Posted on: 18 May 2021
If you have recently decided to become an owner-operator and drive your truck independently instead of working for a commercial carrier, one of the things you'll have to do is secure commercial truck insurance. In fact, most states require that you carry this coverage and, if your truck is still financed, your lender likely will as well. Understanding the key components of commercial truck insurance will help you get the coverage that you need.
Commercial Liability Insurance
Commercial liability coverage is the protection that you need in the event that you cause damage to someone else's property or injure someone in an accident in your truck. If you are liable for any costs associated with something like this, your commercial liability coverage will apply and pay those expenses up to your policy's coverage limits.
Give careful consideration to your liability limits to ensure that you get enough protection for the potential damage your truck may cause. Remember that commercial trucks are larger and heavier than passenger vehicles, so they will cause far more extensive damage in most accidents.
Another option you'll have as part of your commercial truck insurance is the ability to cover your cargo as well. This is beneficial for ensuring reimbursement against theft, damage, or any other type of loss associated with the cargo that you are hauling.
When you add cargo coverage to your commercial truck insurance, you'll need to estimate the value of your standard cargo loads to ensure that your coverage limit will provide enough for even your most expensive loads. In fact, some of your contracts may require that you provide specific coverage limits for your cargo to ensure that their property is protected. Be prepared to provide declaration pages for your cargo coverage when needed.
Some commercial truck policies will only cover your truck when it is actively under a load. In those cases, you'll want to add bobtail insurance to provide you with coverage for anything that might happen when your truck is without a trailer.
Make sure that you take the time to understand your policy's exclusions so that you know for sure if you need to add bobtail coverage to your policy.
These are three of the most important lines of coverage that you should add to your commercial truck policy. The more you understand about your coverage options and their benefits, the easier it is to get the protection that your business will need.
For more information about commercial truck insurance, contact a local insurance provider.Share