Tom's Blog
If you are in the trucking or transportation industry, you know the importance of having insurance that offers much needed protection for so many various situations. The damages caused by trucking accidents can be exorbitant so having the right type of insurance coverage is something that must be routinely evaluated to ensure you have the insurance coverage options for your specific trucking needs. If not, you could be faced with a devastatingly problematic situation if you are involved in a catastrophic accident only to find there are coverage gaps.
Perhaps you are in the trucking industry and have been faced with some financial challenges in the last year. Because of the financial strain, you decide to drop your Physical Damage Coverage only to become involved in a trucking accident the same week, which results in a total loss of your truck. Now you are responsible to pay for the cost to replace your truck with your own money. Insurance premiums may seem costly; however, paying for damages out of your own pocket when you don’t have the right insurance coverage can be devastating. Do you have the needed protection for your rig should a catastrophic accident happen or will you be left in financial ruins?
Below Are Some Important Trucking Insurance Options to Consider, but Not Limited to:
General Liability- This type of insurance includes both bodily injury and property damage claims that may occur on your property, but not involving a truck. An example may include a slip and fall incident that occurs on your property, resulting in injury to that person.
Auto Liability- This type of liability insurance is legally mandated for protection against third party claims for damages that may occur as a result of your negligence, while operating your truck.
Non-Trucking Liability- This type of insurance provides protection for the rig driver while he/she is operating their truck, without the trailer, on their own time.
Trailer Interchange Liability- This coverage provides protection for the insured’s legal liability for damages that may occur while pulling the trailer of others. This type of agreement states that whomever has possession of the trailer is responsible for any damages that may ensue, regardless of whether the trailer is attached.
Non-Owned Trailer Liability- This coverage protects the trailer you are pulling for someone else.
Physical Damage- This type of insurance provides protection for your actual truck and trailer. If you have a lien on the truck/trailer, it is typically mandated you carry this type of insurance coverage. Otherwise, it is an optional coverage that is subject to a deductible. It is recommended you discuss the value of your truck/trailer with your local N.C. independent insurance agent to make sure you have the right type of value established for your truck.
Non-Owned Trailer Physical Damage- This coverage insures the trailer that you are pulling for somebody else.
Cargo Insurance- This insurance protection is designed to protect the freight from damages while being hauled. Some exclusions may apply so it is recommended you discuss this type of coverage with your local N.C. independent insurance agent for details.
Workers Compensation- This type of mandated insurance is for the protection of the employees for injuries/sickness that occur during the scope of the job and in exchange, protects you and your business against legal exposure.
Warehouse Legal- This type of insurance is designed to protect any goods stored at specified sites for covered losses, such as fire and theft.
Avoid Any Gaps
Paramount Insurance Agency understands your N.C. trucking/transportation needs and can assist you in getting the insurance protection that meets all of your specific needs at an affordable rate. Give us a call TODAY at 866-869-3335 to discuss whether you have the right trucking insurance protection you need to avoid any potential coverage gaps to which you may currently be exposed.
