Commercial truck insurance is a must-have for every trucking business. It protects your employees and your business all in one. However, it would be foolish to have the wrong coverage.
Having the right insurance plan for your trucking business goes far beyond the mandated insurance laws for trucks. Here are some tips that will help you make the right choice to fit your company’s needs.
Know About the Coverage Provided
Every policy has different options, so you should take the time to ask the insurance agent what each policy provides. Some offer towing and labor costs while others provide bodily injury and property damage liability.
To choose the right insurance plan, you will want to discuss what kind of trucks are in your fleet and the types of goods they transport—and be ready to answer questions about where you envision your business in the future. This will help you to get the complete coverage you need for your peace of mind.
Consider Payment Options
Naturally, you will want to look for the best options that fit your budget to look out for your company’s finances. You should ask about the payment options available to you, which are generally offered for monthly or annual payments.
While it may be a big burden to pay for a year upfront, you could get a discount doing it that way. Additionally, you wouldn’t have to worry about making a payment for a year, which would be a distinct advantage.
Determine How Much Liability Coverage You’ll Need
In the trucking industry, liability plays a huge role in your insurance policy. It is essential that you discuss everything involved in your business and how much coverage will be available for the plan that you choose. Once you know how much liability coverage you need, you can compare the costs and coverage details to make the best decision.
Know the Limits for General Liability
Getting the right truck coverage means knowing what the limits are for the policy. This comes down to occurrence limits, which are how much you’ll pay when making a single claim, and aggregate limits, which are the full amount your coverage will pay for all the claims you make in one year.
With this information, it can help you decide if you should make a claim for an incident or pay the damage on your own to keep from risking your coverage.
Ask About the Deductible
Every insurance policy includes a deductible, and knowing what that is will help you choose the right insurance. You can always raise the cost of your deductible to lower your premiums, but this deductible should never be so high that you can’t afford to pay it if you need to file a claim.
Learn How the Claims Coverage Works
As you discuss insurance plans for your trucking business, find out how you would file a claim properly to avoid delays in getting it accepted. You may be assigned an agent or have options to start the claim online or through an app on your phone.
It does take time to find the right truck insurance plan. However, spending time researching your options is critical for getting the best coverage. While you always hope you will never need it, if an accident occurs or there are cargo damages you need to make claims on, you’ll be glad you took the time to get it right.
When you need coverage, it helps to discuss your needs with a commercial trucking insurance company that understands the industry. In this way, you can get all the advice you need about what will be best for your business.