Commercial trucking companies in Georgia must purchase commercial truck insurance that includes public liability coverage and commercial auto insurance. Building a commercial trucking insurance plan to meet the unique needs of your organization is crucial to the future financial health of your company.
What Commercial Trucking Coverage Is Required?
Trucking operations must have a minimum amount of certain liability policies according to state laws and the Federal Motor Carrier Safety Association (FMCSA).
Public Liability Insurance
Public liability insurance helps cover losses incurred by third parties when a truck driver is at fault in an accident. The minimum public liability insurance required by FMCSA rules depends on numerous factors, including the type of freight your drivers typically haul.
Commercial Auto Insurance
All commercial vehicles must have commercial auto insurance liability coverage to meet the state’s requirements. This coverage helps pay for a company’s legal liability if a company vehicle driver causes third-party property damage or bodily injury in an accident.
Optional Commercial Trucking Insurance
You can purchase more commercial auto coverage to help pay for damage to your company’s vehicle after an accident. If you have lease or finance vehicles, your lienholder requires full coverage insurance, including:
· Comprehensive insurance helps pay for damages after a noncollision-related incident or accident where damage is caused by acts of vandalism, a fire or weather damage.
· Collision insurance helps pay for damages after an accident involving another vehicle or a collision with an object.
Other optional policies include:
· Medical payments/personal injury protection coverage helps pay medical bills and other financial losses if the tractor trailer driver or passenger is injured in an accident.
· Uninsured/underinsured motorist insurance helps pay to replace or repair a tractor trailer if an accident causes damage and the responsible party doesn’t have appropriate liability insurance coverage.
· Non-trucking insurance provides coverage for the owner/operator when the truck is being used for nonbusiness purposes.
· Bobtail insurance provides bodily injury or property damage coverage for times between loads when the driver is driving the truck without hauling a trailer or other type of load.
· Trailer interchange coverage protects a nonowned trailer as long as both parties have signed a written trailer interchange agreement.
· Non-owned trailer insurance helps trucking companies pay for damages occurring when a trailer you don’t own but is in your control is damaged. This requires a trailer interchange agreement to be in place. This truck insurance coverage works whether or not the trailer is connected to the truck at the time of the incident. It may help protect your trucking company from the financial effects of fines and repairs.
· Motor truck cargo insurance helps cover accidental damage or loss of cargo for trucking companies or truck drivers responsible for hauling goods and the shipper.
Contact the commercial trucking insurance experts at Strawn & Co in McDonough, Georgia, to learn more about getting appropriate coverage.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.