Even though insurance is usually broken down into different types such as ‘home insurance,’ ‘car insurance,’ or even ‘health insurance,’ each plan really incorporates multiple different areas of coverage, especially when it comes to business. While this can help you have an insurance plan that is specifically tailored to your trucking business and takes into account your insurance needs, it also means it can be increasingly complex and leave you uncertain about the coverage you have. For example, liability coverage is for potential damage you might cause to a third party’s property in a collision or during a drop-off, while physical damage coverage helps protect your property.
What does physical damage coverage include?
Physical damage coverage includes two general elements of insurance: collision insurance and comprehensive insurance. Collision insurance covers you for the cost of damage to your vehicle for collisions or if your truck overturns. Comprehensive insurance, on the other hand, helps cover repair and replacement costs for a wider range of incidents, such as theft or vandalism and weather damage. However, there are some exclusions, which is why discussing your business and the risks your vehicle faces with an insurance agent is important for filling potential gaps in your coverage.
How important is it to have physical damage insurance?
While physical damage insurance for your truck isn’t legally required, most carriers require it if you’re leasing a truck and most financing companies also require you to have the coverage during the life of the loan. Having physical damage insurance is also critical to helping you keep your company going after a collision or a storm that damages your truck. Semi-trucks and trailers are often the most valuable assets your business has. However, you and your insurance agent can work together to modify your deductibles, limits, and specific areas of coverage to create a plan that fits your budget without putting your business at risk.
Find the right trucking insurance plan here with J.E.B. Insurance Services, LLC. We provide commercial truck insurance in the following states: Florida, Georgia, Texas, North Caroline, South Carolina, Tennessee, Illinois, Iowa & Nebraska.