Commercial Trucking Insurance for Veteran Truckers: How to Save Money, Time, and a Lot of Headaches
()
About this ebook
Business owners and owner-operators alike know how difficult it can be to make a living with commercial trucks. There's a lot of maintenance work that goes into keeping your operations spic and span, and road accidents are an everyday possibility-this is where insurance comes in. Insurance is an integral
Related to Commercial Trucking Insurance for Veteran Truckers
Related ebooks
How To Start A Trucking Company Business Rating: 3 out of 5 stars3/5Everthing You Need To Know To Start An Auto Dealership Rating: 5 out of 5 stars5/5Thumbs up Trucking llc E-book: Step by step e-book on how to start a trucking company Rating: 0 out of 5 stars0 ratingsCDL Exam Prep Rating: 0 out of 5 stars0 ratingsFreight Broker with Care Rating: 4 out of 5 stars4/5How to Start a Trucking Company: Your Step-By-Step Guide to Starting a Trucking Company Rating: 3 out of 5 stars3/5Small Motor Carrier: StartUp and Business Plan Rating: 5 out of 5 stars5/5Trucking Business Secrets: How to Start, Run, and Grow Your Trucking Company Rating: 5 out of 5 stars5/5How To Make An Auto Insurance Claim Rating: 1 out of 5 stars1/5Build a 6-Figure Business Using Turo Rating: 0 out of 5 stars0 ratingsHow To Start And Build A 7-Figure Government Contracting Business! Rating: 0 out of 5 stars0 ratingsTrucking Business Guide for Beginners: A Definitive Guide to Start and Grow a Trucking Company plus tips to Avoid Common Mistakes Rating: 0 out of 5 stars0 ratingsSmall Motor Carriers: Customer Service Rating: 5 out of 5 stars5/5CDL 2023 – 2024 Commercial Driver’s License Study Guide Rating: 0 out of 5 stars0 ratingsCar Auction Buying Secrets: Resources and Buyer Tips Rating: 0 out of 5 stars0 ratingsHow to Cut the Cost of Your Auto and Homeowner's Insurance Rating: 0 out of 5 stars0 ratingsTrucker's Guide for the Beginning Truck Driver Rating: 0 out of 5 stars0 ratingsThe Dispatcher's Guide to the Galaxy: Fundamentals of Dispatching Motor Carriers: The Dispatcher's Guides, #1 Rating: 0 out of 5 stars0 ratingsThe Ultimate Guide to Commercial Vehicle Fleet Management Rating: 0 out of 5 stars0 ratingsA Complete Auto Body (Dent & Paint) Repair Center Business Plan: How To Start An Auto Body Repair Center Rating: 5 out of 5 stars5/5The Government Contractor's Guide: Navigating the World of Public Procurement Rating: 0 out of 5 stars0 ratingsTarget Market Series: Truckers Rating: 0 out of 5 stars0 ratingsHow To Become a Truck Driver: Your Step-By-Step Guide to Becoming a Trucker Rating: 0 out of 5 stars0 ratings
Business For You
Crucial Conversations Tools for Talking When Stakes Are High, Second Edition Rating: 4 out of 5 stars4/5Crucial Conversations: Tools for Talking When Stakes are High, Third Edition Rating: 4 out of 5 stars4/5On Writing Well, 30th Anniversary Edition: An Informal Guide to Writing Nonfiction Rating: 4 out of 5 stars4/5Becoming Bulletproof: Protect Yourself, Read People, Influence Situations, and Live Fearlessly Rating: 4 out of 5 stars4/5Just Listen: Discover the Secret to Getting Through to Absolutely Anyone Rating: 4 out of 5 stars4/5Capitalism and Freedom Rating: 4 out of 5 stars4/5Law of Connection: Lesson 10 from The 21 Irrefutable Laws of Leadership Rating: 4 out of 5 stars4/5Never Split the Difference: Negotiating As If Your Life Depended On It Rating: 4 out of 5 stars4/5Collaborating with the Enemy: How to Work with People You Don't Agree with or Like or Trust Rating: 4 out of 5 stars4/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Your Next Five Moves: Master the Art of Business Strategy Rating: 5 out of 5 stars5/5The Richest Man in Babylon: The most inspiring book on wealth ever written Rating: 5 out of 5 stars5/5The Five Dysfunctions of a Team: A Leadership Fable, 20th Anniversary Edition Rating: 4 out of 5 stars4/5Emotional Intelligence: Exploring the Most Powerful Intelligence Ever Discovered Rating: 4 out of 5 stars4/5Summary of J.L. Collins's The Simple Path to Wealth Rating: 5 out of 5 stars5/5Financial Words You Should Know: Over 1,000 Essential Investment, Accounting, Real Estate, and Tax Words Rating: 4 out of 5 stars4/5Confessions of an Economic Hit Man, 3rd Edition Rating: 5 out of 5 stars5/5Grant Writing For Dummies Rating: 5 out of 5 stars5/5Carol Dweck's Mindset The New Psychology of Success: Summary and Analysis Rating: 4 out of 5 stars4/5The Everything Guide To Being A Paralegal: Winning Secrets to a Successful Career! Rating: 5 out of 5 stars5/5Nickel and Dimed: On (Not) Getting By in America Rating: 4 out of 5 stars4/5Good to Great: Why Some Companies Make the Leap...And Others Don't Rating: 4 out of 5 stars4/5The Energy Bus: 10 Rules to Fuel Your Life, Work, and Team with Positive Energy Rating: 3 out of 5 stars3/5Robert's Rules Of Order Rating: 5 out of 5 stars5/5Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple Rating: 5 out of 5 stars5/5How to Grow Your Small Business: A 6-Step Plan to Help Your Business Take Off Rating: 3 out of 5 stars3/5Lying Rating: 4 out of 5 stars4/5
