Talking With Insurance Companies

Owner-operators with even one truck have to consider all the things that can go wrong while they are on the road. Having enough commercial truck insurance to cover any accident is not just a good idea, it is critical to keeping your business operating. 

Insurance and What it Covers

Insurance is available for semi trucks in many levels of coverage. Just like your car, truckers can choose how much insurance they need, but federal and state requirements mandate minimum coverage for trucks. This is to protect the truck driver, and the vehicle or property they might hit. It is the responsibility of the driver to make sure they have the coverage they need, and the coverage that the states they are operating in require. 

Load or Freight Insurance

 Most insurance companies will cover your truck, but if you want to cover the freight you are hauling, you are going to need to buy insurance for that purpose. The company you are hauling the cargo for most likely has the load insured, but it is never a bad idea to cover it for your protection. If something happens to the load, you want to be sure that you cannot be sued or lose your business as a result.

If the cargo is expensive, you want as much insurance on the load as you can have. A 53-foot trailer filled with tv's or computers would have a value far beyond what most people make in a lifetime, and an accident that destroyed them would almost assuredly put you out of business if you don't have insurance to cover them. 

Covering the Trailer

If you own your trailers, you need to make sure they are also covered. The insurance you bought for your truck may extend to the trailer when it is attached, but check with the insurance agent to see where that coverage stops. If you have a problem that damages the trailer, but it is not covered because it is not coupled to the truck, you could be staring down an expensive repair bill. Often insurance that extends to a trailer will only do so if it is attached to the tow vehicle at the time of the incident.

What About Theft?

If your truck is stolen, the insurance will cover it, but what if the cargo is stolen from inside the trailer? If you routinely operate where this is a concern, you should talk to your insurance company about this situation. Find out where they stand on it and add a few locks to the doors on the truck for some peace of mind.