The truck industry in the country is a very diverse and highly regulated industry. The reason for this is that commercial trucks can be used in many different applications and all of these truck applications should have truck insurance coverage amounts which are required. You will find different applications for the trucking industry and some of these include hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and others.
So, with the many applications in the trucking industry, there is also a diversity in the kinds of commercial truck insurance. With the different trucking applications, different types of commercial truck insurance are also needed. If you are a commercial trucking business owner, then you should consider getting these basic commercial truck insurance policies.
All commercial vehicles are required to be covered by the primary truck liability insurance. With this insurance, the driver is covered for his injuries and damaged to the truck if it is involved in an accident where the driver is at fault.
Coverage for truck drivers and other trucking employees are provided by the business owner. Even if the truck is owned by an individual truck operator who is under contract by the company, he is also covered in this type of insurance. The only thing about this set up is that the truck owner needs additional coverage to protect his personal assets and insurance when they are off the job.
In the event of truck damage, whoever fault the accident was, the independent truck owner would do well with a physical damage insurance. This is important because the truck is the most valuable asset of a trucker and the truck has to be well maintained and can be repaired if something happens to it.
If you are working for a trucking business under contract and your truck gets damaged outside of your contracted job, then the best insurance to protect your asset is a non-trucking liability insurance, if the accident is your fault.
Total coverage of your own personal assets can be gained through a comprehensive truck insurance police. In this comprehensive policy, you will have primary truck liability, physical damage, and other insurance clauses that prevent against theft, vandalism, or fire.
Since most motor carriers have a trailer, then trailer insurance is included in their insurance policies. If there is no added provision for trailer insurance in the policy, then this is not included in the basic truck insurance. For trailer owners it is important to get trailer insurance if your basic truck insurance does not include this.
Sometimes motor carriers or fleet include cargo insurance in the insurance coverage for their business. However, independent trucks should get cargo insurance because they will not benefit from the cargo insurance of their hiring fleet if cargo is damaged.
Truck fleet owners can also get motor carrier insurance which includes the same policies for regular trucks but will also cover all the vehicles they use for the business. The best way to save on annual premiums is to bundle all your insurance policies within one company.