Commercial truckers insurance is the first thing to purchase before considering using large vehicles for transportation. No matter how unpopular it may be, a truckers insurance serves many benefits.
Now, aside from being responsible for employee protection, this policy has a direct effect on your trucking business. And just as every business needs people to thrive. Drivers who have all-round security can boost your investments.
Consequently, putting a person with no protection behind the wheel will expose both your vehicle and business to risks. To avoid this, you must treat your truckers as a priority, taking all necessary steps to protect their lives and your business.
There are many ways to achieve this, but getting knowledge of a suitable coverage plan takes the lead. So, let’s discuss the best insurance for this purpose.
What is commercial truckers insurance?
As the name implies, commercial truckers insurance covers persons who use heavy-duty vehicles for business. The essence of this plan is to ensure the safety of truck drivers including commercial trucks, delivery trucks, garbage trucks, and tow trucks.
However, truckers’ protection also extends to their vehicles and the goods they carry. Commercial truckers are vital to many businesses; they are the reason the products we use daily reach us from the manufacturers.
In line with the Federal Motor Carrier Safety (FMCSA) rules, drivers of large cargo vehicles need primary truck insurance to operate. Through this article, we hope to give this topic the attention it deserves.
There is valuable information on what to expect with this insurance type. For starters, we will discuss what a trucker’s insurance contains.
Available provisions under the insurance
Commercial truckers insurance is first for individuals operating heavy-duty trucks and then, other tractor-trailers. Under this insurance plan, there are options to handle different emergencies some of which are;
Truckers general liability coverage
Truckers in a strange land need this policy to cover the cost of their mistakes. For instance, the costs they attract due to a delivery error or at loading docks won’t be their problem again.
Non-trucking liability coverage
You can only enjoy this option when you sign up with a reputable insurance company. It essentially provides financial assistance while the truck is not under dispatch.
Primary liability coverage
Primary liability coverage has no business with your trucks. However, it covers whatever damages or costs drivers incur while operating a truck.
For example, if an accident occurs while a commercial truck is in transit, this plan takes care of the victim’s hospital bills.
Trailer interexchange
It provides coverage for any trailer you operate under a trailer interchange agreement.
Medical payment
This is one policy you should be generous with. Should a truck driver or passenger get injuries from an accident, this insurance will be useful in paying for medical bills.
Physical damage coverage
It funds the repair or replacement of truck parts in case of theft or damage.
Uninsured/ underinsured motorists
Any commercial trucker with an uninsured motorist policy is sure of financial security if they encounter a driver with no liability coverage.
Cargo insurance
Under this plan, there are provisions for replacements of perishable goods during transportation. In case valuables get missing in transit, this plan will be the reason you won’t go bankrupt.
Who should get a commercial truckers insurance?
Even if you are not into the commercial trucking business, you need protection for every single truck you own. It is not wise to write off insurance just because you don’t have a fleet.
Contrary to the common opinion that trucker’s insurance applies only to drivers in the cargo business, coverage is necessary if you;
- Work as a trucking contractor
- Own or operate a large carrier vehicle
- Have a trucking license in your state
- Your truck is used for any type of business.
Requirements for commercial truckers insurance
Being a truck owner does not guarantee you will get insurance. The question of your eligibility depends on a few factors such as;
Driving records
Wise policy providers check your driving records to assess your competence. A risk-free driver gets insurance at lower costs. For high-risk drivers, it may not come easy or cheap.
Authority
Buying an insurance plan for truckers means you have plans to own or drive a large vehicle. However, plans are not enough.
Insurers will attend only to buyers with a valid permit from the FMSCA or Department of Transportation.
Commercial driver’s license
Another requirement for commercial truckers insurance is a Commercial Drivers License (CDL). This is not only for drivers, even individuals leasing vehicles with a gross vehicle weight of 26,0001 lbs. need this license.
Conclusion
To conclude, driving without commercial truckers insurance is against the law and may attract serious penalties. When you choose to disobey this rule, also prepare that you will singlehandedly handle the cost of your business and employees when in problem.
