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Trucking remains the mode of transportation for most freight for shipments under 1,000 miles in the US, carrying about 10.23 billion tons of cargo in 2020.
Given how vital the trucking industry is to the transportation of goods, it is no wonder that they are among the most important assets for many industries.
If you own a retail business that uses delivery trucks or delivery services, it’s important to make sure your business is fully protected against uninsured loss.
It is regardless of how many trucks you have operating or how big your business is. Commercial truck insurance will protect your assets, so all you have to worry about is growing your business!
But first, we’re going to help you arm yourself with the knowledge about commercial truck insurance: why you need one and what your options are.
What is commercial truck insurance?
Many things can go wrong when running a retail business, and trucking accidents are one of them. They cause damage to other vehicles and property and injuries to the drivers and passengers of the vehicles involved in the accident.
Additionally, truck accidents can also cause serious injuries to pedestrians walking on city streets or highways where trucks are traveling at high speeds.
Commercial truck insurance is something you should consider as part of your company’s overall risk management strategy. That’s because it helps protect you from damage caused by uninsured or underinsured motorists colliding with your vehicle during your own driving experience.
Plus, it helps ensure that all drivers have adequate coverage so everyone can safely drive on public roads without worrying about getting into an accident with another vehicle or being hit by debris from the accident scene.
Why do you need to insure your commercial trucks?
The last thing a business owner needs is an unexpected accident, which can be costly, time-consuming and stressful. Worst of all, it can have a huge impact on a company’s growth.
Here are several situations where commercial truck insurance can come in handy.
Suppose a shoplifting incident occurs at one of your retail stores or restaurants and costs you a certain amount. In that case, it’s most likely covered under your auto policy (unless there are specific exclusions).
It also often covers something as unexpected as fire damage caused by an electrical short or carelessly throwing lit cigarettes on tables. These types of fires could cause thousands and thousands of losses.
In addition to these accidents, there is also the possibility of a mechanical failure.
Such failures could result in significant shipment delays or possibly cargo spoilage. Additionally, adverse weather can damage your cars and prevent you from carrying out your operations.
You see, most retail businesses don’t have proper evacuation plans.
So when things really do go wrong, there’s usually no contingency plan that can help them bear the costs. You can stay one step ahead of the game by planning for unexpected events and keeping your assets protected.
Additionally, commercial truck insurance is not only necessary to protect against loss and liability, it is also required by law. Therefore, check with advisors and government authorities to ensure that you are at least following the minimum requirements to qualify.
If your business does not carry the right type of business insurance, you may be subject to heavy fines and legal action.
Having adequate truck insurance ensures that your trucks resume normal operations as soon as possible after an accident, while also strengthening your reputation as a reliable and trustworthy business.
Find the right coverage
Choosing the right commercial truck insurance can be tricky.
Many different types of policies and companies offer coverage, making things difficult for new businesses or those with limited experience in this area.