If you are a new business getting into the industry and will be running your own operation. It is recommended to be knowledgeable on the basic coverage for the truck and transportation industry.
There are many factors that influence insurance costs such as a driving records, age of the driver, age of the equipment, radius, commodities hauled, loss run history, and the years in business.
Here are some of the most common trucking-related insurance coverages:
Physical Damage – This insurance covers specifically your truck and trailer. Your premium is based on the value of the equipment which is usually a percentage of the value. This coverage is not required by law but if you don’t currently own your vehicle, the lienholder will require it. Always make sure that you ensure your vehicle for the real value as an insurance company will oinly pay market value at the time of the loss.
Primary Auto Liability – This insurance is required by federal regulations. Every carrier must carry liability insurance. Liability insurance protects you when a third party is injured in an accident.
Non Trucking Liablity – insurance pays for an accident when the truck/driver is not under dispatch. The coverage is referred to as deadhead coverage or bobtail liability.
Non-Owned Trailer-Liablity – This coverage insures the trailer you are pulling for someone else in the event of loss.
Trailer Interchange Liability – coverage protects a trailer you are pulling when there is an interchange agreement in force.
Cargo Insurance – covers damage or loss to the cargo that is under dispatch.
These are just some of the coverages that are offered, it is always smart to ask what coverage you are getting for your premium. Always to ensure that you are not ensured properly. Here are Ace Commercial Insurance we are experts and can help you indentify what coverage is perfect for you and your business. Feel free to give us a call and we can shop for the best insurance policy for you.
For a quick quote please call 1 (888) 300-7888.