Important Things to Learn About Commercial Insurance for Trucks

As a business owner, you have to juggle a lot of responsibilities. Figuring out how to maximize your income while minimizing risks can be overwhelming at times. It’s important to have insurance in place during potential emergencies. If you have recently inquired about commercial truck insurance, here are some key factors to consider.

Driving comes with inherited risks, especially when you’re using the vehicle to complete business-related tasks. One major accident could cause damage to your business for years to come. Commercial auto insurance protects your business against a potential financial disaster. The policy protects your business if the company vehicles injure someone or cause property damage. You are also protected if your commercial vehicles are stolen or vandalized.

Is Commercial Insurance Essential for Trucks?

It’s recommended that you assess the needs of your business and figure out if commercial truck insurance is the right fit. Try to avoid a situation where you are investing money into something that isn’t necessary. If you own and operate a fleet of trucks to complete business-related tasks, then purchasing commercial truck insurance makes sense. Fleet insurance is another option to consider and may closely align with your needs instead of truck insurance.

Which Types of Trucks Are Covered?

Commercial truck insurance covers multiple types of trucks. Your insurer may ask you to specify how each type of truck is used. It’s recommended that you talk to your insurance agent to see what’s covered through their insurance package. Purchasing full coverage allows you to protect your investment. Transport trucks are generally covered through commercial truck insurance. Other types of trucks that are covered through commercial truck insurance include semi-trucks, food trucks, tow trucks, and dump trucks.

Is Custom Coverage Options Available?

Because commercial truck insurance covers multiple truck specifications, you have the ability to customize your policy based on your company’s needs. Perhaps you want full coverage on your trucks, or you want to make sure that your drivers are covered while they are on the road. Your insurer should help you figure out what’s best for your situation.

Variables That Impact Your Premium

There are multiple variables that impact the number of your monthly premiums. Insurance companies will assess your commercial trucks’ make, model, and year. They’ll also assess the amount of cargo that you use the trucks to transport regularly. In some cases, your drivers may impact your commercial truck insurance premiums. For example, hiring experienced drivers with safe driving records may lower your premiums.

Coverage Options for Your Trucks

One of your goals is likely to find a policy that offers full coverage at a relatively low price. Not having enough coverage could leave you exposed if an emergency arises. Different coverage options are available. Some commercial policies may cover different parts instead of the entire truck. If you’re working in a high-risk industry or you’re responsible for shipping large amounts of expensive cargo regularly, it’s recommended that you purchase full coverage.

Assess Multiple Quotes

While researching commercial truck insurance, it’s recommended that you assess multiple quotes from different companies. This allows you to compare prices. Getting multiple quotes can help you find the right coverage at a price that aligns with your finances.

Consult with CF&P Insurance Brokers

Purchasing commercial truck insurance can give you peace of mind while you perform daily tasks. If you have questions about your insurance, the team here at CF&P Insurance Brokers will assist you. Contact us today for a quote!

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