commercial truck

Why You Need Insurance for Commercial Trucks

In the last ten years, fatal car accidents related to aggressive driving have risen by 500%. You never know the next driver’s state of mind. That’s why you’ll hardly anticipate a crash.

But let’s face it. You can never be entirely immune to road accidents. Despite being an experienced driver and servicing your truck, being on the road exposes you to several risks. The potential damage or loss for commercial truck drivers is even higher.

A truck accident can lead to cargo destruction besides causing injuries to the occupants. Insuring your big truck is perhaps one of the best decisions you’ll make this year.

With a great deal of time spent on the open road delivering freight, discover why insurance for commercial trucks is crucial.

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Accident Cover

Commercial trucks are prone to highly catastrophic accidents. Most of these trucks weigh almost 25% more than the usual car. The big trucks also carry heavy cargo that increases their fatality when they crash.

A brake malfunction is one of the common causes of trucking accidents. The air brake used in trucks is prone to overheating, leading to unsafe operations. Improper setting of the brake is a severe road risk.

Other potential causes of truck accidents include rollovers, jackknifing, and fuel fires. You might never anticipate these crashes. Yet, you will need to be prepared in case of such eventualities.

You’ll incur losses if you haven’t invested in commercial insurance for trucks. Compensation is more accessible when you have a cover. Insurance will protect you and your business.

Legal Requirement

The law requires you to have insurance for commercial trucks. The Federal Motor Carrier Safety Administration enacts regulations that promote safety. Truck insurance is one of the rules that you need to know.

The Interstate Commerce Commission has a statutory law to ensure the compensation of parties involved in an accident. The regulations aim at enhancing highway safety. You’ll need insurance to meet these legalities.

Transporting hazardous materials increases the coverage amount because of the high risk of fatal accidents. Most insurers have to make an annual audit of your truck. The insurance companies have to comply with the FMCA safety regulations.

According to FMCA, liability insurance for-hire freight carriers is around $750,000. When transporting hazardous waste or oil, the cost rises to $1 million. You might face punitive legal actions if you don’t comply.

To get the best deal, compare the available offers for truck insurance. While at it, note that states have different laws on truck regulations. Research wide to avoid being on the wrong side of the law.

Cargo Protection

Insurance for commercial trucks should also cover the cargo. Most big trucks carry goods worth millions. Commercial hauling insurance is a significant aspect of cargo protection.

Understand the policy for commercial cargo insurance. Under insuring your cargo can be disastrous. You might end up losing clients and truck operations. Establish the right value of your insurance to receive the appropriate quote for cargo insurance.

The cost of cargo coverage varies considerably. A commercial truck insurer can quote $50,000 or even $250,000. The value and type of freight determine the coverage amount.

The idea of under-quoting your commercial cargo for low cost might seem alluring. Yet, these exclusions can prompt an insurer to deny you a cover. Ensure that you present accurate cargo value and load declarations.

Accidents such as crashes, fire, and theft can lead to the loss and damage of cargo. Having commercial truck insurance will save you from these uncertainties. Seek out reliable insurance providers and cover your truck to protect your goods.

Improve Your Customer’s Confidence

How can you assure your clients of merchandise safety if you don’t have commercial truck insurance? Customers know the risks involved in truck transportation. But they still require the services of a big truck.

Whether you’re transporting 100 crates of tomatoes or machinery, you’ll need to reassure your client. A physical damage coverage, cargo, and reefer insurance can improve the confidence your clients have on you. They know that the protection of their goods is a priority.

Ensure that your clients know of your commercial truck insurance. It is a great selling point. With the growing competitiveness in the industry, the right covers will give you an edge over competitors.

There are different types of insurance for commercial trucks. Inform the client of the cover you have to avoid future controversies.

Business Continuity and Growth

The estimated number of commercial truck drivers is 6.4 million. The figure shows the broad scope of the industry. Yet, a mistake such as lack of insurance can make you lose out on business.

Insurance will save you from repair damages and an array of legal issues. It will protect your businesses against several risks. Get the right coverage before you hit the road.

Having insurance for your commercial truck attracts customers. No one wants to deal with losses. Attracting customers is a plus for your growing business.

The growth and continuity of your business take a new angle when you insure your commercial truck. It will be a great move towards protecting your customer, vehicle, and cargo. What’s more, you will be back in business even after your truck gets into an accident.

Insurance for Commercial Trucks Is an Indispensable Part of the Industry

Whether you’re driving your commercial truck or working for a particular fleet company, commercial insurance is vital. Don’t cut corners on insurance for commercial trucks. Some seemingly affordable deals might disappoint you when an accident occurs.

Getting a credible insurance company and the right cover will save you last-minute surprises. An insurer should be like your partner in the management of risks. Choose a cover based on the freight services that you offer and your state’s requirements.

Commercial trucking insurance is for your benefit. Invest in coverage today and enjoy the benefits. Don’t run to cover your truck when it’s too late.

You can talk to your commercial truck service provider to know the appropriate truck coverage. Besides, the FMCA regulations can be an ideal starting point.

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