Insurance has become a sensible thing to have in today’s uncertain world and in many cases, like commercial truck businesses, it has become mandatory. Insurance allows you to have financial coverage in the case of accidents or any other bad things happening.
Primary liability insurance is one type of truck insurance for commercial vehicles that is a minimum statutory cover that all trucks must have before they are allowed to ply for business. Drivers of these insured vehicles can claim financial compensation in case of injuries due to accidents, and costs of damages caused to others when the driver is at fault.
Trucks are valuable assets that require substantial investments by owners and need to be properly maintained and repaired when required to do so. Cover for insurance can be limited to physical damage that covers the cost of repairing damages caused by accidents immaterial of whether the accident has been caused by a fault of the driver.
A fairly common form of truck insurance is comprehensive insurance (https://www.investopedia.com/terms/c/comprehensive-insurance.asp) that includes a lot of other covers, besides primary liability and physical damage. Theft, vandalism, and fire help to give total coverage to the valuable assets that the trucks are, especially for independent truckers. It is also possible to separately insure trailers even where trailers are not owned by the trucker. Other forms of truck insurance can cover cargo.
Most commercial trucks are used for business and insurance companies see this as a separate segment, that allows them to come up with specialized insurance plans for trucks. Coverage can be specially taken for the particular goods that will be carried by the trucker. Insurance is generally for a period of a year but can be for limited periods if the nature of the business demands this.
Before any insurance cover is taken for trucks, it is important that the needs of the business being undertaken are properly examined. Trucks can be used to deliver cargoes to warehouses and terminals and in case the driver has to also unload the truck, the insurance cover must specifically cover this. Medical insurance can also be covered for drivers in insurance policies taken for trucks. The premiums on truck insurance can be affected by the age of the drivers, their experience, the usage of the truck, agreed deductibles, and the safety record of both the driver and the company asking for the insurance. Installation of safety features in trucks can lead to lower premiums.