As a commercial truck owner, you will need to have a much different insurance policy that the one you have for your personal vehicle. Regardless of whether or not you still owe money on the truck loan, you are going to have to be sure you have adequate insurance or things can get very difficult for you financially real fast. While the loan holder or the truck salesperson may recommend the insurance company and what coverage you need, it is always best to go beyond these recommendations. Here are a few things you should absolutely make sure you have coverage for.
When it comes to the general liability coverage, make sure that it covers you for any damage or injuries down when on someone else's property. This should include paying for everything if there is an incident with a loading dock or at a truck stop. While the company you are driving for may have coverage for this, it is best that you carry some, too.
There is bound to be times when you are not actively working for someone. perhaps you are coming back from a delivery or just taking the truck for a drive to make sure it is running efficiently. These are considered to be non-trucking activities. If something were to happen on the road, you need to be sure your insurance is going to cover you. Never just assume you are covered. Ask the agent to point out the section of your policy that handles non-trucking accidents.
You do not want to have to pay to replace the cargo if something goes wrong on the trip. This coverage should include accidents. refrigeration failure, and even stolen goods. The cargo you carry can be quite expensive. The company you are hauling for is not going to just write it off if it is damaged, lost, or stolen. Someone is going to have to pay for it-—make sure it is the insurance company.
Odds are good that the trailer you are hauling the goods in is going to belong to the company you are hauling for. Make sure that you have adequate coverage to pay for any damage to the trailer, too. Do not assume that your cargo coverage will take care of the trailer.
The important thing is to talk with a commercial truck insurance agent. Explain what your business involves and ask about different things that can go wrong. Never accept a generic policy or you could end up having to sell your rig to pay for damages or injuries.Share