Commercial trucking is one of the largest industries in the world. With an estimated 3.5 million truck drivers in the United States alone, the industry is responsible for delivering goods and supplies across the country. However, with this comes an inherent risk of accidents and damage to property. This is why commercial truck insurance is crucial for every driver to have.
What is Commercial Truck Insurance?
Commercial truck insurance is a type of insurance policy that provides coverage for it vehicles. This insurance policy is specifically designed to protect truck drivers and their trucks from accidents, damage to property, and any liability that may arise from their operations.
Why Truckers Need Commercial Truck Insurance?
Truckers need commercial truck insurance for several reasons. Firstly, it is mandatory by law. Federal and state laws require truck drivers to have a minimum amount of liability coverage. Secondly, it protects truckers from financial loss. In the event of an accident or damage to property, commercial truck insurance can help cover the costs of repairs, medical expenses, and any other damages that may be incurred.
Types of Commercial Truck Insurance:
There are several types of insurance that truckers can choose from. The most common types include:
- Liability Insurance – This type of insurance provides coverage for bodily injury and property damage liability. It is mandatory by law for all truck drivers to have a minimum amount of liability coverage.
- Physical Damage Insurance – This type of insurance provides coverage for damage to the truck itself. It can cover repairs or replacement costs in the event of an accident or other types of damage.
- Cargo Insurance – This type of insurance provides coverage for goods or cargo that is being transported by the truck. It can protect truckers from financial loss if the cargo is damaged or lost.
- Bobtail Insurance – This type of insurance provides coverage for truckers who are driving their trucks without a trailer attached. It can cover accidents and other types of damage that may occur.