Long-haul truckers have a lot to deal with. Not only do they need to meet deadlines as they drive freight across the country, but they also have to hold all of the right insurance policies, lest they be stuck paying out of pocket should something happen.
Are you in the long-haul trucking industry? Wondering what types of insurance policies long-haul truckers need? Let’s break it down.
Physical Damage Coverage
The first type of insurance that long-haul truckers need is physical damage coverage. This makes sense because they spend a lot of time on the road, and their trucks are their livelihood. Instead of insuring a building from physical damage, which you would if you owned a store or other type of company, they insure their vehicles. However, in this case, your truck is your business outlet, so you need to have the right amounts of physical damage coverage in place, just in case.
When it comes to liability insurance, you need to not only ensure that you have enough of it, but also that you have the right two types in place. These include:
- Property Damage – Property damage in this case can range from damage to buildings or docks, as well as the other vehicles on the road. If you end up in an accident, either with another car or with a warehouse that you’re delivering to, and are found to be at fault, then you’ll need property damage liability coverage to avoid having to pay for repairs out of pocket.
- Bodily Injury – On top of property damage liability, you’ll also need bodily injury liability. This insurance is designed to pay for hospital bills and other forms of medical care for the people that you end up in an accident with. If you’re found liable for accidentally rear-ending a vehicle and the people traveling in it are injured, your bodily injury insurance will kick in.
On top of both of these forms of liability insurance, you need to ensure that you have enough monetary coverage. This can vary depending on the state, so it’s important to contact an insurance agent to ensure that you have everything you need.
The cargo that you’re carrying in your trailer is incredibly important to both the company that produced it and the one that ordered it. What happens if you end up in an accident? We’ve all seen examples of this on the road: a jack-knifed tractor trailer that leads to a torn or overturned trailer that dumps boxes of cargo out on the road. Who’s responsible for this damaged cargo? You are. What about stolen cargo? That’s your responsibility as well. This is why cargo insurance is a crucial part of every long-haul trucking policy. If your refrigerated unit goes out or worse, you’ll be covered.
Have Questions? Contact Charlotte Insurance
Want to learn more about insurance for long-haul truckers? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.