Commercial trucking is a critical industry for the entire economy. However, there are risks that can come with this type of occupation, and commercial truck drivers need to understand what they can do to effectively protect themselves against many of the liabilities they will face. Consider the following tips when looking for trucker insurance.
Protect the Cargo You Are Transporting
In addition to the damages that your truck could suffer, an accident could also result in sizable losses to the cargo you are transporting. While a standard insurance policy may cover the damage done to your truck, it may not reimburse you for the damaged or lost product. Whenever you are reviewing potential insurance policies, the amount of cargo coverage should be reviewed. If there is not enough coverage for the value of the items you typically haul, you may need to add more coverage to ensure that both you and your clients are protected from the financial losses caused by damaged cargo.
Consider the Risk of Uninsured Drivers
As with a passenger vehicle, there will be a risk of an uninsured driver getting into an accident with your truck. Unfortunately, commercial trucks can be far more expensive to repair after an accident. Being involved in an accident with an uninsured motorist can leave you liable for the potentially sizable repair costs for your vehicle. Considering that you will need to use the truck to earn money, this could make getting the needed repairs seemingly impossible. With uninsured motorist coverage, you can avoid being responsible for these repair costs.
Pay for the Entire Policy Upfront
Missing an insurance payment can result in your policy lapsing, which could leave you exposed to far more legal liability. To avoid the risk of accidentally missing an insurance payment, it can be advisable to pay for the entire cost of the policy up front. This will allow you to avoid the need for monthly insurance payments. To help those that have prepaid for their policies remember when their expiration is approaching, most insurance companies will mail reminders to clients to renew their coverage when the date starts approaching.
Add Lost Revenue Protection
In the event that you are involved in an auto accident, you may be unable to use your truck for some time. To minimize the amount of money that you lose to being unable to drive, many insurance policies have optional coverage options for addressing this lost revenue. The details of this coverage vary, but it will often be based on a percentage of the average revenue that you generate. This may not provide full compensation for lost revenue, but it can minimize the financial problems that waiting for vehicle repairs can cause.