Working in the trucking industry can be lucrative. About 70% of all local freight moves via truck. Whether you have your rig or manage a fleet, the benefits of the trucking industry come with unique risks.
Types of Insurance
Different companies require different types of insurance coverage. While you may have special needs, there are several types of commercial truck insurance coverages that most truckers require. These coverages include:
- Physical damage
- Cargo damage
Liability coverage generally covers the driver, in case of an accident or injury on the job. Physical damage refers to any goods that might become damaged while in transit. Cargo insurance, on the other hand, can cover freight while in transit or when being held in a warehouse.
Costs of Insurance
The cost of insurance varies based on several factors. When debating on the cost, remember that if you dont have insurance, you could wind up spending a lot more because of damages or lost cargo. The cost of your policies depends on the type of cargo you haul and your driving record.
Commercial insurance is a must-have for any business. In the trucking industry, there are a lot of risks and even with a risk mitigation plan in place, you never know what might happen. Commercial trucking insurance helps you breathe easy.