Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.
If you own a trucking company, you likely spend a good deal of time going over safety regulations and making sure all of your drivers are prepared for the job once they hit the open road. But no matter how much time you spend on planning or training, bad things will sometimes happen. That's just a fact of life, and you likely understand the importance of carrying at least some level of commercial trucking insurance to protect your company and your employees. But most commercial insurance providers offer multiple options when it comes to trucking insurance, so it's important to know what is most important to you. Here are three types of trucking insurance you may want to consider in addition to primary or general liability.
Cargo Policy
If you are an independent company, you may be under contract to carry goods for a third party whose product you don't directly own. Your regular trucking policy might not cover any of these goods if they are not technically yours at the time that they were damaged. But most insurers will let you add an additional cargo-insurance policy that will provide additional coverage. This will ensure that everything in your trailer is covered no matter what happens.
Physical Damage (Comprehensive)
Most general trucking policies will protect you if you damage someone else's vehicle or property. But you might not be covered under your policy for things that can happen outside of accidents. For example, if you accidentally damage your own property, a general-liability policy likely won't cover this. But you might be able to add a physical-damage policy, sometimes referred to as "comprehensive insurance," that will cover this. Comprehensive policies also tend to cover things like fires and theft.
Non-Trucking or Bobtail Coverage
If your employees sometimes use their work vehicles to run personal errands, you'll want to read the fine print on your liability coverage. In many cases, an accident might not be covered if the driver behind the wheel was not actually on the clock for your company. However, in this instance, you can supplement your trucking insurance with a non-trucking or "bobtail" policy that will cover general accidents that occur during off hours.
Trucking insurance can be quite complex, but it's important to have a basic understanding of it so that your company is covered if something goes wrong. Talk to an insurer today about adding supplemental coverage to your existing policy that will cover things like cargo that you don't personally own or an accident that happens while the driver is off the clock.
Talk with companies like North American Brokerage Inc to learn more.
Share1 December 2016
