Commercial Truck Insurance

By: EconomyWatch   Date: 26 May 2010

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If you own one or more commercial trucks which serve you as a source of income, your greatest fear may be about accidents. That’s when commercial truck insurance becomes useful.

Sustaining injuries and incurring unexpected expenses on damage and compensation is much worse. These are sufficient reasons to opt for commercial truck insurance right away.

Keep in mind that the price of the policy usually depends on the value of your truck. In fact, the insurance proceeds are generally a percentage of that value, depending on the extent of damage. Take the example of commercial truck insurance in the US, where an ICC authority is required for truck companies that cover interstate boundaries.

Be aware of what type and amount of commercial truck insurance coverage you require before you contact an insurance agent. Check whether you want insurance to cover the drivers. Decide whether you would need to take workmen's compensation into account.

You can also consider insurance to cover fire, collision, and theft. Decide whether you require bobtail liability or full liability. You also need to decide whether you want to insure cargo as well.

Types of Trucks under Commercial Truck Insurance

The kinds of trucks covered under commercial truck insurance include flatbed trucks, dump trucks, express delivery trucks, box trucks, refrigerated trucks, tanker trucks, tractor trucks and other kinds of trucks that are used for commercial purposes.

Types of Commercial Truck Insurance

The following list comprises types of commercial truck insurance:

  • Primary liability insurance provides cash cover for damage caused to any person or property by your commercial truck. The proof of this coverage needs to be sent to the federal agencies.
  • Non-trucking liability, which is termed also as bobtail coverage, protects those owner-operators who are already leased to an ICC regulated carrier.
  • Physical damage insurance offers compensation for damage caused due to accident, fire, theft, storm, earthquake or vandalism.
  • Motor truck cargo provides cash cover for the loss or theft of cargo.
  • Worker’s compensation benefits you from liability in case you are required to pay for an injury caused to your staff while on the job.

Remember, buy your policy from a company that specializes in business truck insurance. Trained professionals will help you to understand your needs better. Still, ask your agent about any discrepancies that you spot in the policies even if they are minor. Buy a policy that offers you with comprehensive coverage.


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