Being busy is what you hoped for, but it’s vital that you remember that you are now responsible for the business end of this venture, and protecting it has to be your top priority.
Motor carrier insurance is a type of truck insurance designed specifically for your kind of operation, and choosing the right insurance coverage will protect your investment and your business.
If you are permanently leased to a motor carrier, there’s a good chance they will provide Primary Liability insurance coverage for you. The terms will be contained in your lease agreement, and, if the carrier provides the insurance, it will cover injuries and damage to other people and property if you are at fault during an accident.
If you work independently—officially called operating under your own authority—you’ll need to purchase your mandatory primary liability insurance coverage which, as noted earlier, pays for damages you cause to other people and their property.
Physical damage: This insurance pays for repairs to your truck if it's damaged in an accident, whether it's caused by a collision with another vehicle or a falling tree branch.
Motor truck cargo insurance: Pays for damages to the load that you’re hauling in the case of fire, theft, or an accident.
Uninsured motorist coverage: Pays for injuries and damages to you, your passengers, and your vehicle, which was caused by drivers who either don't have insurance or don't have enough insurance to cover your injuries and damages.
Medical payments insurance: Mandatory in some states and unavailable in others, this coverage would pay medical bills for you and any passengers in your truck in case they are hurt in an accident or auto-related injury.
Trailer interchange insurance: If a load needs to be transferred to a different trucker, the motor carrier that has possession of the trailer is responsible for any damage to it, whether or not the trailer is attached to the tractor. Trailer interchange insurance covers physical damage caused to a non-owned trailer under a trucker’s care.
We can help, so contact the experts at American Insuring Group online or call us at (800) 947-1270 or (610) 775-3848.