Just as you want to properly insure your personal vehicle, the same is most certainly true when it comes to commercial trucks. Not only does insurance provide you and your drivers with peace of mind, it could also be just the thing to keep your trucking business up and running without having to cover insurance-related damages on your own. Learn more about truck liability insurance from Western Truck Insurance Services and why it should be included on your policy.
Different Types of Truck Liability
One of the very first things you should know about liability insurance is there are several different types. Various kinds include:
- General liability
- Primary auto liability
- Non-owned trailer liability & Trailer interchange
- Motor Truck Cargo Liability
Primary Auto Liability Insurance
At the very least, you should have auto liability insurance on all your trucks, which is a requirement in all 50 states. With this liability insurance, any damage or injuries to other motorists that result from an accident deemed the fault of one of your drivers would be taken care of. In addition to primary auto liability insurance being required in all states, there are also specific minimum limits required, so be sure you meet those limits. Because there might be more than one vehicle and/or person involved in an accident, which can compound costs, it’s often a good idea to have more than the bare minimum.
General Liability Insurance
With general liability insurance, your trucks are covered when they otherwise aren’t on the road, such as when they’re parked at restaurants, in a parking lot and even while loading and unloading. You can also be covered against theft and vandalism. One thing worth pointing out here is that general liability insurance can be broken down into several smaller packages, so be sure you look over and understand your options before reaching a final decision.
Further Examples of Incidents Covered by Truck Liability Insurance
So you understand what you’re truly getting with liability insurance, there are some specific covered incidents we’d like to share. If a package is delivered and later discovered to be damaged, your liability insurance will take care of it without you having to spend money on a replacement. Should anyone become slip and fall inside a truck, any resulting injuries will be handled by liability coverage.
There’s a chance you or your business could be made the target of slander or libel. Should you decide to take legal action, your liability policy will take care of the legal fees, which is sure to bring you great personal and financial relief.
Understand Your Limits
As you can see, there’s a lot that can be covered by liability insurance for trucks. That being said, there’s just as much that is not covered by this particular type of insurance. While you’re talking with agents about cultivating your policy, be sure you ask about your limits and common incidents that fall out of the range of your policy. Even better, ask if there are any riders you can or should add to your liability policy. Also, be sure to ask about insurance restrictions you should be made aware of.
Do What You Can to Lower the Cost of Liability Insurance
Because you’ve got more to pay for than just the cost of truck insurance, it makes sense for you to find ways to reduce the overall cost of coverage. For instance, make sure your drivers remain safe while on the road since their driving records directly influence how much you can expect to pay for coverage.
Just as driving records impact how much you can expect to pay for insurance, the same is true of your credit score. This is because insurance carriers often consider consumers with low credit scores as financial risks who are likely to be poor drivers as well. No matter how you might feel about this comparison, it’s always in your best interest to do everything you can to improve your personal as well as your business credit score.
You should also make sure your drivers are dependable and trustworthy. Putting reckless and poorly experienced drivers behind the wheel can increase the chances of an avoidable accident, which can drive up your premium costs. Additionally, make sure your drivers are well-aware of the latest trucking laws and your company’s safety policy.
To know which types of truck liability insurance are best for you and your drivers, sit down with an experienced agent to go over each type and talk more about where your business is now and where you’d like to take it in the future so you always have the coverage you need no matter how or when things might change.