Introduction
Flatbed trucks are used by many businesses to take care of critical business needs. For example, mechanics use Flatbed trucks to transport broken vehicles, construction companies and heavy equipment contractors use it to haul machinery, and manufacturers use it to deliver heavy equipment and appliances.
In this article, we are going to provide an overview and answers to what is flatbed trucking insurance. What does it cover? And the coverage you should expect from it.
Overview of Flatbed Trucking Insurance
Transporting goods on a flatbed truck can seem straightforward, but there are risks from the moment you load your cargo to when it’s unloaded. Using equipment like forklifts and cranes can pose hazards, and load securement is a priority that should not be overlooked. Flatbed trailer insurance can help cover your vehicle, your cargo, and your drivers if things go awry along the way. Let’s discuss what it covers!
What does Flatbed Trucking Insurance Cover?
Flatbed trucking insurance policies are optimized to include different types of coverages to anticipate any type of accident. Usual, flatbed trucking insurance policies cover the following:
- Collision: Pays for repairs to your vehicle if it has been damaged in a collision.
- Comprehensive: Pays for repairs to your vehicle if it has been damaged by factors other than a collision; like theft, natural disasters, fires etc.
- Combined Deductibles: It allows you to pay only one deductible in the event a loss occurs involving both physical damage and cargo.
- Medical Payments or Personal Injury Protection: This pays medical and other expenses to driver and the passengers in your vehicle who are injured during an accident, regardless of fault.
- Loading & Unloading: It provides cargo coverage for the commodity while it is being loaded or unloaded.
- Cargo Insurance: Covers damage to the cargo.
- Earned Freight: If your vehicle has missed a shipment due to an accident, this coverage pays for the lost income.
- Debris Removal: This coverage helps pay for the removal of cargo spilled on the road during an accident.
- Downtime: Downtime coverage can help you keep your truck payment and other bills current if a covered loss renders your vehicle inoperable for an extended period of time.
How much does Flatbed Truck Insurance cost?
The cost of a Flatbed Truck Insurance policy can vary because the policy will be optimized according to your needs. Typically, a policy can cost anywhere between $7,500 and $12,000 per year.
The exact price would depend on several factors including your location and operating area, the coverages you choose, as well as your limit and deductible. Factors like your driving record and insurance claims history are also considered by the insurance company.
The Information You Will Need to Obtain a Quote
You need the following information to obtain a quote and these factors impact the cost of your insurance:
– Fleet Size (Number of Trucks)
– Location
– Radius of Operating Area
– Equipment Value (trucks and trailers)
– Cargo Type
– Years in Business
– Number of claims in the three past (if applicable)
Commercial Truck Insurance Filings
If you operate interstate and across the United States, UnderWrite Insurance Services will secure state and federal filings for you. Free of charge.
