All truckers will need coverage and protection, which often comes in the form of trucker insurance or commercial auto insurance. Based on the services and the ownership of the truck, you will need coverage that will vary. Independent truckers or those employed will need to structure an auto commercial policy that addresses the unique risks and or liability of the trucker. As this can be a bit confusing, InsureWise would like to provide a few examples of different trucking services and the coverage that suits those different trucking services.
What Services Does a Trucking Company Provide?
Trucking is a diverse industry and depending on the nature of the trucking service, they can greatly vary. However, the primary types of trucking services can be broken into three major categories.
Motor Carriers – A motor carrier is a business or service that provides trucking services. Motor carrier businesses in most cases own the truck but will employ the drivers. Most motor carriers are businesses that employ truck drivers to transport cargo to the clients. When it comes to a motor carrier, the business is responsible for providing coverage for their trucks and drivers.
Private Carriers – A private carrier is when a business or company owns their own trucks to haul their own cargo or goods. A private carrier owns the trucks and will hire drivers. The private business is responsible for covering both the truck and driver.
Independent Owner Operators – There are some people who have bought and own their own truck. They offer and provide transportation services. Basically, it is an independent trucking business. An independent owner/operator will need to provide their own coverage.
Trucker Lease Agreements
Leasing agreements are also common in the trucking industry. A leasing agreement is when two parties work together to achieve a perfect balance of insurance coverage. Motor carriers. for example, will provide a degree of coverage to their leased trucks. However, the trucker or driver can have their own separate coverage to ensure they are fully protected.
Trucking Company Insurance Coverage
When you are putting together a trucking insurance policy, you may find you need many different types of coverage or protection. When it comes to a trucking agency there are some basic coverages you will want as part of your policy.
Liability Insurance – Liability insurance will help protect the truck driver if they are at fault when they are involved in an accident. Liability insurance will pay for bodily and or property damage to those who are also involved in the accident. Note: If you do not own the truck but operate for a business, than you will want to get a non-owned/hiring liability insurance.
Physical Damage Insurance – The truck’s owner will need to have physical damage coverage. This will help repair or replace the truck if involved in an accident.
Uninsured Motorist Coverage – Where a truck’s owner is not at fault for an accident, the driver is. If the driver of the truck doesn’t have liability coverage, they will want to have uninsured motorist coverage. This will help the trucker cover the losses, using their own personal policy.
Commercial Auto Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada
If you are an independent driver with your own truck or you are hired by a trucking agency or by a business, you all need a good quality insurance policy. For commercial auto insurance services and more, contact InsureWise today.