Driving a commercial truck requires a special skillset that only a select group of individuals possess. A special license is typically required for this type of driving that requires specific training. In addition, commercial trucks are regulated very differently than automobiles. Their drivers must adhere to regulations designed to help keep the driver and other drivers and pedestrians on the road safe, such as limiting the number of hours driven and the size of the load carried. Since driving a commercial truck is such a special skill, it only makes sense that commercial truck insurance is available for that as well. Specific nuances for commercial truck insurance are at play when designing the policy. These nuances must address a heavily regulated industry and ensure all aspects of the law are covered. However, not all commercial truck insurance companies and policies are created equally. Therefore, you must understand the industry and your specific business to choose the most appropriate policy for your commercial fleet.

 

The Type of Truck and Its Use

Before you can determine the right commercial truck insurance for your business, you must determine the type of truck(s) you need to insure. Large commercial trucks require different coverages and have different issues than light commercial trucks. Additionally, trucks that you rent to others, such as moving trucks, are insured differently than those that you use for your business.

 

Large commercial trucks often carry large loads. They are often carrying merchandise belonging to another company, unless they are owned by the manufacturer. Therefore, the commercial truck insurance must accommodate for the loss of product as well as the loss of use and damage to the vehicle or other property. In contrast, small commercial trucks may carry smaller loads which may or may not belong to the company that owns the truck. The potential damage is often smaller by comparison, and the costs are often less hefty. However, the loss of this type of commercial truck can still debilitate a company professionally and financially.

 

The Necessary Coverages

Once the type of truck and its use is established, it is important to determine the coverages you need to mitigate your damages should an incident occur. Every commercial truck must maintain liability coverage. This coverage helps provide payment for damage done to another’s property and another person. No matter what type of commercial truck(s) you utilize, this is a necessary coverage under the law. However, there are other necessary coverages that will help you keep your company from going bankrupt due to a commercial trucking accident. If you are wondering why this may be so important, understand the NHTSA states that in 2014 there were 88,000 larger truck accidents and 1,100,000 light truck accidents, which on average, cost a company $59,000.

 

Once the numbers are run, it is clear that insurance coverage is not something that should be ignored or purchased haphazardly. Since accidents are high in the industry and these accidents include injuries, it is essential to carry coverage that helps pay for medical payments. It is also essential to provide OTC (other-than-collision) coverage for your commercial trucks. Such coverage should include coverage for damage to your vehicles and uninsured motorist coverages. Making sure you maintain these types of insurance coverages on all of your commercial trucks will help secure your company’s financial well-being in the event of an incident.

 

Once you have the necessary commercial truck coverages, it is important to review your needs for your business. Other coverage is available to help protect your company, such as coverage for tow trucks that cover the towed vehicle and even coverages for commercial vehicles you rent as opposed to own.

 

Choosing the right coverage for your commercial truck entails several concepts. First, you must understand the business needs. Then, you must understand the statistics involving commercial vehicles and costs for damages.  Finally, you must choose a company whose sole purpose is to make sure you are properly insured, as opposed to simply working to save you a few dollars or sell you coverages that are not necessary for your business. To learn more about commercial truck insurance, contact our team at ProtectiveAgency.com or call (877) 739-9367. Our licensed insurance agents will be happy to answer any questions you have.