What is Semi Truck Insurance?
Semi-trucks are vital to the economy of the US. They are critical for the transportation of freight, produce, and goods. Many people have tapped into the semi-truck business and are regularly making incredible profits carrying loads.
If you operate a semi-truck business, whether big or small, it is essential that you take the necessary steps to always keep your trucking business safe and productive, and this includes getting the right insurance coverage.
Getting Semi Truck Insurance
At first, getting insurance might come across as complicated. But after you learn what’s needed to get the insurance and the different types that exist, you can get the right insurance coverage required to protect your specific business trucking needs.
Operating your semi-truck can come with different risks, such as serious road accidents that can injure persons and cause damage to their property. Thankfully, various insurance policies like Semi Truck Insurance are available to protect you and your business.
Insurance coverage differs based on whether your truck is owner-operator or is part of a fleet. Getting dispatched by a motor carrier puts you in a position to be covered by the motor carrier’s primary liability, but with this, there can be many gaps in the coverage.
What Does Semi Truck Insurance Cover?
Almost all commercial truck insurance policies offer liability coverage to protect owner-operators working under their own authority and fleet owners. Accidents can negatively affect your business. Liability coverage, therefore, helps to remedy the situation as it covers
personal property damage liability and bodily injury liability.
Property damage liability: In the event of an accident, Property Damage Liability covers damage to people’s property, such as their vehicles, as well as light posts, signs, or buildings that get damaged in the truck accident.
Bodily injury liability: This pays for medical expenses, legal expenses, and settlement costs that result from the truck accident where someone is injured, or the truck operator gets harmed. This is the most crucial type of coverage for Semi Truck Insurance as the
medical expenses and settlements caused due to the accident can be significant.
Other coverages: Many more coverages exist to protect your semi-truck business. They include cargo insurance, physical damage insurance, and medical payments, also called personal injury protection.
What Other Insurance Coverage Do I Need?
If you want more protection for your business, you can create a coverage plan that includes more than liability protection. You can try other insurance options that will allow you to fully protect your trucking business from huge losses due to the different industry-specific risks. According to International Risk Management Institute Inc, these other essential insurance coverages include General Liability, Workers Compensation, Bobtail Insurance, Motor Truck Cargo Insurance, NonTrucking Liability, and Occupational Accident.
How Much Does Semi Truck Insurance Cost?
If you are thinking about having your semi-truck insured, different things will influence the cost. This includes your driving record, claims history, coverage limits, and the kind of coverages you’ve selected.
