Trucking companies can face unique liabilities and other threats that will have to be mitigated. Buying sufficient trucking insurance can be an integral step in minimizing these threats, but your business will have to avoid some mistakes that could compromise the protection this coverage is offering.
Mistake: Assuming The Legal Minimum Amount Of Liability Coverage Will Be Sufficient
Many trucking companies may assume that the legal minimum amount of liability coverage will be a sufficient option for their vehicles. However, this amount will often be set below the types of expenses that may result from an accident. If this occurs, the business or driver may be liable for the damages that were not covered by the insurance. Opting for far more expansive coverage can allow a person to minimize these risks as their more generous coverage may be more likely to provide effective protection. Balancing the costs of this coverage against the extent of the protection it provides can be a challenging task that will require a business to complete an accurate risk and liability assessment of its fleet.
Mistake: Not Adequately Insuring The Cargo That Will Be Transported
While it is important to make sure that the truck is insured against the damage that it could cause to other vehicles, it is also necessary to protect the value of the cargo that is being transported. Luckily, trucking insurance policies will often provide addendums that will cover the value of the cargo that the truck was carrying during an accident. This can help to shield the company from potential legal action by their clients by allowing them to compensate the client for the value of the cargo that was lost.
Mistake: Not Getting Multiple Quotes For The Trucking Insurance
Whether you are needing to buy trucking insurance for one vehicle or an entire fleet, it is always necessary to make sure that you are getting a quote for the policy that will be as affordable as possible without compromising the overall protection that you enjoy. Fortunately, it is possible to get quotes from a number of different insurance carriers so that you can make sure that you are getting the best value for this critical type of protection. To assist you with this evaluation, it can be useful to create a spreadsheet or other chart that will outline the costs, deductibles, coverage limits, and other important information about any potential policies. Using this approach, it can be relatively easy to compare the competing offerings so that you choose the most appropriate option.
For more information, contact a company like J.B Martin Insurance Agencies.
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