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Having the commercial auto insurance is not enough to protect your truck business. It is because the risks of trucking business are much higher. Business Insider mentioned that the trucking business is worth billions of dollars and transports 71% of shipment in America. <br><br>The trucking business has a vast market, but it is not free from challenges. So, truck insurance indemnifies any financial losses because of any casualty. The major risks in the commercial truck business are accidents, natural causes, cargo theft, damage, or loss and pollution. <br><br>Each trucking business requires tailored insurance policies. Moreover, multiple types of insurance available can protect your specific industry. <br><br>To learn more on Truck insurance, Go to: https://quotezebra.com/truck-insurance/
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Truck Insurance Top 10 Must Have Coverages
Truck Insurance Commercial truck insurance covers loss as a result of truck accident. It fills the gap in your coverage if you use your personal truck for business purpose. According to Business Insider trucking business: is worth hundreds of billions of dollars. employs more than 5% of American workers. transports 71% of shipment in America.
Types of insurance for trucking business Semi-truck insurance (18 wheelers or tractor-trailers) Tank truck insurance Garbage truck insurance Box truck insurance
Types of insurance for trucking business • Tow truck insurance • Commercial dump truck insurance • Car haulers and auto trailers insurance • Flatbed truck insurance
Trucking insurance coverage Commercial liability insurance Regardless of who's at fault, commercial liability insurance covers the expenses of: • damage to property • medical bills • third-party injuries • legal defense • claim settlement
Motor truck cargo insurance This coverage is especially designed for cargo service provider. In case of any mishaps while on transit, it provides coverage for the following: fully reimburses the contents inside the vehicle property damage expenses
Physical damage • It includes collision coverage and comprehensive coverage • Collision coverage- • pays for damages, if truck collides with another objects. • does not cover loss due to theft, vandalism or fire. • Comprehensive coverage- • also known as "other than collision coverage" • pays for damages, in case of theft, vandalism, fire or explosion • indemnifies any liabilities, if accident happens as a result of falling objects or hitting an animal
Workers compensation insurance Mandatory in almost all states A single driver transports a significant amount of shipment, so well-being of your employees is the crucial. Worker's compensation insurance provides coverage for: lost income medical costs rehab expenses
Trucking insurance also includes the following protection for your business: • Interstate operating authority • Uninsured/ underinsured motorists • Limited depreciation policy • Non-trucking • Rental reimbursement • Bobtail insurance
Endorsement Add the following policies to your truck insurance for extra coverage: • Hazmat coverage helps the companies that frequently ship hazardous material. • Commercial umbrella insurance covers existing gaps in your current policy. • If your business transports livestock, livestock insurance covers liabilities. • Trailer interchange policy indemnifies any liabilities while shipping other's goods in your vehicle.
Exclusions Truck insurance does not cover: any item owned by the driver any damage done intentionally
Truck insurance cost The truck insurance costs depend on the following: • Credit record • The driver's experience and licenses • The price of the truck • Your payment plans • The type of product your business ships • Operating areas
The trucking insurance requirement may vary as per the coverage plan you choose.
