Plenty can go wrong when transporting cargo from one point to another. Because of these risks, it’s of utmost importance to make sure you have the right insurance coverages in place. Three of the key coverages that you should plan to carry in your insurance policy are liability, non-trucking liability and cargo insurance. Here’s what they mean and they benefit you.
Liability insurance is required for interstate trucking businesses. It protects you in case you’re found at fault in an accident while on a delivery. With liability coverage, your policy covers the payments towards repairing any property damage or medical bills incurred by a third party.
Non-Trucking Liability Insurance
It’s not a required coverage, but non-trucking liability insurance is still highly recommended as it covers you if you get into an accident while not on business. Examples of where this might come into play include taking your truck to be washed or simply driving home.
Cargo insurance protects you in case your freight is damaged or lost in transit. It’s usually purchased on a scheduled truck basis, but it can also be purchased as a blanket coverage that varies based on your gross revenues.
There are many other coverage options to keep your business secure. Work with an experienced agent who can help customize your policy to fit your exact needs.