What You Need to Know When Shopping for Commercial Truck Insurance

The aim of insurance is to protect oneself and one's properties from damage. These properties can range from luxuries like jewelry to automobiles like cars and commercial trucks. Indeed, it is even more important to protect commercial trucks because of the various materials present within these vehicles. Commercial vehicle operations transport goods and help get them from point A to point B. While many of these motor truck operations are focused on trucking, they might find that they are less focused on the insurance side of things. It makes sense, trucking is their business, not insurance.

Each trucking operation is distinct and comes with its own unique needs. One commercial operator may be an owner-operator while others may look after a flock of trucks. The right insurance professional will ensure to provide adequate trucking insurance that meets the needs of commercial vehicles. Indeed, the professionals at the Thumann Insurance Agency will provide trucking insurance from commercial truck insurance companies that can make a difference for your business.

To clarify, the insurance acquired to protect a commercial truck from damage during an accident is called commercial truck insurance. It may be a single insurance unit or a combination of several insurance units that offers protection against any type of damage.

The United States more or less has 15 million active trucks that work for over 700,000 businesses. This implies that over 100,000 trucks ply the road every day. When one thinks about the number of trucks out on the road, that can make one think about the massive number of large vehicles hauling cargo within the United States. That is quite a bit of mileage There is a high chance of an accident occurring or a truck malfunctioning. With the insurance, truck owners do not have to worry about the financial damages or the safety of their goods when an accident occurs.

Who should have commercial truck insurance?

Independent truck owners, commercial truck drivers, and any business that requires the active use of trucks are expected to acquire insurance.

According to the Federal Motor Carrier Safety Administration (FMCSA), every commercial truck is required to hold any type of insurance policy to protect the automobile from damages.

Depending on your plan and coverage, commercial truck insurance protects the truck, the driver, and the transported goods. As you can see, commercial truck insurance coverage options provide small businesses and large businesses with the ability to operate and still push through if they incur physical damage amid their movement.

You will note that there are various types of issues that one can face while out on the road depending on the type of truck that they are in. For instance, there are semi-truck, dump trucks, those that you might see when you are going grocery shopping, box trucks, and other vehicles that have a key business use.

Different types of coverage offered by a typical policy?

Shopping for the perfect commercial truck insurance is very difficult as there are various types of policies. These policies offer different kinds of protection to the truck, the driver, the goods, and sometimes the affected third parties. Some of the coverage a typical policy offers to include what is present below. Remember that you will notice elements that range from bodily injury to property damage and even bobtail liability that is covered under different insurance policies.

Primary Liability Coverage 

These insurance policies offer coverage to a third party. An accident occurs, and your truck affects other people’s properties. The primary liability coverage will only cover the expense of those affected properties. This means you are left to take care of any damage to your truck.

Physical damage coverage

As the name implies, this coverage only covers any physical damages that may happen to the truck after an accident. It will offer repair or sometimes complete replacement of the damaged part.

Driver’s liability coverage

It covers the driver in charge of the truck in case of any damage that may occur during the unloading of goods, loading of goods, and transporting goods to a foreign environment. Driver’s liability coverage will pay the medical bills and any other additional fees.

Truck cargo coverage

It offers coverage to the transported goods in the truck from any form of damage. A broad form of truck cargo coverage offers protection no matter the risk or type of damage, while specialized coverage only covers a particular type of risk. These risks may include theft, water damage, fire incidents, rot, biological damage, and more.

Uninsured motorist coverage

The main reason people hold insurance is to protect others from damage. This auto insurance protection will, in turn, protect them from lawsuits and other actions. Uninsured motorist coverage protects the truck from damages that uninsured or underinsured motorists might inflict.

Non-Trucking Liability Coverage

This coverage is similar to third-party protection insurance. Non-trucking liability coverage offers cover to people that might be injured. When a truck collides with a barrier and crashes, the affected or injured person's medical bills are covered with this coverage.

Basic Commercial Truck Insurance

Basic commercial truck insurance offers only basic protection. This means only one type of the mentioned coverage comes with basic commercial truck insurance.

Specialized and Better Coverage?

Specialized commercial truck insurance offers basic coverage and other additional damages that may arise due to the accident. It is more expensive because it offers a wide range of protection. It is a combination of two or more coverage plans that the truck owner has chosen.

Benefits of a commercial truck Insurance

Many companies try to cut costs by purchasing a personal auto policy rather than commercial truck insurance. While this one may focus on driving records and other elements, it is essential to note that the right commercial insurance makes a difference. Remember that focusing on a personal insurance policy is a bit unwise as the benefits attached to commercial truck insurance offer more coverage. Some of the benefits of purchasing commercial truck insurance are:

Total coverage

One of the prominent benefits companies and individuals enjoy when they hold commercial truck insurance is the coverage. Commercial truck insurance provides emotional and financial support. In case of any damage, companies are assured of replacement, repair, and even legal backing when the need arises.

Protected Image

Another benefit of commercial truck insurance is the protection. This protection in particular, involves the company’s name and image. A good insurance company will implement every and any action that will protect their client's image. Some of these actions include hiring lawyers in case any lawsuit arises, paying off victims, and replacing damaged properties.

Saves money

Irrespective of the amount of money your insurance deductibles and monthly payment cost your business. It is far cheaper compared to the amount of money that would be spent when any damage occurs. This saves you from impulsive debts and unallocated money.

It is Adjustable

Unlike other insurance policy options that offer a specific set of defined coverage, a commercial truck insurance plan allows you to customize the set of coverage you want. It is affordable, and almost every truck owner can afford it irrespective of their finances.

It is an Investment

Commercial truck insurance can be included as tax-deductible as far as it is registered under a business expense. This can give you a tax write-off as it is quality coverage protecting your business. It is essential to look at all the protection in your trucking business as an investment. Remember that the right customized coverage can certainly pay off for owner-operators and those who are in the for-hire truckers category.

A few motor carriers may even experience a business experience discount. From tow trucks to private carriers, it is necessary for a trucking company to understand physical damage insurance, motor truck cargo protection, and comprehensive coverage that will provide value in the short term and in the long term.

How to find the right insurance company for your needs?

Getting the right insurance plan is difficult, but searching for the right insurance company is more overwhelming. With over 5,900 registered insurance companies in the US, there is a need to select the most suitable one for your needs.

The first step is to check for records or history that point out their legitimacy. A good insurance company should have an online profile where necessary information concerning the company can be accessed. Information like the vision, mission, and values they uphold, how long they have been in business, pictures showing their office and their staff, and testimonials of other people should be uploaded on the website.

After confirming their legitimacy, understand the ease of doing business with them. A good insurance company must have a solid online presence. It must have customer service that is available 24/7. They must support online payment of funds and must be active on most social media accounts.

If they check these features, ask for the range of coverage their insurance plan offers. Do they have a wide range of insurance plans, or do they stick to a specific plan? They should be able to accommodate your needs perfectly.

Ask for the price of their plans and ask for their deductibles and monthly payment. A good insurance company should be able to fit your budget to a plan or provide something similar.

An alternative is to reach out to the Thumann Insurance Agency for your non-trucking, collision coverage, property coverage, cargo insurance, property damage liability, and other insurance needs. The Thumann Insurance Agency is experienced in understanding medical expenses, rental reimbursement, general liability, insurance costs, and other elements that relate to your truck insurance quote.