What You Need To Know About Physical Damage Trucking Insurance

Insurance Blog

The trucking industry has a lot of risks associated with it, so having insurance is essential. Physical damage trucking insurance is just one type of coverage that provides protection against losses and damage caused by accidents, theft, and vandalism.

This article dives into what this type of insurance covers and why it's important for truckers.

What Does Physical Damage Trucking Insurance Cover?

Physical damage insurance is a wide-ranging type of coverage that you can take to ensure all-around protection for your trucking business. It typically covers the following items:

  • The truck itself (including parts)
  • Trailers and other equipment used to haul cargo
  • Damage caused to cargo
  • Damage caused to other property (e.g., buildings or vehicles) in an accident
  • Injury or death of a third party due to a collision involving the insured vehicle.

This type of insurance also covers any legal fees associated with defending claims or lawsuits resulting from an accident involving the insured truck and its driver. It can help protect you from costly legal fees if you are ever involved in an accident where fault is uncertain.

Note that physical damage trucking insurance does not cover medical expenses for drivers or passengers in the event of an accident — you might have to take out a separate policy for such coverage. It also does not cover any fines incurred due to traffic violations or damages resulting from mechanical failure — you'll need separate policies as well.

Why Is This Type Of Insurance Important?

Physical damage trucking insurance is especially important if you're hauling cargo because the cost of replacing that cargo can quickly add up if it's damaged in transit due to no fault of your own (e.g., weather conditions).

In addition, this type of coverage helps protect you from legal liabilities that could arise if someone were to make a claim against you or your business after an accident involving your vehicle(s).

Remember that trucking businesses operate on a bottom-line model, and any legal fees or compensation payouts can quickly erode profits. You might even be forced to close your business if you don't have the funds to cover a loss.

Ultimately, having physical damage trucking insurance can provide much-needed peace of mind knowing that you have protection should anything unexpected occur while out on the road delivering goods or services for clients. You also have the comfort of knowing you won't be left with a hefty bill if something goes wrong. 

For more information, contact a company like J.B Martin Insurance Agencies.


8 March 2023