It’s tempting to save money wherever you can, but trucking insurance isn’t the place to cut corners. Many owner-operators want to keep insurance premiums low so they choose a bare-bones plan that doesn’t provide enough coverage for themselves, passengers, other drivers on the road and cargo.
Why Do You Need Good Trucking Insurance?
Good insurance is an investment now that pays off if and when an accident happens to a passenger (or goods) in your rig. It also provides legal defense for drivers if they are involved in a property damage or bodily harm incident.
Here’s what you need to know about the importance of trucking insurance:
Uninsured Motorist/Under-Insured Motorist (UM/UIM) coverage isn’t the first thing many drivers think of when they think of trucking insurance, but it’s important to have.
Commercial trucking insurance is essential for drivers who want to protect themselves, their other drivers and the goods they carry.
It provides financial protection if an accident occurs due to defects in the vehicle or driver negligence.
Accidents can cost between $250,000 and $500,000. This is unimaginable for most drivers or small owner-operators to cover on their own, which makes insurance a necessity.
Good insurance covers medical costs of any injured personnel and physical damage caused by the accident.
Protect your business and your drivers when it comes to any lawsuits that may arise from property damage or bodily harm.
Accidents can happen in seconds. Their impact is felt for weeks and years, both financially and physically. If your invoices aren’t paid on time or quickly enough to cover your fixed costs (like insurance), consider freight factoring – the fast, easy way to get cash to cover all your business expenses.