carriers. General liability insurance covers your business in the event harm or damage occurs during day-to-day business operation. General freight is a blanket insurance policy that covers all lines of cargo.
Independent haulers need to protect their trucks with physical damage insurance. They also need to maintain some forms of liability coverage when they are not actively employed or are contracted by a large company. Typically, a motor carrier will bear the financial responsibility for an independent driver under commission. This type of policy is called bobtail insurance. This is a good option for an independent hauler who wants to stay covered when theyre not on the job.
