Commercial Truck Insurance | Whether you are an entrepreneur with one commercial truck or your company uses a fleet of trucks, you need commercial truck insurance tailored to your business and your risks. Perhaps you have drivers who make deliveries, or you have trained and certified commercial truck drivers who drive tractor trailers and deliver freight cross-country. No two businesses are alike in their use of vehicles, their specific risks and the amount and type of coverage needed.
Commercial truck insurance is essential coverage for a small business or an owner-operator offering trucking services. Geared primarily toward larger companies, insurance can be a costly item for a firm that owns only one or two trucks. The options available differ according to the type of truck, the goods carried, the risks incurred and the number of years’ experience the driver has. The insurance package you choose for your business will likely include several different types of coverage, and understanding how these work will help you identify the options you need.
Commercial Vehicle Auto Liability Insurances
Auto liability insurances are the basic insurance coverage that covers injuries or damage to other people or property if you’re at fault for an accident. Auto liability insurances are one of the most basic forms of auto coverage that you can get.
Each state sets laws regarding how much primary Auto liability insurances are required. Business Auto liability insurances is an important safeguard for your business.
Auto liability insurance can invoke as first-party coverage. The drivers auto insurance policy, depending on the policy and broad coverage providing, liability, uninsured motorist and medical portions of your personal auto insurance policy can follow you and provide coverage.
Regardless of the state you live in, you must have liability auto insurance if you drive. Driving without liability insurance is against the law. There are many other insurance options above and beyond the basic liability policy, but if you’re going to drive, you are required to carry a minimum amount of liability protection. Acceptance provides a wide range of liability coverage to suit different drivers’ needs, so we have a policy that will keep you covered.
What is Liability Insurance?
All drivers are required by law to carry an auto liability insurance policy. A liability policy is the most basic kind of auto insurance on the market, providing a level of protection for vehicular accidents in which the policyholder is liable for injury or damage. If you are involved in a vehicular collision for which you are at fault, your liability car insurance will cover any medical bills or property damage for the other driver(s) resulting from the accident. Keep in mind that this type of insurance will not cover your own injuries and expenses – only those of the other parties. Each state requires a different minimum level of liability insurance for its drivers. Since accidents are often much more expensive than the minimum liability coverage, Acceptance offers a range of options for additional liability protection so you can be sure you’re covered in any unexpected situation. Read more here.
As most business activities are conducted outside of the office, a valid driver’s license, working vehicle, and auto liability insurance are required. It will cover you when operating your own vehicle or when operating another person’s vehicle with permission from the owner.
Liability car insurance covers damages to other vehicles or bodily injury to others resulting from an accident that the insured individual caused. Auto liability insurance does not cover the cost of repairs done to a personal car of the insured. Liability car insurance is also one of the few mandatory coverage options required in every state. However, the minimum limits of coverage vary and depend on the state laws of the insured person.
The liability coverage options of an auto insurance policy have different limits that are separated by slashes, for example, 15/40/30. It means the amount of monetary coverage for bodily injury per one person injured ($15,000), total bodily injury per accident ($40,000) and coverage for property damage ($30,000). For each liability limit, the maximum payout would not exceed the limit the policy holder has set. It is essential to set bodily injury liability limit per accident high enough to be able to pay the medical expenses incurred by multiple people. If the set liability limit is not high enough to pay for all damages caused, the policy holder is still responsible for paying the remaining balance and can be sued for not paying it off. Varying levels of the liability coverage insurance are available. See more here.
Driving without carrying auto liability insurance can result in a driver being classified as high risk by insurance companies, and facing revocation of their license. If you cause an accident with your car and injure someone or damage their property, your auto liability insurance will pay the injured person’s medical and repair expenses.
Minimum and maximum limits on auto liability insurance
A limit is the maximum dollar amount your insurance may pay per event. For example, if you have a property damage limit of $10,000 and cause $15,000 in damages in a covered accident, you are responsible for the excess $5,000.
If you carry only the state-minimum required liability car insurance with the lowest limits and you’re responsible for a bad covered accident, you would have to pay the balance of the claims that exceed your policy limits. It’s smart to select the highest auto insurance liability limits you can comfortably afford so you have adequate coverage if the unthinkable happens.
How much liability auto insurance you’re required to buy depends on the state where you reside. How much you buy beyond the legal minimum depends on your finances and assets. If money is tight, you might need to settle for state minimum limits, but it can be risky. If you have size-able assets, you may want to consider higher limits, like those found in a personal umbrella policy that offers an extra layer of protection. Read full article here.
You must have Auto Liability Insurance
A local independent agent can make sure you get the best commercial truck insurance or auto liability insurance coverage for your needs and budget. Additionally, your agent can help you get all of the coverage needed for your business operation. Many insurance companies will give you discounts if you package all your business coverage with one company.
Furthermore, I advise you that auto liability insurance is very important to all drivers. Let SGB Insurance give you free auto insurance to give you the best coverage at the lowest rate, to help you rest assured that you are covered in the case of an accident
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Dee (Deidre) writes and Curates for several Financial Services Site Blogs. We’re glad to have her.