Transportation Coverages.
Here is a brief overview of some of the necessary insurance coverages transportation companies may need or want!
Primary Liability Insurance
This is mandatory coverage that covers the damage or injuries to other people or property if a trucker is at fault in an accident. This is a basic requirement for all truckers operating on public roads.
Physical Damage Insurance:
This covers damage to the truck itself, whether from an accident, theft, vandalism, or other perils. It typically includes Collision Insurance for accidents and Comprehensive Insurance for other damage-causing events.
Cargo Insurance
Essential for protecting the freight or goods being transported. This coverage ensures that a trucker is protected in case the cargo is lost, damaged, or stolen during transit.
Bobtail Insurance
Provides liability coverage for a tractor without a trailer, which is particularly important when a truck is driven without hauling cargo (non-dispatched times).
Workers’ Compensation Insurance
Required in most states, this insurance covers medical costs and lost wages for employees injured on the job. For truckers who are owner-operators, occupational accident insurance can be a substitute, offering similar benefits.
Uninsured/Underinsured Motorist Coverage
Protects the trucker if involved in an accident where the other party is at fault and does not have adequate insurance coverage.
General Liability Insurance
Covers risks that aren’t directly related to operating the truck but are still business-related, such as injuries or property damage occurring during business operations away from the truck.