Owning a trucking company comes with tremendous risks. Whether on or off the road, the potential for disaster is always present and as a result, it’s of utmost importance that you carry the right amount of commercial truck insurance. While there are many coverages that will go into your policy, here are three key options that you should expect to carry.
Truck Liability Insurance
According to the experts at Gain Insurance, truck liability is most likely going to be the most expensive part of your policy because it covers you while on the road. In case you cause an accident that leads to a third party suffering an injury or property damage, your policy will cover the costs to make them whole.
You get paid for safely transporting freight from one point to another. In case the items you’re transporting were to get damaged or lost while in your possession, cargo insurance will cover the cost to repair or replace them.
Physical Damage Truck Insurance
It’s important that you protect your investment, even as you look out for others’ property. With physical damage insurance, your policy will cover the cost to repair or replace your truck or trailer should either become damaged. You can choose to purchase coverage for specific events to save money upfront or go with the more expensive comprehensive coverage.
Several other coverages are needed to ensure full protection for your business. Work with your agent to craft a policy that meets your exact needs.