Commercial truck drivers must adhere to a variety of regulations when it comes to the type of insurance they need. There are different types of coverage that are necessary for trucks, depending on the size and weight of the vehicle. In this blog post, we will discuss the different types of insurance truck drivers need and what each one covers.
Commercial Trucking Insurance
It is also known as bobtail insurance. It covers the truck while it is not hauling a trailer or freight. In the case of an accident, this sort of motor insurance covers principal liability. It also includes coverage for various forms of damages. Commercial trucking insurance is the best small business insurance for commercial drivers as it protects other individuals and their assets if a truck causes accidents, property damage, or death.
Owner-Operator Trucking Insurance
This coverage applies to individuals who own and operate their trucks for business purposes. It is like commercial trucking insurance, but also includes coverage for loss of income if the truck needs repairs or if the owner-operator is unable to work due to injury or illness. This insurance also covers damage or loss of cargo in transit. Owner-operators’ trucking insurance often includes the following categories of coverage:
- Primary liability: Covers damage caused by the owner-operator in an accident to other individuals or property.
- General liability insurance covers harm caused by a motorist working on someone else’s property, such as a truck stop, dock, or delivery place. This also includes damage caused by delivery mistakes.
- Physical damage liability: Assists the owner-operator in repairing or replacing his or her vehicle or other equipment if it is damaged or stolen.
- Motor truck cargo: Protects the owner-cargo operator if it is stolen or destroyed for any cause.
- Trailer interchange: This term refers to a trailer that the owner-operator does not own but is utilizing under a trailer exchange arrangement.
- Non-trucking liability insurance protects against truck-related injuries or property damage while the owner-operator is not performing an official delivery.
- Uninsured/underinsured motorists: If the owner-operator gets in a crash caused by another driver who does not have enough insurance, this insurance will compensate for any losses that the other driver’s insurance plan does not cover.
- Medical payments: Covers medical expenditures incurred because of injuries sustained by the driver or a passenger in the truck.
What Truck Insurance Doesn’t Include?
Trucking insurance may not cover all the following damages in the event of an accident:
- Vehicles that are not classified as trucks under the policy. Hearses, buses, limos, cement trucks, ice cream lorries, and passenger vans are examples of such vehicles.
- Injury to the driver or truck damage
- Injuries sustained by a truck driver would be covered by workers’ compensation insurance. Damage to the truck is only insured if the driver or trucking firm acquired extra physical damage coverage.
- Income loss because of an injury. A motorist who is wounded in an accident and unable to work will require business interruption insurance to compensate for lost revenue.
- Cargo was lost. This is only completely protected if the driver or trucking firm acquired the policy.
To protect themselves and others from accidents, truck drivers need commercial trucking insurance. Owner-operators also require additional coverage for their vehicles and income loss. It is important to thoroughly review a trucking insurance policy to ensure that all necessary coverage is included.
