In an industry like trucking or transport, you have to expect the unexpected because accidents are always a possibility. This is why you’ll see businesses choose to take out truck insurance. If you’re thinking about truck insurance, it’s important to understand all the different ways it can benefit your business.
There’s no secret about just how important truck insurance is because it protects from accidents, theft and liability. Your trucking business relies on a fleet to remain operational, so what happens if a truck or two are out of action? You’ll need truck insurance and we’ll go through all the main reasons why in this article.
1. Protection From The Unexpected
We all know that accidents happen, that is a risk that pretty much any business must take on. However, accidents in the trucking industry are more likely due to its nature. As most operations take place on the road, road-related accidents can occur.
On top of this, costs associated with the damage to vehicles can be much higher. The benefit of truck insurance is that it acts as a safety net, so if the unexpected does happen, the financial burden won’t be as significant and the business can go about operating as normal.
2. Liability Coverage
You’ll find that truck insurance will provide coverage for public liability. This type of coverage is pretty important as public liability expenses can become quite exuberant, depending on the type of damage caused.
Public liability coverage protects businesses from any potential financial loss if a truck in your fleet is involved in an accident and causes property damage. This could be any type of damage, like damage to a commercial or residential building.
3. Vehicle Protection
With truck insurance, most of the time your vehicles are protected and any damage will be covered. If the cause of damage to your fleet is an accident, for example, you’ll likely be covered. It is also possible to get more comprehensive insurance that will protect from other specific events.
General wear and tear are expected with your fleet when vehicles have been in operation for a significant period and have a lot of kilometres under their belt. However, truck insurance is vital to keep your business as operational as possible along with reducing costs when a vehicle is out of action due to repairs or a replacement.
4. Cargo Protection
If you’re in the trucking industry, you not only want to protect the fleet itself but also the cargo you are transporting. So, you should ensure your truck insurance includes coverage for your cargo, which is also known as freight insurance.
Doing this will protect the value of all the goods that are being transported within your fleet, including from accidents, damage or theft. It doesn’t necessarily matter how valuable the cargo is, any accidents etc. can cause financial loss not only to your business but also your client’s.
5. Peace of Mind
With any insurance comes peace of mind. With truck insurance, you know that if anything happens to go wrong (which it usually inevitably does), you are covered. There are likely many people who rely on your business being operational, including employees and clients, so you can’t really afford to not have truck insurance.
Truck insurance is important, but you can’t forget to get the right level of insurance as well. This is where putting the time in to do more research is important. You’ll get a bit of a rude shock if you think you’re covered after an accident, only to find out that you actually aren’t.
6. Contract Clause
Your clients or potential clients certainly want to ensure their products are kept safe and that if anything goes wrong, they are covered and won’t be out of pocket. Therefore, there is the potential that a clause in any contract will include the need for proper truck insurance. Before any contract is signed, you may have to prove you have truck insurance that covers the cargo, so if anything happens, your client also has peace of mind. As well as this, it also shows clients that you take the protection of their products seriously and you are safeguarding their business’s assets, as well as your own.
