Everything You Need to Know About Commercial Trucking Insurance

When businesses invest in large vehicles like trucks, they want to have some assurance that they will be compensated for the damages that occur after an accident. The best way to receive the refunded amount is by applying for commercial trucking insurance.

What to Understand About Commercial Trucking Insurance?

To simply put the definition of insurance applied for commercial trucking, it is a group of insurance policies specifically designed to benefit the businesses that use trucks. The primary purpose of these policies is to compensate for financial damages that happen after an accident.

Who is Eligible to Apply for the Insurance Policy?

Three people are eligible to apply for the trucking insurance policy. They are individual truck owners and drivers, businesses handling commercial transportation, and any other business-related to trucking. Many individuals think that companies having a large fleet of trucks are only qualified to apply, but truckers owning one truck can also use it. 

What an Insurance for Trucking Industry Includes?

When businesses apply for trucking insurance policies, they have to know what points are included. Companies must have a clear idea of what is included in the coverage plan. The following are the policies that have been included in the procedure by trucking insurance companies.

Initial Liability in Truck Insurance

This is the most basic policy included in the insurance coverage. The liability insurance covers the basics of truck damage and injuries. It has been recommended to have this plan as soon as you buy a truck. Also, it has to be with the trucker at all times.

Physical Damage Caused by Accidents

The second most important plan to have is the one that covers the damages done to the trucks by accidents. Companies like Bill Fralic Insurance provide a program that encompasses all kinds of accidents, towing the vehicle, and compensating for the loss of personal items.

Cargo Legal Liability

Sometimes businesses also apply for cargo legal liability insurance which compensates for the damages to the goods loaded on a truck. Also, companies receive an amount to clean up the mess that happened after an accident.

Covering Fleet Safety

This is the amount of money for maintaining the safety of the fleet of trucks. The maintenance process involves inspection, maintenance, repairing, replacement of the truck parts and a specific amount for the training of truckers.

Covering Damages in Case Truck is Stolen

Some insurance companies give the policy of covering some money in case the truck is being stolen. But some insurance providers don’t cove this at all. So, if businesses are willing to apply for this commercial trucking insurance policy, then investigate first.

Below are a few FAQs about insurance regarding commercial trucking.

Frequently Asked Questions

Who has the best commercial truck insurance?

Many companies will give the best commercial trucking insurance. But businesses have to focus on the insurance providers who provide general liability insurance, physical damage coverage, and cargo liability insurance.

What does commercial vehicle insurance cover?

Commercial vehicle insurance covers the damages done to the trucks in case of accidents. Also, other things related to the truck include cargo damage, physical injury of the driver, and sometimes an amount is received to compensate for the stolen truck.

How much is commercial truck insurance?

Different companies provide various amounts for commercial truck insurance. Businesses wanting to apply for the policy have to look into the following aspects to determine the correct cost. The type of truck, history of the driving record, kind of cargo, location of the business, and how far the truck will travel are a few points that insurance providers look at.


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