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Our Guide to Why You Need Truck Insurance
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When you are operating a business, you know that you need to expect the unexpected. If your business depends on your trucks, do not just expect the unexpected. Prepare for it with the proper insurance coverage.
Whether you run an operation with a single truck or an entire fleet of trucks, having the right insurance is crucial. In addition to the legal requirements regarding truck insurance, carrying a policy just makes sense.
Who Needs Truck Insurance?
The short answer to the question is anyone who owns and operates a commercial truck in Australia. Buying a heavy-duty truck for commercial purposes is an expensive investment. So, it makes sense that you want to protect your investment with insurance cover.
There are several industries where you should carry a truck insurance policy.
- Carriers Marine Cargo – Generally, insurance for this industry is priced based on annual gross freight earnings. Whether you operate on a small scale or have a large transport company, you will gain substantial peace of mind knowing what you haul is protected.
Several subcategories fall under the umbrella of Carriers Marine Cargo Insurance. These include,
- Carriers Legal Liability – This takes care of compensation for damages you would generally pay for damaged or lost goods on your property or in transit.
- Carriers Goodwill – Accidental Damage- This covers the cost of goods accidentally damaged, including loading and unloading, theft, non-delivery, and shedding of load.
- Carriers Goodwill – Defined Events- You are covered (irrespective of legal liability terms of your contract) if the loss occurs during the specifically defined event(s) covered in your insurance policy
- Delivery Trucks – If you are responsible for delivering someone else’s products, truck insurance is a necessity. Without it, you could be liable for the damage to your truck as well as the cost of the products that were ruined in transit.
- Equipment Transportation – When you are hauling equipment to or from a job site, any number of things can go wrong. Even if you are not at fault, an accident that involves heavy equipment can be exceptionally costly.
- Tanker Trucks – Hauling any number of liquids can put you at risk for accidents. The potential for disaster increases if you have flammable or toxic substances on board. A thorough insurance policy is vital for this industry.
Small Business Insurance can provide cover for your business’ premises and contents, against loss, damage, theft or financial loss from an insured interruption to your business.
Tax Audit Cover for Small Businesses and Individuals.
Bill Cover will take care of your bills, so you can take care of yourself! Bill Cover will pay a fixed monthly benefit or the total of your monthly bills (whichever is the lesser) for up to twenty-four months if you are unable to work due to injury or sickness. In the event of a claim, Bill Cover can be used to help pay for your business or general living expenses such as electricity, gas, gym membership, mortgage or rent.
- Carriers Legal Liability – This takes care of compensation for damages you would generally pay for damaged or lost goods on your property or in transit.
- Carriers Goodwill – Accidental Damage- This covers the cost of goods accidentally damaged, including loading and unloading, theft, non-delivery, and shedding of load.
- Carriers Goodwill – Defined Events- You are covered (irrespective of legal liability terms of your contract) if the loss occurs during the specifically defined event(s) covered in your insurance policy
- Delivery Trucks – If you are responsible for delivering someone else’s products, truck insurance is a necessity. Without it, you could be liable for the damage to your truck as well as the cost of the products that were ruined in transit.
- Equipment Transportation – When you are hauling equipment to or from a job site, any number of things can go wrong. Even if you are not at fault, an accident that involves heavy equipment can be exceptionally costly.
- Tanker Trucks – Hauling any number of liquids can put you at risk for accidents. The potential for disaster increases if you have flammable or toxic substances on board. A thorough insurance policy is vital for this industry.
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Frans du Plessis
What Does Truck Insurance Cover?
Three common types of truck insurance cover several specifics.
- Fully Comprehensive Truck Insurance Policy – A fully comprehensive truck insurance policy usually covers most occurrences. Whether it is a form of damage, accident, theft, or other issues, you are covered.
- Third-Party (fire and theft) Truck Insurance Policy – This coverage pays if you are at fault regarding a defined event such as fire or theft.
- Third-Party Truck Insurance – A third party truck insurance policy only pays if you are at fault and hit another vehicle.
If you believe you need truck insurance but are not sure where to start or have questions regarding what you need, feel free to contact Grace Insurance. Our insurance professionals can help you look at your options and decide the best options for you. Grace insurance takes pride in creating the right policy for your needs. We will not try to force you into a cookie-cutter policy that might be alright for you. We do not settle for anything less than the perfect policy for you or your company.
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.
All information above has been provided by the author.
Frans du Plessis, Grace Insurance, ABN 63 133 156 742, AFSL 233750
This article originally appeared on Grace Insurance Blog and has been published here with permission.
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