As the owner of a trucking company, you may be overwhelmed by the many different approaches to insuring your fleet. One type of insurance you must consider is liability insurance.
What Is Liability Insurance?
Commercial truck liability insurance covers the costs related to vehicles owned by your agency in a variety of cases, including:
- Uninsured/underinsured motorists coverage
- Medical payments
- Comprehensive and collision insurance, and
- Property damage
Like personal liability insurance, a commercial policy protects your business from financial liability in the case of an accident. You can bundle multiple trucks into a fleet policy or even cover smaller vehicles.
Why Do I Need Liability Insurance?
The most important reason to get commercial truck liability insurance is to save money. The monthly costs of a commercial policy are far less than the amount your business could be liable for in an accident. In the event of an accident where one of your drivers is at fault, it can save you hundreds of thousands of dollars.
Not only does carrying truck liability insurance protect your business from financial liability, but it also is the law. The Federal Motor Carrier Safety Administration regulates interstate transport and requires minimum coverage for truckers.
Most states match the limits set by the FMCSA, but you should discuss coverage limits and minimums with your insurance broker to get the best insurance for your business.