Reviews for Commercial Trucking Insurance for Veteran Truckers
0 ratings0 reviews
Book preview
Commercial Trucking Insurance for Veteran Truckers - Arthur Williamson
Chapter 1 - The Basics of Commercial Truck Insurance
Commercial truck insurance is a specific type of auto insurance policy developed to cover the various needs of a commercial trucking business. Whether you’re an operator or a business owner, having some form of a commercial truck insurance policy is often required to get a trucking permit. Not only does it protect people and property from potential physical damage caused by your trucks, but it keeps your business protected as well.
Most commercial trucking policies start with primary liability and build from that with various options of additional coverage, which we’ll cover in a later chapter. Primary coverage often covers any harm done to another vehicle or an individual in the event of an accident caused by one of your trucks. On the other hand, general liability offers additional business insurance in the event of a lawsuit against your organization.
Why Get Commercial Truck Insurance?
Insurance agents often encourage a company to invest in a comprehensive commercial trucking insurance plan for a variety of reasons. For one—it’s required for companies who want to operate legally. The United States’ FMCSA usually requires commercial trucking companies to show evidence of general liability insurance for truckers.
Besides being required by federal and state law, commercial truck insurance is necessary for drivers and owners to offset financial costs from accidents. Case in point, there were approximately 499,000 police-reported crashes involving large trucks in 2018 alone. It’s worth noting that this figure only covers crashes that were reported, so it’s likely that the number could be much higher than that. This is only a glimpse into how much repair costs could be.
Trucks are definitely expensive assets, but commercial truck companies aren’t just looking after the vehicles. Being a truck driver is grueling work, and accidents can happen on the road. Serious accidents have the potential to even be life-threatening, such as if a truck crashes due to poor road conditions.
It also goes without saying that commercial truck companies can face serious lawsuits if something happens. Employee lawsuits are just one example, and these lawsuits alone can set a company back in terms of both money and time.
Overall, getting commercial truck insurance isn’t just some requirement that companies need to fulfill. It’s also just a smart move in general, and it shows potential clients that you’re serious about running your company the right way.
What’s the Difference between Commercial Truck Insurance and Personal Auto Insurance?
The primary difference between commercial truck insurance and personal auto insurance lies exactly with the name. Personal auto insurance is appropriate for personal use vehicles, such as traveling from home to work and doing chores. Commercial truck insurance, on the other hand, deals with vehicles concerned with and vital to the operation of the business. However, even if a truck is used for personal reasons, the law still requires the truck to be insured since it can be heavier and be more difficult to operate as compared to lighter vehicles.
Higher Limits
Since commercial trucks are mostly heavier than personal vehicles and are harder to operate, the accidents concerning trucks have more cost. In this light, insurance policies covering a truck will have limits higher than for personal and standard use vehicles.
Insurance Coverage
Other than personal and property liability coverage, both personal use vehicles and commercial trucks have comprehensive coverage that covers non-accident related incidents, such as theft and disasters. However, commercial trucks have coverage that’s exclusive to them, such as non-trucking insurance, which pertains to the personal use of a truck during non-operational hours.
The most common truck insurance coverage offered are, but not limited to:
Title 49, Section 387 of the United States Code of Federal Regulations also enumerates the required coverage according to the combined value of the