Big trucks are a necessary part of life. Without trucks, goods couldn’t get hauled from one end of the country to the other, disabled vehicles couldn’t get towed, trash couldn’t be picked up, and boxes couldn’t be delivered to your front door. Trucks are everywhere on the roads and, unfortunately, accidents happen. Good insurance coverage is imperative in your business.
Your Charlotte commercial truck insurance requirements are determined, in part, by how many people drive trucks for your business, how many miles are traveled each year, and what is being hauled.
BASIC COMMERCIAL TRUCK INSURANCE COVERAGE
The commercial trucks that require insurance include semi trucks, dump trucks, garbage trucks, car and auto haulers, tow trucks, flatbed trucks, tank trucks and box trucks.
Regardless of what kind of truck you own, you must carry liability insurance. Commercial truck liability insurance covers you or your employees if you cause an accident and includes bodily injury and property damage liability coverages. Other coverages typically included in a basic commercial truck insurance policy are:
- Physical Damage Coverage: Covers the costs of any damage to your truck caused by an accident or another incident.
- Uninsured or Underinsured Motorist Coverage: Protects you if the other driver is at fault and does not have insurance, or does not have enough insurance to cover the cost of the injuries or damage.
- Truck Cargo Coverage: Covers any damage to or theft of items being hauled by your truck.
SPECIFIC TYPES OF TRUCK COVERAGE
While all trucks must carry liability insurance, some trucks have additional options that can be added to your coverage to better protect you, your employees, and your business.
Talk to your independent insurance agent to see which of these will work for your policy:
- Collision insurance
- Fire and theft insurance
- Environmental insurance
- Rental reimbursement insurance
- Off-season comprehensive coverage
- Medical payments insurance
- Equipment coverages
- Bobtail insurance
- Non-trucking liability insurance
- Occupational accident insurance
- Non-owned trailer coverage
SEMI TRUCK INSURANCE
Semi Trucks need very specialized insurance coverage. Every state has minimum liability requirements that must be met, but if your trucks cross state lines, you’ll need to meet federal minimum requirements instead. The minimums that you’ll need vary depending on the weight class of your truck and the materials being hauled.
OWNER OPERATOR INSURANCE
No matter what type of commercial truck you drive, if you are an owner operator, you have additional insurance details to consider. You will be required to carry a minimum of $750,000 in liability insurance, although some financial planners recommend as much as $5 million to fully protect you. You may also want to consider additional coverage, such as Gap insurance and occupational accident insurance.
TOW TRUCK INSURANCE
In additional to commercial truck liability and any of the add-ons listed above, tow trucks need specific coverage for your vehicle and business. Consider adding tow truck liability insurance, garage service insurance, and on-hook towing insurance to your policy.
Every Charlotte commercial truck business is unique and has different needs. Not all policies are created equal. When you’re ready to purchase new coverage or update your existing policy, the insurance professionals at Charlotte Insurance are ready to help. Give us a call today.