Commercial Truck Insurance: Protect Your Business And Your Employees

Strong Tie Insurance May 21, 2019 StrongtieInsurance

Insurance is a very important service for any business regardless of size. With a commercial truck insurance coverage, you are assured of continuity in the event of circumstances that would normally jeopardize your business.

Below is an in-depth look into some of the trucking insurance coverages you need to protect your business and employees.

·         Motor Truck General Liability

One of the main coverages that is important for a business to protect itself is the liability policy. This type of trucking insurance protects your business against claims arising from personal injury, damage to property or your products and operations.

The chances of your business getting sued for one reason or the other have increased exponentially in recent times. The outcome, however, does not need to result in financial ruin for you or your business when you are covered with motor truck general liability insurance. This policy provides a financial buffer in the event that your business is held legally responsible for causing damage or injury. It covers any losses resulting from a real or presumed injury, damage of property and any injury that has taken place in your place of business or as a result of your operations.

From the above it is clear to see that general liability covers a wide range of situations. To have a clearer grasp of what this coverage exactly does for your business, below is a more concise presentation.

Ø  Personal injury-In the event of injury this coverage pays for the cost of care, the loss of wages and even offers restitution to the family in the event the injury leads to death.

Ø  Property damage-It pays for the damages caused to other people’s properties and covers the financial implications resulting from the loss of a property’s utility.

Ø  Products completed operation-In the event that your company’s products or services results in an injury this coverage caters for the damages and legal expenses. The coverage only extends to the set limits of your policy.

Ø  Products liability-This is similar to the Products completed operation coverage with the only difference being that it only covers your company against lawsuits arising from injury caused through the use of your products.

Ø  Contractual liability-this policy covers any liability your business may assume when entering into contracts.

This list is not conclusive as there are still various other low cost commercial truck insurance coverages that come under this policy. Contact us with your trucking insurance needs and we will provide you with more custom options suited to cater to your specific needs.

·         Workers Compensation

The laws applying to workers compensation were mainly created so that workers who are injured on the job are able to get their monetary awards without the tedious process of litigation. The amount payable is fixed making the whole process that much easier.

The laws also protect the business owner from excessive financial risk as they limit the amount an employee is entitled to in the event of a work-related injury.

This insurance coverage enables business owners to comfortably cover the benefits. On this front, most stated make it a mandatory requirement for business owners to take out this type of coverage on their employees. This is especially necessary if you employ a large staff, subcontract workload and if your employment opportunities are based on hazardous activities.

It is important to note that this is not health insurance. It only pays out in the event an employee sustains injury while on the job.

Why you need this coverage

It is an employer’s responsibility to make the workplace safer for their employees. Some accidents are however unforeseeable and can occur even in the most controlled of environments.

Most states require businesses to take out workers compensation insurance in order to not only protect themselves from lawsuits in the event accidents occur in the workplace but to also cover the medical costs and compensate for the lost income. This policy covers employees on the clock regardless of whether the injury occurred within the workplace premises or elsewhere. Work related illnesses are also covered.

Workers compensation pays injured employees regardless of whose fault the accident was. It compensates them for the lost income, pays for the medical and rehabilitation services and provides restitution to the surviving dependants in the event of death.

·         Motor Truck Cargo Insurance

This commercial truck insurance policy covers the freight or cargo being hauled by a trucker. It protects the business owner from any liability in the event of cargo being lost or damaged as a result of collision, fire or load strike.

Should the cargo be dumped along the way, this trucking insurance covers the cost of removing the debris and extracting the pollutants. It also takes care of the related costs of safeguarding the remaining cargo, any legal expenses arising from the settlement of or defence against claims and freight charges lost due to failure to deliver the cargo.

·         Trailer Interchange Insurance

This insurance policy covers trailers that have come under a trailer interchange agreement. This coverage is basically a Physical Damage Insurance applying to non-owned trailers and protects you in the event the truck/trailer is damaged through theft, vandalism, fire or collision.

Due to the fact that you do not own the exchange trailers, you have to get a separate coverage as they do not come under your normal Physical Damage insurance.

At Strong Tie Insurance we have an in-depth understanding of the type of low cost commercial truck insurance you need to ensure that your business runs smoothly and your employees are taken care of. Business owners have the same auto insurance needs for their trucks as the ones required by personal vehicle owners.  These insurance coverages include general liability, personal injury protection (medical payments), collision and comprehensive insurance and uninsured motorists’ coverage. Another additional insurance coverage you will need as a business owner is the workers compensation.

Although these coverages for your business seem similar to those required for personal vehicles it is important to note that they differ in many technical aspects. We not only provide all the above mentioned commercial truck insurance coverages for businesses, and much more, we also ensure that you are fully aware of the many ways in which the coverages differ enabling you to make a more informed decision.