What is Commercial Trucking Insurance?
The trucking industry is fraught with potential risks, including many sizable property and liability perils. One way that Massachusetts trucking companies can protect themselves from risks is by purchasing commercial trucking insurance.Commercial trucking insurance is a robust type of commercial vehicle insurance, and it's especially well-suited for companies that operate in the trucking industry. Policies generally offer broad coverages and high limits, in order to give trucking companies the protection they need.
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What Massachusetts Businesses Should Have a Commercial Truck Insurance Policy?
Most Massachusetts businesses that operate in the trucking industry ought to carry commercial truck insurance. Insurance is usually required by state law when operating vehicles on public roadways, and not carrying insurance can lead to both liability and legal consequences. Commercial truck insurance tends to be the most appropriate type of insurance for businesses within this industry.Many commercial truck policies can often be adapted to suit a particular company's unique needs. There are policies designed for:
- Transport companies operating tractor-trailers and/or box trucks
- Moving companies operating tractor-trailers or box trucks
- Delivery companies operating box trucks or commercial vans
- Waste removal companies operating recycling and garbage trucks
- Contractors operating box trucks, vans or pickup trucks
Businesses that are unsure whether commercial truck insurance is right for them should speak with a knowledgeable insurance agent. Someone who specializes in these policies will be able to determine whether this indeed is the right type of insurance for a particular company, and they can suggest the right type of commercial truck policy if the policy is indeed needed.
What Coverages Are Available Through Commercial Truck Policies?
Most commercial truck policies have multiple coverages that work together to provide robust protection. These typically include both property and liability coverages, such as the following :
- Physical Damage Coverage, which often protects against damage to company trucks
- Unidentified Trailer Coverage, which often protects against damage to non-owned trailers
- Trailer Cargo Coverage, which often protects against damage to/loss of cargo being transported
- Downtime Coverage, which often protects against truck damage when the truck isn't being used for work
- Non-Trucking Coverage, which often protects against truck damage when the truck is being driven for personal use
- Liability Coverage, which often protects against lawsuits arising from accidents
- Uninsured and Underinsured Motorist Coverage, which often protects against uninsured driver accidents
Unidentified trailer coverage is also known as interchange coverage, and truck cargo coverage is sometimes referred to as motor truck cargo coverage.
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Do Commercial Truck Policies Offer Different Types of Cargo Coverage?
Insurance companies offer several different types of cargo coverage. Trucking companies generally should choose a coverage that makes sense for the type of cargo they carry. For instance, debris or gravel likely doesn't need the same level of protection as high-end consumer goods or cars.An insurance agent can help trucking companies find cargo coverage that makes sense for what they transport.
How Much Do Premiums for Commercial Truck Policies Cost?
Premiums for commercial truck policies vary widely, because the rates for these policies are based on many factors. Just a few of the items that can influence cost include:
- Who drives a company's trucks
- What training, certifications or licenses drivers have
- How many miles trucks are driven annually
- What regions trucks are driven in
- What types of materials trucks transport
- Whether trucks go into construction sites
