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What Truck Insurance Coverage Should I Consider?

Businesses in the transport and trucking industries rely primarily on their fleet of vehicles, which are exposed to various road and human error risks that are out of a company’s control. Having truck insurance provides a layer of protection and ensures that your business can resume operations and recover from losses as soon as possible in the event of an accident.

​​What does truck insurance cover?


Depending on the coverage, insurance policies protect trucks of different sizes and types, catering to companies of various industries. Insurance brokers can tailor policies for the following businesses:

  • Livestock Carriers
  • Waste Removal Service Providers
  • Towing Companies
  • Car Carriers
  • Importers and Wholesalers
  • Agricultural Businesses
  • Manufacturers
  • Furniture Removalists
  • Construction and Trade Firms
  • Earth-moving and Excavation Companies


These are some of the truck types insurance policies cover:
  • Compactors
  • Concrete Agitators
  • Tippers
  • Refrigerated Trucks
  • Prime Movers
  • Powder Tankers


Types of insurance policies for trucking businesses 


With countless options available, selecting truck insurance may be a challenge. Before choosing a plan, you should consider the nature of their business, the risks your business’s vehicles are exposed to, the kind of goods your fleets transport, and the coverage limits of each policy. Here are some of the truck insurance coverage options that you may consider getting for your business:
Similar to comprehensive car insurance, this policy type reimburses financial losses from rental car costs and replaces vehicles damaged in a covered incident. It also covers third-party damage caused by your company vehicle and accidents involving uninsured motorists.

2. Public Liability Insurance
As the name suggests, this policy protects truck business owners from claims arising from third-party damages. In connection with the previous insurance type, this protection plan will safeguard your business in the event that it becomes legally liable for property damage or an injury it has caused.

3. Goods in Transit Insurance
When shipping goods or equipment, your business runs the danger of damaging or losing a third party's cargo. Goods in Transit Insurance, which is suitable for transport operators, distributors, and courier services, can protect your enterprise from this risk. This insurance type will also give you and your clients peace of mind as it serves as an additional layer of security.

4. Marine Cargo Insurance
Covering cargo that is transported via land, rail, air, or sea, this policy type is a bit more comprehensive compared to other insurance options as it can protect refrigerated goods and may be customized to cover rainwater damage and theft. Marine cargo insurance policies designed to protect home contents in transit are also available.

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Purchase up to six products under one Business Insurance Package. 


3. Goods in Transit Insurance
When shipping goods or equipment, your business runs the danger of damaging or losing a third party's cargo. Goods in Transit Insurance, which is suitable for transport operators, distributors, and courier services, can protect your enterprise from this risk. This insurance type will also give you and your clients peace of mind as it serves as an additional layer of security.

4. Marine Cargo Insurance
Covering cargo that is transported via land, rail, air, or sea, this policy type is a bit more comprehensive compared to other insurance options as it can protect refrigerated goods and may be customized to cover rainwater damage and theft. Marine cargo insurance policies designed to protect home contents in transit are also available.

5. Business Interruption Insurance
While this policy applies to all businesses, trucking companies may benefit from getting this type of insurance as it covers income losses and ongoing expenses incurred from events that have caused a business to stop operating. A similar option called Downtime Insurance helps pay for truck repair costs and provides financial support until the vehicle can get back on the road. 

It’s never too early to safeguard your business from financial losses. Prevention is key to ensuring your company is protected from unforeseen events on the road. Reach out to an insurance broker today to learn more about your options.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


ADVISR, ABN 17 613 588 266

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