Whether it’s a semi, flatbed, garbage, light, box, or refrigerated truck, such trucks help commercial enterprises deliver goods and execute their operations in California. In other instances, companies buy a fleet of trucks for hire, make sure you have the right insurance for your truck fleets.
Although trucks bring revenue and profit to business owners, they’re an incident away from a financial loss. Suppose one Truck is involved in a roll-over accident; the business owner may need to cater to financial loss related to injuries, damaged goods, damaged property, and lost sales.
If a few of your trucks are involved in different accidents within a month, the loss is compounded and will likely cripple your company. With that in mind, it pays to acquire truck fleet insurance to prepare for unforeseen upsets in the industry.
Here are some of the coverage benefits you can receive from your fleet insurance:
Collision Coverage: Collision coverage reimburses the insured for the damage to a truck due to the fault of an insured driver. As the name puts it, collision coverage becomes active after damage occurs due to an actual collision. More importantly, collision coverage protects your business from financial loss if a truck collides with another car, tree, guardrail, pole, or other road hazard.
Cargo Coverage: Cargo coverage protects you against financial loss related to the goods in transit during a shipment. It may also cover freight charges, lost sales due to failed delivery, legal cost, and the cost of preventing additional loss to damaged cargo.
Comprehensive Coverage: Comprehensive coverage is an optional add-on that shields your truck fleet from financial loss caused by non-collision causes outside your control. Risks covered by comprehensive coverage include weather, acts of nature, theft, vandalism, fire, and accidents with animals.
Commercial Liability Coverage: Liability coverage is a part of insurance that shield truck owners from liability arising from injuries and property damage to third parties. The amount an insurer will pay for a liability claim depends on the coverage limits you opt for. Each state has minimum coverage limits for bodily injury and property damage liability. Liability coverage doesn’t pay for repairs due to damages sustained to a truck following a collision accident.
Uninsured/Underinsured Motorist Coverage: Underinsurance coverage protects you against financial loss if your trucks are involved in an accident with a vehicle that doesn’t have sufficient motorist coverage. It comes with uninsured motorist coverage, which is similar but pays for losses caused by vehicles without auto insurance.
Let Us Protect Your Investment With our Insurance for Truck Fleets
It takes incredible effort and a considerable investment to run a fleet of trucks. Unfortunately, a series of accidents or burglary incidents can put the investment on the brink of collapse. Your business also risks financial ruin if an employee files a lawsuit after sustaining an injury while on duty.
It’s, therefore, prudent to protect your business with insurance for truck fleets.
At Panorama Insurance Agency near Northridge, CA, we work with different high-profile insurers, which helps us find a tailor-made insurance package that meets the needs of your truck fleets.
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