What are some good insurance policies for a truck business?
When you own a trucking business, you are responsible for the company, employees, and the fleet vehicles. For this reason, there are multiple insurance policies that will come in handy and provide adequate protection. Here are some good insurance policies to consider for this type of business.
Comprehensive Auto Insurance
While all businesses that use their vehicle for business purposes should have a commercial auto policy, you need to have the best policy money can buy. Your employees are driving for the majority of their job, which requires comprehensive commercial auto insurance. This provides protection for the employee, the vehicles, and your company. If they get into an accident, the bodily injuries are covered, along with injuries to others involved in the accident. It should cover vehicle damage, property damage, and any lawsuits brought up by other vehicles involved in the collision. This should also include protection from theft and vandalism.
General Liability
You also want to have protection from various types of lawsuits and litigations, which is possible with a general liability insurance policy. This type of policy will cover incidents that occur with the truckers and the job they perform. For example, if a truck driver accidentally bumps into a customer's mailbox during a delivery, the repairs should be covered by the policy. It can also cover injuries to someone while making deliveries or driving the truck, and any injuries related to your advertising or another person or business's reputation. General liability also covers legal costs associated with lawsuits, such as due to the way you delivered packages. If your deliver driver set down a box a little too hard, which damaged the contents, they might sue you for damages. This policy should cover those damages.
Property Liability
Another type of business insurance policy that is useful for a trucking business is the property liability insurance policy. This policy will protect the offices and other property you use for your business. From the office where dispatch is located, to the bookkeeping and support staff, and manager offices, all of this property is protected from perils. It often includes protection of the outside of the building, including broken windows and damaged siding from natural disasters and major storms. You also have contents protected, including tools and equipment, electronic equipment like computers and printers, and office furniture.
You can speak to an insurance broker if you're not quite sure which type of business insurance you need for your business.