When running a business that centers around transporting goods, there are a lot of important factors to consider. The first thing to think about is the fact that a truck, just like any other vehicle, needs proper insurance coverage. The last thing you would want is for one of your drivers to get into an accident and get hurt, hurt someone else, damage your truck, or damage another person’s vehicle. Issues with this can be solved by having the proper insurance in place ahead of time. Another thing to think about is the fact that there is a good chance that the cargo that your trucks carry is valuable and should also be protected. These are both extremely important and just a few of the things to consider when asking yourself why your trucking business needs insurance. In this article we will be breaking down some of the types of coverage that we think are most important for you to look into when trying to protect your Ohio trucking insurance.
Coverage to Look Into
Commercial Truck Liability Insurance:
Similar to car insurance, this protects your commercial truck from liability in the case of an accident. Having this coverage also will cover medical expenses, again in the case of an accident, and will protect you from property damage liability. Traffic accidents are not uncommon, and this should definitely be kept in mind when considering why your trucking business needs insurance. It is important to realize that traffic accidents happen every day and with having a business where employees are using very large trucks, it is important to be aware of the danger and damages that could be caused by such a large vehicle.
If your trucking business is carrying things, which is the case for just about every trucking business, then you’ll want cargo insurance. Because carrying the cargo is what is making your business money, you’ll want that cargo protected. This is a huge policy to consider when thinking about why your Ohio trucking business needs insurance, especially because getting the cargo safely from point A to point B is, essentially, what your company is being paid to do. For example, if a company pays you x amount of dollars to move their product from California to Ohio and your driver was to get into an accident that damaged the product, you could get yourself into a lot of liability issues with the cargo as well as not having completed the work that your company was paid to do. In a situation like this, it emphasizes how vital insurance really is. It is better to be safe than sorry and better to be overly prepared than to find yourself in a situation that costs your company a lot of money, potential customers, and maybe even its reputation, which is why it made our list of things to think about when considering why your trucking business needs insurance.
Uninsured/Underinsurance Motorists Coverage:
Just like this policy does with personal cars, it will provide coverage in the case of an accident where the other person is at fault and does not actively have insurance. You do not want to be caught in a situation where one of your trucks is hit by someone without coverage that cannot pay the costs of repair. This could leave your company in debt, without a truck, etc. The best thing that could happen in a situation where one of your trucks is hit is for your company to have the precautionary insurance that will allow you a peace of mind as your drivers head out each day. This is definitely a type of coverage that will put you in a great and safe position and will have your company ready for just about anything thrown its way, which is why it is on our list of policies to consider when looking into why your trucking business needs insurance.
Physical Damage Coverage:
This coverage does what it sounds like it does, and that is covering damage costs. These can be damages from either a crash or things such as theft or damages that have been done on purpose. If, for example, someone has had a bad experience with your company and wants to do something to get back at you/your company, they might decide to purposely damage your trucks. Another example could be someone stealing a truck. In both of these cases, you would definitely be in a better position if you already has this coverage in place. It is all about preparation and deciding which coverage is actually necessary for your Ohio company, but it is definitely important to realize that unforeseen circumstances do arrive and the best thing to do is to prepare far in advance and have your company properly protected. Physical damage coverage is another one at the top of our list of what to consider when thinking about why your trucking business needs insurance.
Occupational Accident Truck Insurance:
What occupational accident truck insurance does, for the most part, is protect your employees. If you think about what the most important parts of your company are, employees are probably one of the first things that comes to mind. Employees are the ones that keep the company up and running, so it only makes sense to give them the coverage that they need. This policy will help employees who are injured on the job with medical expenses, disability payments/benefits and more. This is one you will definitely want to look into when considering why your Ohio trucking business needs insurance.
Wrapping it up
While we talked about multiple types of coverages in this post, there are many other types. No Ohio company is the same and it is very important to do additional research to find out what the best fit for your company is. It is important to keep this in mind when considering why your trucking business needs insurance. Be sure to reach out to us here at Cobos Insurance with any questions you may have!