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General Liability Insurance For Truckers
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Hazmat Insurance For Truckers
The shipping industry provides important services to consumers and companies around the world. As an important part of construction and transportation, trucks transport large quantities of raw materials and finished products over long distances. With more than 70% of US freight transported by truck, the trucking industry is essential for regular access to goods.
One of the most important aspects of a sound shipping company is insurance. With so many trucks on the road, it's important to keep the drivers and cargo safe. The Federal Motor Carrier Safety Administration (FMCSA) requires proof of insurance before operating trucks. But if you're starting a new trucking company, it can be overwhelming to understand all the insurance requirements.
Before you buy a shipping insurance policy, you need to understand why you need it. Insurance is essential for shipping companies for several reasons:
It is also important to know the difference between the types of insurance so that you can choose the best option for your needs. For example, it's important for trucking companies to understand the difference between trucking and general auto insurance. Here is an overview of their differences:
Truck Insurance Calculator
Regular commercial auto insurance covers vehicles needed to run a business, such as cars, large vans, or trucks. Businesses that rely on these vehicles travel short distances and drive for short periods. They conduct business in certain workplaces, while business centers in truck driving. When it comes to insurance, the trucking industry is exposed to different risks and liabilities than other commercial businesses.
The trucking industry delivers many types of cargo over long distances, with drivers on the road for hours. These factors place the shipping industry at risk for liabilities that are not generally present in other commercial industries. Long hours on the road every day can lead to a sedentary lifestyle, which can lead to health problems.
In addition, truck drivers drive many large vehicles to run a business. Driving these vehicles requires special training as they are difficult to maneuver and can cause more damage in the event of an accident. Shipping insurance is tailored to the risks associated with the shipping industry, reducing the potential for financial burden in the unlikely event of an accident.
When you're in the trucking industry, there are two main types of insurance you should have: general liability and general liability insurance. Both work together to cover personal injury or property damage.
Trucking Insurance 101: Cargo Liability
Primary automobile liability insurance, also known as professional liability, is usually required by law for anyone who drives a vehicle. This mandatory insurance consists of two main parts: property damage coverage and bodily injury coverage.
The cost of primary car liability insurance varies. The amount of coverage you receive depends on the limits you choose. Limits set the maximum amount your insurance provider will pay if you need coverage for bodily injury or property damage. These are commonly described as combined single limits (CSLs) or split limits.
Generally, combined single limits are more expensive because the limits combine the amount your insurance provider will pay in the event of bodily injury or property damage.
When choosing a limit for your primary auto liability insurance, check your state's requirements and limitations. Each state has minimum limit requirements for liability insurance.
Transportation Pollution Liability Insurance
General auto liability insurance covers your trucking business against injuries or property damage caused as a result of business operations. However, this does not cover the costs associated with operating your trucks.
Like primary auto liability insurance, general liability insurance is a must for trucking companies because accidents can happen in your business. To get general liability insurance, you must have a basic liability policy as a prerequisite.
General liability insurance limits are usually $1,000,000 for property damage or injury, up to $2,000,000 in total. Of course, every business has different insurance needs, so the cost of general liability insurance depends on a variety of factors, such as:
In addition to primary and general auto liability, trucking companies have a variety of insurance coverages. Each type may provide additional coverage in certain situations. If you want to start a new shipping company, you may face additional insurance costs for new shipping companies.
Schillinger Truck Insurance Agency—general Liability Coverage
Bobtailing is a common method used to transport goods. The term "bobtailing" refers to a driver operating a semi-truck or 18-wheeler without an attached trailer. Drivers may need to walk the road after unloading or to pick up a new load.
With bobtail insurance, you can get coverage for bobtail accidents. These insurance plans cover the time between loads when drivers have to operate the truck without backing up. For example, if you are involved in an accident while dropping off a load to pick up another load, Bobtail insurance can help you cover the damage.
Physical damage coverage is another type of insurance. This insurance option covers the cost of repairing the truck and trailer after a physical accident. Many factors can cause damage to a truck, including:
With personal injury coverage, you can get financial help for any damage that occurs. Your insurance premiums depend on the total value of your truck and the extent of the damage.
Truck Insurance In Kirksville, Mo
Since collision and comprehensive coverage are considered separately, you can buy one or the other. It is generally recommended to purchase both options to cover all possible situations.
Truck cargo insurance provides coverage for the cargo you carry in your truck. It covers liability for items damaged during transit. Many authorities require truckers to carry cargo insurance to cover the cost of lost or damaged goods.
With cargo insurance, you can cover your damaged property. Depending on your insurance plan, you may receive coverage for removal costs or possible legal fees.
Before signing up for cargo insurance, it's important to make sure your product is eligible for coverage. Cargo insurance does not cover some goods, such as:
Interstate Insurance Management
Uninsured motorist insurance provides coverage for accidents involving uninsured drivers. If an uninsured driver crashes your truck, they won't have enough coverage to cover the damage to your truck. This type of insurance pays for the rest of the costs, ensuring you don't have to pay out of pocket for an accident.
Many trucking companies use trailer swap contracts to ensure timely shipments. A trade-in contract transfers the trailer to another company for a temporary period. However, when the driver owns the vehicle, they are responsible for any damage that may occur.
Fortunately, another insurance option available for trucks is trailer exchange insurance. Like physical damage insurance, this option provides coverage for any damage to the trailers under the trade-in contract. In other words, it works like physical damage insurance for rented or non-owned trailers. Because trailers are not owned by you, they require a separate policy.
For example, if you return to your trailer and discover it has been vandalized, you should find adequate coverage for the expenses. Regular physical damage doesn't cover expenses because you don't have a vehicle. Instead, you can use trailer sharing insurance to cover the damage.
Commercial Truck Insurance (freight)
Finally, you can also purchase downtime coverage and rent reimbursement insurance. Your main source of income depends on the efficiency of the truck. If your truck breaks down or stops working, you could lose valuable income.
This insurance option provides coverage for truck downtime. Whether your vehicle needs maintenance or is out of commission after a collision, downtime coverage can help get you back on the road quickly.
Downtime coverage and rental coverage can prevent you from losing income after an accident, which makes it important for trucking companies.
Truck insurance is required for drivers and traffic safety. Trucking companies should regularly evaluate their insurance policies to meet their needs. If you are interested in starting a trucking company, finding the best insurance coverage is critical to your success in the industry.
Steps To Get Insurance For A New Trucking Company
At Apex Capital, we understand the importance of the right insurance plan, especially for new companies. Our Apex Startup Program helps you start a new shipping business. We can guide you through the setup process, from applying for enrollment to finding the best insurance policies. We tailor our full service program to your specific needs and goals for the company.
If you're ready to start your own shipping company, start the Apex Startup Program today. Contact us for more information.
Mario Taradale is a bilingual communications specialist at Apex Capital. He comes to Apex after a long career writing for daily newspapers. At Apex, Mario loves to tell stories about trucking, especially the many aspects of the trucking industry that greatly affect them both personally and professionally. Mario believes that trucks are our life, so he always wants to respect the people who work hard behind the wheel. Commercial Property Insurance Commercial General Liability Insurance Business Interruption Insurance Professional Liability Insurance (Errors & Omissions) Cyber Liability Insurance.
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