Signing up for trucking insurance can prove to be a challenge for new trucking companies. Although there are many options available, having the wrong or inadequate coverage can have a major financial impact on your company. To ensure that you’re properly covered, it’s recommended that you work with an experienced agent who understands your business needs and government regulations. In the meantime, here is a brief definition of three of the most important coverages that you should plan to include in your policy.
Also known as motor truck cargo insurance, it protects you in case the freight you’re transporting becomes lost or damaged. There are several options for how this coverage can be structured, so you want to make sure the coverage you choose is appropriate for the cargo you’re carrying.
Truck Liability Insurance
Truck liability insurance is what protects you in case you’re the cause of an accident that leads to a third-party sustaining injury or property damage. It’s a required coverage at both the federal and state level and proof of coverage is required to be sent to them.
Physical Damage Truck Insurance
Physical damage truck insurance protects your truck and trailer against any damages. You can choose to obtain coverage against specific perils, or you can go with comprehensive coverage.
Other coverages like commercial property insurance, general liability trucking insurance, crime insurance, and commercial equipment insurance are also available. Work with an experienced agent to ensure that your trucking insurance policy appropriately meets your needs.