Learn About Semi Truck Insurance
Semi-truck insurance is also known as owner-operator truck insurance. It is an insurance cover taken by commercial truck drivers. There are a lot of policies under semi-truck insurance. Each commercial driver is required to at least have liability insurance. Liability insurance is essential because it covers all injuries and damages suffered by other parties when the commercial driver is at fault. Driving a semi-truck without liability insurance is going against the law, and one could end up being fined for doing so. If you own a trucking business, then you have to get truck insurance. Truck insurance for owners who operate on their own is different from that of those who work through carriers. In this article, we will look more into semi-truck insurance policies. Learn more about Semi Truck Insurance Charlotte NC
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Firstly, we look at general liability insurance. In the trucking industry, this policy is known as public liability insurance. This policy covers the medical bills of anybody injured as a result of activities that are not directly related to truck driving. It also compensates the third party for all property damages due to such events. Owner-operators and motor carriers have to get this cover. However, you do not have to worry about this if you are a driver under lease because the motor carrier’s policy covers you. Find out for further details on Semi Truck Insurance Charlotte NC
Secondly, we have bobtail insurance. This policy covers you when you are traveling between jobs. It will, therefore, come into play when you are sued for causing an accident when you are not hauling a load. Bobtail insurance is a must-have for motor carriers. Bobtail insurance will cover your legal bills if you are in an accident, on your way to pick up a delivery, after delivering your load or if you are in an accident on your way home from work. It is important to note that bobtail insurance only covers business-related driving.
Thirdly, we have non-trucking liability insurance. Just like the name suggests, this policy covers non-trucking related events. It is often confused with bobtail insurance. However, this policy only covers non-business-related accidents. It will cover your legal bills if you are in an accident when running personal errands. It covers the medical bills of a third party who is injured or whose property is destroyed because of the negligence of a truck driver. This policy is mainly meant for drivers who are under a lease with a motor carrier.
Fourthly, we have physical damage insurance. This policy is vital for all owner-operators because it covers all repairs needed by a truck after an accident and damages from vandalism and natural disasters. This is not a legal requirement, but you are encouraged to get this cover for your good. Most money lending institutions require one to have this cover when applying for a loan.
Finally, we have motor truck cargo insurance. This policy covers all cargo being transported by a semi-truck. The policy will step in if the shipment is destroyed or lost. This policy, though not a legal requirement, is recommended for all motor carriers and owner-operators. There are several triggers for cargo damage or loss. Some of them include theft, vandalism, fire, equipment breakdown, and collision. If you are a semi-truck owner, you should ask for advice from a professional on which policies to buy.