Truck drivers know that staying safe on the road is a top priority. Seatbelts, defensive driving, and keeping a watchful eye on other vehicles are all part of the job. But what about protecting your livelihood? As a trucker, you need to make sure you have the right insurance in place in case of an accident.
One type of insurance every trucker should have is general liability insurance. This type of policy can help protect you financially if you're ever held responsible for damaging someone else's property or causing an injury.
So how much general liability insurance should a trucker have? The most common limits are $1,000,000 per occurrence with a $2,000,000 aggregate. Higher limits can be obtained if needed. Also, if you are hauling certain hazardous materials, you may want to add a pollution endorsement.
What is General Liability Insurance for Truckers?
General liability insurance for truckers is a type of insurance that can help protect you financially if you're ever held responsible for damaging someone else's property or causing an injury. This coverage is important because it can help pay for things like repairs to the other person's property, medical bills, and even legal fees if you're sued.
For example, if you deliver your load to the wrong place. Or, if you're unloading your truck and you drop a heavy piece of equipment on someone and injure them, your policy would help pay for their medical bills.
General liability insurance is not required by law, but business owners should be aware of situations when a shipper/broker, a client, or a lessor might require this common type of coverage. Even if your company doesn't require it, it's still a good idea to have this coverage in place.
After all, accidents can happen at any time, and it's always better to be prepared just in case.
What Does Truckers General Liability Cover?
In most cases, general liability insurance for truckers covers things like bodily injury and property damage. So, if you were to get into an accident and injure someone or damage their property, your policy would help pay for their medical bills.
It would also cover any legal fees that might come up as a result of the accident, which can be quite expensive.
Commercial truck insurance will also cover your trailer from any physical damage, upset, fire, theft, or vandalism. Loading, unloading, and transit coverage are also available to protect your goods from any damage that might occur while they're in your care.
Why Do Truckers Need General Liability Insurance?
So, why do truckers need general liability insurance? Put simply, it's there to protect you financially in the event that something goes wrong.
If you own a trucking company and one of your drivers causes an accident, general liability insurance will cover the legal fees associated with any resulting lawsuit.
It can also cover the costs of any property damage that your driver may have caused.
In short, general liability insurance is there to protect you and your business from any potential financial fallout that could occur as a result of an accident or other incident.
How Much Insurance Does a Trucking Company Need?
If you own a trucking company, you'll need to purchase a commercial general liability insurance policy.
The amount of coverage you'll need will depend on the size and scope of your business, as well as the types of products you transport.
For example, if you transport hazardous materials, you'll need to purchase a higher level of coverage than a company that only transports non-hazardous materials.
If you're going across borders, you'll also need to purchase a higher level of coverage.
Most trucking companies purchase a $500,000 policy, but you may need more or less depending on your business.
You can work with an insurance agent to determine the right amount of coverage for your company.
How Much is Cargo Insurance for Truckers?
Cargo insurance is insurance that covers the goods that you are transporting.
This is different from general liability insurance, which covers your trucking company in the event that someone is injured or their property is damaged as a result of your business.
Cargo insurance will cover you in the event that your cargo is lost, stolen, or damaged while in transit.
For example, if your trailer is stolen, your cargo insurance will pay to replace the lost or damaged goods.
The cost of cargo insurance varies depending on the value of the goods you are transporting, but it is typically a small percentage of the total value of the shipment.
You can work with an insurance agent to determine the right amount of coverage for your business.
Where to Get General Liability Insurance for Truckers
At World Insurance Associates LLC, we have more than 50 years of experience in transportation insurance. Our team includes a few former truckers, so we understand the unique needs of this industry.
If you are a trucker in need of general liability insurance, contact us today. We will help you find the right amount of coverage for your business.