The trucking liability insurance provides coverage for legal bills, medical expenditures, and property damage when a commercial truck gets into an accident.
Commercial Trucking Auto Liability Insurance
Cogo Insurance’s commercial trucking auto liability insurance offers a trucking company that provides critical safety in case of an accident. The average number of yearly car accidents in the US counts to six million. Although your truck drivers must be expert drivers with a Class A CDL, they are exposed to even greater risks. Accidents can cause serious damages and even deaths. And your trucking company might have to pay hundreds of thousands of dollars, particularly if someone else gets hurt. On the contrary, the insurance premiums you pay for a peace of mind make it the best financial protection for your company. If your truck travels within the state boundaries, it may require less coverage as compared to a freight truck having an extensive interstate path.
How Does Commercial Trucking Auto Liability Insurance Safeguard You?
The Commercial Trucking Auto Liability Insurance plan will compensate for the cost of proceedings, property damage, medical expenditures, and other related costs that may arise from an accident.
Cogo Insurance values its customers and personalized the Commercial Trucking Auto Liability Insurance plan to satisfy your business needs.
Who Requires Commercial Trucking Auto Liability Insurance?
The short answer: this is the law. The U.S. Department of Transportation’s (USDOT) FMCSA requirements are for a minimum $750,000 trucking liability to be in business and have an active Motor Carrier (MC) number. Commercial auto insurance encompasses company-owned vehicles like big trucks also known as Class 8 trucks that are driven by drivers (with a special Class A CDL license), semi-trucks and delivery trucks. So, you might require commercial auto insurance if you:
Manage a commercial truck or company automobile
Offer heavy trucking and cargo services
Carry or distribute goods
The trucking companies are necessitated by law to acquire Commercial Trucking Auto Liability Insurance. It provides coverage for the motor carrier for legal liability that may emerge out of the possession, upkeep, and use of insured vehicles. The minimum limit that you may have is $750,000 merged single limit per state and federal regulations. But it is highly recommended that you must possess at least a $1 million per occurrence, $2 million aggregate coverage as it is the standard requirement of the freight brokerages and shippers. While the FMCSA BMC-91/91X necessitates that motor carriers who carry some life-threatening shipments (hazardous materials, or “hazmat”) must maintain a $5 million commercial auto liability coverage.
What Compensation Does Commercial Trucking Auto Liability Insurance Provide a Trucking Company?
Cogo Insurance allows you to personalize your commercial auto insurance plan to comply with the needs of your commercial trucking business. Your insurance plan may encompass the following:
If your small-scale trucking business is charged for an accident, lawful defense fees can accumulate quickly and compromise your expenses. You might also have to pay a disbursement or court-ordered judgement.
If your truck driver or passengers get hurt in an accident, your commercial auto insurance policy will pay for the medical expenditures.
The collision coverage compensates for the damage to your cargo truck or other business vehicles, irrespective of who is guilty.
This insurance coverage compensates for the damage caused by uninsured drivers.
Our all-inclusive insurance coverage provides compensation for non-collision damages that may include larceny, fire, and robbery.
Rented and Personal Vehicles Require Supplementary Coverage
The commercial auto insurance plan encompasses only business-owned vehicles. However, sometimes workers tend to drive their own automobiles for business tasks. So, you must know that personal car insurance plans do not provide coverage for damages caused to a vehicle for business use.
On the contrary, rented or non-owned auto insurance offers liability coverage for trucking professionals who might encounter a road accident while driving their personal car for business purposes. It also encompasses leased or rented automobiles.