Trucking Insurance

What does Trucking Liability insurance cover?

Trucking liability insurance typically covers financial losses that a trucking company or its driver may be responsible for in the event of an accident. Such as property damage or bodily injury to third parties. This can include things like damage to other vehicles, damage to buildings. Also other property, and medical expenses for anyone injured in the accident. Liability coverage is usually split into two categories:

• Bodily injury liability coverage: This covers the costs associated with injuries to others that you or one of your drivers may cause while operating your trucking business.
• Property damage liability coverage: This covers the costs associated with damage to other people’s property that you or one of your drivers may cause while operating your trucking business.

Additionally, some insurance providers may offer additional liability options such as:

• General Liability: It covers the cost of third-party claims arising from your company’s non-trucking activities, such as office operations, loading and unloading, and the sale of goods.
• Environmental Liability: It covers the cost of cleaning up spills, leaks or other environmental damage caused by your business.

It’s worth noting that liability coverage is typically required by law for trucking companies. Therefore limits of coverage may vary depending on the state or jurisdiction in which the company is operating.

What does Cargo insurance cover?

Cargo insurance is a type of insurance that is specifically designed to protect trucking companies and their drivers from financial losses due to the loss or damage of the cargo they are transporting. This type of insurance typically covers the cost of replacing or repairing the lost or damaged cargo and any related expenses, such as the cost of transporting the cargo to its destination.

Cargo insurance can cover a wide variety of goods, including but not limited to:

• Food products
• Pharmaceuticals
• Hazardous materials
• Live animals
• Machinery
• Automobile parts
• And other types of freight

It can be offered as an add-on coverage to the trucking insurance policy and the coverage limits can vary depending on the insurance provider, the type of cargo and the destination of the cargo.

Cargo insurance policies have exclusions and conditions that the policyholder need to be aware of. Such as war, terrorism, natural disasters, theft, and other specific causes of loss.

It’s worth noting that cargo insurance is not legally required, but it’s highly recommended for trucking companies to protect their financial interests. Also it helps meet the requirements of their clients who typically require proof of cargo insurance.