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If you’re a business owner that relies on various types of trucks for your daily operations, commercial truck insurance is crucial in making sure that you won’t suffer a debilitating financial crisis in case something happens to one of your vehicles.
In this article, let’s discuss everything you need to know about getting commercial truck insurance.
What is Commercial Truck Insurance?
Commercial truck insurance is a specific type of commercial vehicle insurance that covers the particular needs of trucks, trailers, and other large vehicles that fall under this category.
Unlike smaller-sized vehicles, the impressive bulk of a commercial truck means that you need heavy-duty tires, fluids, brakes, and wiring systems. These factors mean that the costs are generally higher when it comes to repairs or replacement.
Trucks also tend to have a bigger risk of getting damaged because of their speed and bulk. Not to mention, truckers typically haul large amounts of cargo, whether it’s goods, materials, or personal belongings.
As a result, trucks face different risks compared to typical commercial vehicles, and thus must be insured accordingly.
The Federal Motor Carrier Safety Administration (FMCSA) is the governing agency of trucks and the trucking industry, and they have several regulations that have to be followed by commercial trucking lines — including insurance.
You’re required to get commercial truck insurance if you’re a:
- Private carrier company
- Motor carrier company
- Owner-operator,
- A fleet management company, or
- An individual who use commercial trucks for any sort of commercial endeavor
If you’re any of the above, not getting commercial truck insurance for your vehicles is a legal violation and can get you fined or worse, sued.
What Does Commercial Truck Insurance Cover?
Just like commercial auto insurance, commercial truck insurance also has specific types of coverages. In general, such a commercial truck insurance policy will protect you from the following financial burdens.
Bodily Injury
A truck can be a dangerous vehicle if improperly handled, and injuries that are caused by your truck will, more often than not, result in medical expenses, lawsuits, etc.
When this happens, your commercial truck insurance policy will cover most, if not all, of the expenses of these activities.
Damaged Property or Commodities
Trucks often carry cargo, and in the event of an accident where these things are damaged, general truck insurance will cover the cost of repair or replacement of the damaged items.
This will also cover the cost of damages if you, or your driver, accidentally deliver your cargo to the wrong location.
Delivery Location Accidents
Because trucks deal with huge and heavy loads, the risk isn’t just limited to the road. Many accidents also happen at the delivery locations during unloading or any other accidental events. These accidents are also covered.
Business-related Lawsuits
General liability coverage can also cover the expenses of lawsuits, specifically libel, slander, and accusations of false advertising.
How Much Does Commercial Truck Insurance Cost?
It’s difficult to pin down the average cost of premiums for commercial truck insurance.
The cost of your premiums will vary heavily depending on several factors, such as the number of your trucks, your drivers’ records, cargo, and state laws.
Whatever kind of business you have, a reputable insurance provider such as Magnum Insurance will consider all factors and give you the best commercial truck insurance quote possible.
Getting Commercial Truck Insurance With Magnum Insurance
Although profitable, it’s undeniable that the trucking industry has many associated risks. Whether you’re a sole operator or a large company, getting commercial truck insurance is a must for your business. Magnum Insurance is here to help you pick out the best one for you.
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