With more than 70% of the nation's freight being moved by truck, opting to start your own shipping company could be a lucrative move. Purchasing semi trucks and hiring responsible drivers is important, but you must also invest in the right insurance products if you want your shipping company to be a success.
Commercial truck insurance products are designed to protect both you and your clients as you move freight over the road. Having the right insurance products in place will provide your company with the best chance at success.
1. Primary Liability Coverage
One of the most basic insurance products that you will need is primary liability coverage. These types of policies are designed to provide financial compensation for damages and repairs needed after an accident, regardless of whether your driver or another driver was at fault.
A primary liability policy can also provide financial help to cover medical costs for any injuries sustained in the accident. It's important that you educate your drivers on the fact that primary liability insurance will cover them and your truck, but not any personal items that might be in the truck at the time of an accident.
2. Cargo Coverage
The freight that you haul in your semi trucks can be quite valuable, so it's important your company is protected against financial harm should a load be damaged during transit.
Cargo insurance coverage protects you and your customers from being financially responsible for damaged, stolen, or otherwise compromised goods within each load your drivers deliver. This type of insurance is an absolute must-have for any shipping company.
3. Physical Damage Coverage
Shipping companies only make money when the semi trucks in their fleet are moving loads over the open road. If a semi truck breaks down, repairing the truck as quickly as possible is critical to the ongoing success of your business.
Repairs can be quite costly, so having an insurance policy that can help cover the cost of major repairs can be beneficial. A physical damage policy provides you with this type of coverage. Any damage to the trucks exterior or essential mechanical systems can be covered under a physical damage policy.
Each of the trucks in your fleet should have its own physical damage policy in place to ensure maximum coverage for any necessary repairs in the future.
Insuring your semi trucks properly is critical when trying to operate a successful shipping company. Don't overlook the importance of primary liability, cargo, and physical damage coverage for each of your trucks. Contact a company, like Metropolitan Insurance Service Consultants, for more help.Share