Where do most commercial trucking insurance policies fall short?

Federal and State Law requires trucking companies to purchase a minimum of $750,000 Auto Liability coverage to be on the road. This coverage only gives protection arising out of the ownership, maintenance, and use of any insured automobile. So, many commercial trucking insurance policies fall short when it comes to protecting a business from losses due to accidents, cargo, and third-party liability. For instance, if an accident causes a delay in delivery, a commercial trucking insurance policy may not provide reimbursement for the resulting loss of business income. Similarly, if a third party is injured in an accident, the costs associated with medical bills and legal fees can be excluded from coverage under these policies. Additionally, many policies also exclude cargo damage due to theft or mishandling by third parties. To ensure adequate protection from these types of perils, many businesses opt for specialized commercial trucking insurance policies that provide additional coverage. Such policies may include additional provisions such as compensation for business interruption, liability coverage for third-party personal injury or property damage, and cargo damage due to theft or mishandling. By working with Cumberland Specialty Underwriters and understanding the risks associated with trucking operations, you can ensure that your commercial trucking insurance policy is tailored to provide the comprehensive protection you need!

It is important to note that commercial trucking insurance policies can vary widely, so it is important to speak with your agent, and understand the provisions of a particular policy before making a purchase. Additionally, many insurers offer discounts for businesses that take steps to reduce the risk of accidents and cargo damage, such as providing driver safety training programs or using GPS technology to monitor vehicles. By understanding the coverage and taking proactive steps to reduce risks, businesses can ensure they have the protection they need in the event of an accident or incident.

In conclusion, commercial trucking insurance policies are essential for ensuring that a business is adequately protected from losses due to accidents, cargo damage, and third-party liability. To ensure comprehensive coverage, businesses should consider investing in a specialized commercial trucking policy that provides additional protection and take steps to reduce the risk of accidents and cargo damage. By doing so, they can ensure they have the coverage they need to protect their business from losses due to incidents involving their fleet.