Commercial Truck Insurance: Guide To Getting The Right Coverage
Running a business nowadays is riskier than ever before. This is because there are more risks today than a century ago. In addition to the traditional risks of fire, natural disasters, robberies, burglaries, workplace injuries, and economic downturns, there is the added risk of injury lawsuits, electronic fraud, hacking, and many others. Business owners need to purchase insurance policies that offer protection against all these risks and many others. Smart Business Insurance company has insurance policies to suit the coverage needs of all kinds of businesses. If you are in the trucking business, for instance, you can easily find a suitable plan for your commercial truck.
What is Commercial Truck Insurance?
This is a special type of auto insurance designed specifically to provide coverage for trucks used for commercial purposes. It is best suited for trucking companies and businesses that use trucks in their everyday operations.
Coverage Offered by Commercial Truck Insurance Policies
This insurance policy covers the truck itself as well as the goods it carries, whether it is raw materials or finished products. When the truck is involved in a crash, gets vandalized, or catches fire for whatever reason, the insurance company will make a payout to cover the losses incurred. This can help the business stay afloat because trucks are costly while the goods being transported may cost much more than the truck itself. Both assets need to be covered.
Choosing the Right Commercial Business Insurance Policy
While there are many insurance companies in existence, the insurance policies they offer differ greatly. When looking for a suitable commercial truck insurance policy, therefore, you have to do some research on the policies offered by different firms to ensure you’re able to choose the right policy for your needs. Below are some of the most important factors of consideration during your research:
1. Liabilities Covered
The ideal commercial truck insurance should cover the truck itself, the cargo it carries, and any other type of property belonging to the business, such as computers and special equipment like air conditioners among others.
2. Extent of Liability Coverage
It is important to note that while a specific liability may be covered, it may not be fully covered. Since you do not want protection from all liabilities, you should make sure that an insurance policy offers sufficient liability protection before you commit yourself. For instance, if your commercial truck is worth $100,000 and the value of goods you normally carry is around $100,000, the ideal liability coverage should be more than $200,000. If you carry insufficient liability coverage, your finances may be adversely affected as you’ll be forced to pay or absorb the difference.
3. Exclusion Clauses
While a policy may offer sufficient liability coverage, the exclusion clauses can render the entire policy useless in some cases. For instance, if your driver is involved in a crash while drunk, the insurance company may refuse to pay. This will leave you and your business exposed to liabilities. Similarly, a policy may state that liabilities are only covered if they occurred during official work hours. In such cases, any liability that may arise after or before the official work hours may not be covered. Before purchasing a policy, therefore, be sure to read the inclusion and exclusion clauses.
It is usually good practice to consult an expert before making a decision. Business consultants and insurance brokers can help you assess your coverage needs. This will help to ensure you purchase a policy that meets all your coverage needs. Fortunately, there are many reputable insurance experts out there who have the interests of business owners like you at heart.