Commercial Trucking and Transportation Insurance Policies
Commercial trucking and transportation insurance policies are essential for businesses that rely on trucks to transport goods. Many different types of policies are available, so it is necessary to understand their differences. We will discuss the different types of public policies and what each cover. We will also provide tips on choosing the right policy for your business.
Why do I need commercial trucking and transportation insurance?
Commercial trucking and transportation insurance is a type of insurance that helps protect businesses that rely on trucks to transport their goods. This type of policy can cover the cost of damages during transit and repairs if the truck/trailer is damaged in an accident. It can also help cover the cost of lost or stolen cargo.
According to AAJ, truck accidents and fatalities have increased by more than two-thirds over the last decade. The increase is likely due to increased truck traffic on roads and highways. With more trucks on the road, there is a greater chance of accidents.
The different types of policies
There are several types of commercial trucking and transportation insurance policies obtainable, such as:
- Liability insurance: This policy covers the cost of damages resulting from the truck being involved in an accident.
- Hired and Non-Owned Liability & Physical Damage: Required for the UIIA for rail or port loads
- Trailer Interchange: Covers trailers borrowed or exchanged by a business when there is a contract/agreement in place
- Physical Damage: covers the cost of repairs if the truck is damaged in an accident and the cost of damages resulting from weather, theft, or vandalism.
- Cargo insurance: This policy covers lost or stolen cargo costs.
- Refer Breakdown
- Pairs & Sets Coverage for Mobile Home Haulers
- General Liability Insurance: $1,000,000/$2,000,000 limits
- Excess Liability
- Workers Compensation
- Non-Trucking Liability and physical damage coverage for owner operators
Choosing the right policy When choosing a commercial trucking and transportation insurance policy, it is crucial to consider the needs of your business. You will need to determine the value of your goods.
How to choose the right policy for your business
Now that we have discussed the different types of policies, let’s talk about how to choose the right policy for your business. Here are a few tips:
- Determine the value of your goods.
- Consider the type of goods you are transporting.
- Choose a policy that covers the cost of lost or stolen cargo.
- Ensure the policy covers the cost of repairs if the truck is damaged in an accident.
- Get quotes from different insurance companies.
- Choose a policy that fits your budget.
When it comes to commercial trucking and transportation insurance, there are many options available. Following the tips above, you can choose the right policy for your business.
The benefits of having commercial trucking and transportation insurance
There are many benefits to having commercial trucking and transportation insurance. These include:
- It can cover the cost of damages during transit.
- It can help cover the cost of lost or stolen cargo.
- It can give you peace of mind knowing that your goods are protected.
Forbes notes that Commercial auto insurance can protect you from things like financial responsibility in an accident, unexpected events (like weather or vandalism), medical bills, and more.
As you can see, there are many benefits to having commercial trucking and transportation insurance. If you have a business that relies on trucks to transport goods, it is essential to have this type of policy in place.
We’re the truckers’ insurance of choice
If you require commercial trucking insurance, look no further than Merit Insurance Services Inc. We offer Transportation Industry Insurance for all types of businesses. We can help you find the right policy for your business, and we will work with you to ensure that your goods are protected. Give us a call today to learn more about our services.
