What is the Purpose of General Liability Insurance for Truckers?

Truckers understand that road safety is paramount. Wearing seatbelts, practicing defensive driving, and keeping a vigilant eye on other vehicles are all crucial components of the job. However, protecting one’s livelihood is equally important. As a trucker, it is essential to ensure that you have adequate insurance coverage in the event of an accident.

General liability insurance is a necessary form of insurance that every trucker should possess. This type of policy can provide financial protection if you are held liable for causing injury or damage to someone else’s property.

But how much general liability insurance is necessary for truckers? The typical coverage limits are $1,000,000 per occurrence with a $2,000,000 aggregate. Additional coverage limits can be obtained if required. Furthermore, if you transport hazardous materials, it may be prudent to include a pollution endorsement.

What does general liability insurance mean for truckers?

General liability insurance for truckers is a form of insurance that can offer financial protection in case you’re held responsible for causing property damage or an injury to someone else. It’s essential since it can help cover expenses such as repairs to the affected person’s property, medical bills, and even legal fees if they take legal action against you.

For instance, if you mistakenly deliver your load to the wrong location or while unloading, you accidentally drop a heavy piece of equipment on someone and injure them, your policy would assist in settling their medical expenses.

Though general liability insurance is not mandated by law, business owners must understand the circumstances when a shipper/broker, a client, or a lessor may require this standard coverage. Even if your company does not mandate it, having this coverage in place is prudent since accidents can happen at any moment, and being prepared is always better.

What Does General Liability Insurance Cover for Truckers?

Typically, the general liability insurance offered to truckers covers bodily injury and property damage. This implies that if you were to cause an accident that results in injury or property damage, your policy would assist in settling the medical expenses of those affected. Additionally, the policy would cover legal fees incurred due to the accident, which could be costly.

Moreover, commercial truck insurance would provide coverage for physical damage, upset, fire, theft, or vandalism of your trailer. Furthermore, transit, loading, and unloading coverage are also available to ensure that any goods under your care are safeguarded from any harm that may occur.

What is the purpose of general liability insurance for truckers?

Truckers require general liability insurance to provide financial protection in the event of unexpected occurrences.

For example, if you own a trucking company and one of your drivers causes an accident, general liability insurance will cover the legal expenses associated with any resultant lawsuit. Furthermore, it can cover any expenses for property damage that your driver may have caused.

In summary, general liability insurance protects you and your business from any potential financial ramifications arising from an accident or other event.

What is the appropriate level of insurance for a trucking company?

As the owner of a trucking company, obtaining a commercial general liability insurance policy is essential.

The amount of coverage necessary will vary depending on the size and nature of your business and the products you transport. For instance, if you transport hazardous materials, you’ll require a higher coverage level than a company that transports non-hazardous products.

Additionally, if you travel across borders, you’ll also need to obtain a higher level of coverage.

While most trucking companies obtain a $500,000 policy, your business may require more or less coverage. An insurance agent can assist you in determining the appropriate level of coverage for your company.

What is the cost of cargo insurance for truckers?

Cargo insurance is a type of insurance that provides coverage for the goods you are transporting.

It differs from general liability insurance, which protects your trucking company if someone is injured or their property is damaged due to your business.

If your cargo is lost, stolen, or damaged while in transit, cargo insurance will provide coverage. For instance, 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’re transporting, but it is typically a small percentage of the total shipment value.

You may collaborate with an insurance agent to establish the proper coverage level for your business.

Where can truckers obtain general liability insurance?

If you are a trucker needing general liability insurance, contact Coverage Specialists today. We will help you find the right amount of coverage for your business.