Commercial trucking insurance policies are essential for independent truckers. Purchasing commercial trucking insurance is generally viewed as a major expense. Maintaining profitability is one of your top priorities as a business owner, so you must determine the type of coverage you require to stay protected. One accident could do major damage to your business. Likewise, there's a chance you could be over-insured as well, which means you will pay more for excess coverage than you need. Here's a look at some basic commercial trucking insurance facts to help you understand your policy.
Learning about the basics of your commercial trucking insurance policy can help you figure out which types of coverage align with your needs. The policy covers your business against potential property damage and other losses.
Liability Insurance
>Liability insurance covers you if your trucks accidentally injure someone or cause property damage.
Cargo Insurance
Cargo insurance covers your business if any of the goods you're transporting are stolen or damaged. The insurance will cover any replacement costs.
Reefer Insurance
Reefer insurance serves as an add-on to your commercial trucking insurance policy. This type of coverage protects you if a reefer motor failure causes property damage. However, the reefer unit must be maintained regularly.
Physical Damage Insurance
Physical damage insurance covers any damage to the equipment due to an accident or inclement weather.
Bobtail Insurance
Bobtail insurance is recommended if you park one of your commercial trucks at home. This insurance covers you if any damages occur to the truck while it's parked at home.
Commercial trucking insurance premiums are normally high. If the premiums are too expensive for your budget, it's recommended that you contact your insurer. Many insurance companies offer financing and structure a payment plan to help alleviate the stress of paying for premiums. It is recommended that you contact your insurer if you have concerns about the price of your insurance premiums.
Graystone covers multiple commercial trucks, including tow trucks, straight trucks, semi-trucks, ice cream trucks, pickup trucks, box trucks, and garbage trucks.
Graystone Insurance Group offers personalized coverage options. The flexible policies are designed to help cover your trucks against various risks. Motor Truck Cargo insurance covers you if the cargo inside the truck is stolen or damaged. Fleet insurance is recommended if you have a budget in place. This type of insurance is cheaper than purchasing insurance for each truck. Non-trucking liability coverage protects you if your truck causes property damage while you're using it away from the job.
Commercial trucking insurance helps protect your business during emergencies. While purchasing coverage is generally expensive, the consequences could be damaging if you are left exposed and an accident occurs. If you have questions about your insurance policy, contact our team of insurance experts at Graystone Insurance Group, and we will assist you.
More: 9 Facts About Commercial Trucking Insurance that You Must Know
