Also called “commercial truck insurance,” trucking insurance is a type of coverage that protects both freight drivers and the companies they do contract work for. Much like the coverage that is required of standard residential drivers, insurance is required for truck drivers, as well. However, commercial truck insurance tends to be a more expansive coverage with more monetary allowance – larger vehicles cause much more damage in an accident.
What is Trucking Insurance?
This coverage will help – financially – in the event of an accident. Whether there is damage to property or individuals, someone is going to have to pay. Generally, the at-fault driver is responsible for any damages, but if the at-fault individual is uninsured (in Georgia, nearly sixteen percent are uninsured), the faultless individual will need to pay out of pocket for damages.
Who Needs Trucking Insurance?
A smart trucking business will require its drivers to be insured for at least the state minimum: $100,000 per individual and $300,000 per accident. As you can see, the Georgia state minimum for truckers is much higher than for standard citizens. In fact, many truckers will carry up to $1,000,000 in total accident coverage, simply because $300,000 may not be enough. Additionally, we usually recommend that all drivers (including general motorists) carry uninsured motorist coverage due to Georgia’s high number of uninsured motorists.
How Do I Know What I Need?
First, talk to your employer; if you are an employer, recommend higher coverage for your employees. The amount of coverage we recommend will depend on many factors, but ultimately, it will be determined by the driver and the employer.
Different Types of Trucking Insurance Coverage
Vehicle Damage (Collision)
This type of insurance is fairly self-explanatory. Vehicle insurance for trucks works much like car insurance works for standard motorists. In a trucking incident, however, it can be much more costly to repair an eighteen-wheeler. For this reason, damage insurance tends to cover much higher numbers for truckers than general motorists.
A company that hires workers for owned trucks may want to consider their fleet insurance options. With this coverage, all vehicles will be insured, regardless of what each individual driver carries.
In the event of an accident, liability insurance covers the out-of-pocket expenses that your driver or company is responsible for as a settlement. Liability insurance will cover legal fees and payouts, depending on whether you are determined to be “liable” for the incident.
If a freight truck drives into a building or takes out other necessary infrastructure, you’ll need enough monetary coverage to pay for the repairs to the property. While the majority of a truck driver’s time is spent on the highway and interstate, each driver should still have property damage coverage.
In the event of an accident that harms a driver, he or she may not be able to operate a vehicle for weeks or months. By adding workers’ compensation coverage to your business’s policy, you can secure your employee’s position with your company; they won’t have to look for work when they have fully recovered.
Trucking Coverage in Atlanta
Does your Atlanta small business need to reevaluate the coverage for its truck drivers? Have your contracted drivers asked what kind of coverage they need? Here at Apex Insurance Services, LLC, we are experts in trucking (and other types of) insurance. Give us a call today to figure out what kind of coverage you need. If you know what kind of coverage you are looking for, get a quote by submitting our Commercial Auto Form today.