If you’re a trucker, you know the risks of the road better than anyone else. Even if you’re the best in the business, the road is unpredictable. There are more than 168,000 truck accidents per year, of which 32% involve injury while 3% result in fatality for one or more people involved.
While we might like to think “This won’t happen to me,” it’s important to be prepared if the unimaginable does happen to yourself or one of your employees.
What Does Commercial Auto Liability Insurance Cover?
Commercial Auto Liability Insurance specifically covers liabilities associated with the operation of vehicles. This includes:
- Legal costs from lawsuits: This includes the costs of defense and any settlements or judgments that may arise from a lawsuit.
- Property damage: Liability insurance covers costs to repair or replace other people’s property damaged by your vehicle in an accident.
- Bodily injury: This part of the policy covers medical expenses, lost wages, and other compensation for injuries that other people sustain in an accident caused by your vehicle.
- Vehicle theft and vandalism: The policy typically includes coverage for the theft of your vehicles and damage due to vandalism, helping mitigate losses from these non-collision incidents.
- Weather-related damage: Coverage also extends to damage from certain weather events, protecting against losses from natural occurrences that could otherwise result in costly repairs.
Who’s Covered By It?
While it’s mandatory for semi-truckers and delivery trucks, you may want to consider commercial auto liability insurance if you:
- Operate any commercial vehicle, such as garbage trucks, tow trucks, and cement mixers.
- Businesses involving travel to meet clients.
- Companies that deliver or transport goods.
- Long-haul and freight service operators.
- Any business that are required by state law to have commercial truck insurance.
It’s important to remember that one size doesn’t fit all when it comes to trucking insurance, a driver operating locally is going to have different needs than someone who’s driving long-haul distances regularly or carrying cargo. That’s why reviewing several different policies is beneficial to find one that best fits your needs.
How Commercial Auto Liability Insurance Protects Truckers from Road Risks and Financial Losses
Cost Considerations
The cost of commercial auto liability insurance is influenced by several key factors. Fleet size plays a crucial role – more vehicles increase potential liabilities, leading to higher premiums. The type and value of the vehicles also impact costs, with high-value vehicles generally being more expensive to insure.
Also, the driving records of your drivers are significant, a better safety record can lead to lower insurance rates while frequent claims suggest a higher risk – resulting in increased premiums.
Finding the Perfect Plan
Commercial auto liability insurance is more than a legal necessity—it’s a critical business tool for every trucker. It allows you to focus on your work without the looming worry of potential accidents and their financial impacts.
At BHI Transport Insurance Co. we understand the needs of long haulers and can bring better coverage, offering up to 20% less than your current provider. To request a free policy audit and new quote, contact us today!
