There are essential bobtail insurance policies that you should have in place if you operate a truck. The truth is, you wouldn’t be allowed to operate a trucking business in the United States, Canada, and most other countries in the world if you don’t have certain insurance coverage. Also, most people who want to do business with you can only feel comfortable if they know that you have a certain insurance policy for your business.
These are some of the basic insurance coverage that you should consider purchasing if you wish to start your own trucking business in the United States of America or Canada;
Commercial Automotive Liability-:
- This type of insurance is designed to cover damages caused by your truck to other road users. It can cover bodily injury and property damage.
Physical Damage Coverage:
- This type of insurance is designed to cover any damage that may occur to your truck. And put you out of business. This damage can be due to an accident, fire incident, theft, or vandalism. This type of insurance also provides 24-hour coverage for your trucks. So whether you work day or night, your business is covered.
Motorized Truck Cargo Insurance (Comprehensive) -:
- When conducting your transportation business, goods and valuables will be transferred into your custody. And you would be expected to take care of them. If something happens to the goods while in your custody, you You will be responsible. And that is what this type of insurance is for; to cover loss or damage to trustworthy property in your care.
Bobtail Insurance -:
- If you are an owner-operator, you most likely need bobtail and physical damage insurance. This is because you would probably use your truck for personal use sometimes. And your truck is just as exposed to risk when used for personal use as when used for business. If damage occurs during a period of private use, the Bobtail insurance policy takes care of it.
Workplace Accident Insurance –
- In your trucking business, your driver is your most important asset and you have to protect them. Work accident insurance covers your driver’s medical bills and other expenses when accidents occur in the line of duty. It also covers compensation in cases of death.
- Non-Owned Truck Insurance -: If you are using a rented or leased truck to run your trucking business, this is the type of insurance product you would need.
General Liability Insurance -:
- You may also need this type of insurance to cover other aspects of your business that are not related to transportation. For example, you may want to protect your business premises, property, and other business assets and would need general liability insurance to cover this.
- Medical / health insurance
- Liability insurance
- Workers compensation
- Disability insurance for general expenses
- Group Insurance Business Owner’s Policy
General liability insurance is insurance policy coverage that protects your business from a variety of claims, including bodily injury, property damage, personal injury, and other issues that may arise in the course of your business. It should be noted that some insurance companies combine general liability insurance with property insurance if you obtain a business owners policy (BOP).
General insurance covers a trucking company for delivering goods to the wrong place, workplace accident, unruly behavior by your truck drivers and other employees that can lead a customer to sue your business.
Keep in mind that some insurance companies would also require you to obtain a primary liability policy before you can be qualified for general liability. Again, if you are transporting hazardous materials, you may need to add a contamination endorsement.
