Top Vendors for Semi Truck Insurance

A Guide to Semi Truck Insurance

Insurance coverage for a semi truck fleet, or even a single semi truck, is a significant but unavoidable business expense. Paying premiums to semi truck insurance companies won’t ever qualify as fun, but when you’re involved in an accident you’ll be grateful that you have the right policy for your business needs.

Accidents involving a commercial semi truck typically lead to four types of damage and injury claims: Liability, Cargo, Physical Damage, Workers’ Compensation and Medical. Details for each of these categories are outlined below.

Liability Insurance
If you’re deemed at fault in an accident, commercial semi truck Liability insurance will cover damages and injuries to others. Costs covered by Bodily Injury Liability insurance include hospital and medical bills, rehabilitation cost, nursing care, funeral expenses, lost earnings, pain and suffering and other damages and legal defense.  Property Damage Liability coverage is the second element of Liability insurance. As the name implies, it covers damage you cause to the property of others – vehicles, homes – as well as any legal representation costs you incur in the event of a lawsuit.

Cargo Insurance
To a semi truck driver and his customers, every load is precious cargo; protect it with Cargo insurance. Having this policy in place provides you a safety net when cargo is damaged, so the insurance company – rather than you -- will cover the damages. An added benefit of Cargo insurance is that it protects you in the event of a trailer break in and cargo theft.

Physical Damage and Bobtail Insurance
Semi truck damage happens, and when it does you want your semi truck insurance to include Physical Damage coverage. Whether the damage is the result of a collision, Mother Nature, or criminals, Physical Damage Insurance will cover the often significant repairs that accompany semi truck ownership. Do not have a Physical Damage gap in your semi truck insurance coverage; a single incident can incur expenses detrimental to the future of your business.

Physical Damage coverage is usually the responsibility of the truck owner, even if the motor carrier provides Liability Insurance, and protects you in collisions and overturns, theft or natural disaster. Physical Damage policies should cover you both on and off dispatch.

Bobtail insurance is trucking accident coverage specific to a tractor being operated without a trailer, typically when off dispatch.

Workers’ Compensation and Medical Insurance
Injuries to you or your employees often accompany an accident, so your company’s insurance portfolio must include Workers’ Compensation the expenses associated with hospital and medical bills, rehabilitation treatment, nursing care, funeral expenses, lost earnings, pain and suffering and other damages.  

Semi truck insurance can be expensive, so take advantage of free quotes provided by commercial trucking insurance companies, and make your own comparison of prices and services before choosing a semi truck insurance provider. You can also try making the most of truck insurance by finding out what discounts are offered and how you can better improve your coverage. Certain practices and specific safely additions to your vehicle can also help you lower your costs.