The commercial trucking industry must follow insurance guidelines provided by the federal government. Tractor trailer drivers must also have minimum amounts of public liability coverage according to the Federal Motor Carrier Safety Administration (FMCSA).
Contact Cook Insurance Agency in Apache, Arizona, today to learn which commercial auto insurance policies may benefit your organization and get a quote.
Do Commercial Trucking Companies Need Commercial Auto Insurance?
All tractor trailer operators must carry commercial auto insurance policies. The following are the most common coverages:
· Liability insurance helps pay for third-party injuries and property damage. Commercial auto liability policies include two types of coverage:
o Property damage liability coverage helps pay for damage to someone else’s property if the tractor trailer driver was at fault in the accident.
o Bodily injury liability coverage helps pay for third-party medical costs after an accident causing injuries if the tractor trailer driver was at fault.
· Collision insurance helps pay to replace or repair your tractor trailer after an accident.
· Comprehensive insurance helps replace or repair your tractor trailer after an incident other than an accident, like weather damage, fire or vandalism.
· Medical payments/personal injury protection coverage helps pay medical bills if the truck’s passenger or driver is injured in an accident. It may also provide coverage for other losses such as lost income.
· Uninsured/underinsured motorist coverage helps pay to repair or replace a tractor trailer after an accident caused by a third party who doesn’t have enough insurance coverage.
These additional policies may also be appropriate for a trucking company:
· Trailer interchange insurance covers the repairs for the damage to another’s trailer caused by the insured.
· Bobtail coverage helps pay for damages when the tractor does not have a trailer attached.
Can Commercial Trucking Companies Get a Business Owners Policy (BOP)?
Insurers determine which businesses are eligible to purchase a BOP. This group of essential insurance coverages is available to qualifying businesses at a discount.
A BOP typically includes general liability insurance and commercial property insurance. However, companies may be able to tailor their insurance and add other coverages. Talk with your agent about whether a BOP may work for your trucking operation.
Get the Truck Insurance You Need Today
Commercial trucking companies have many choices available to help tailor an insurance package to meet the organization’s needs. Talk with your agent at Cook Insurance Agency today to make sure your insurance fulfills federal and state rules and to learn more about optional coverages.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.