There are two main kinds of truck drivers and trucking companies. One is the kind of trucking company that owns all the trucks and employs hourly or salary truck drivers. These truck drivers may end up using multiple trucks over their span of employment. Therefore, employers need to make sure every truck is insured to cover anyone who might drive it. The other kind is contracted truck drivers. These men and women own their own rig and must buy their own insurance for trucking. Whichever you are, you may find there is a lot more to the insurance racket than you realized. Knowledge is power. A little power in this business can save you time, money, and hassle.
The Obvious: Vehicle Insurance
Back to basics, motor carriers insurance is a necessity, especially if you are an independent contracting truck driver. If it is on the road, it needs insurance. You just simply cannot run away from that. What policy you get depends a lot on your lifestyle and whether you are an independent contractor and the employer.
Liability Insurance
You cannot be riding in the trucks with all your employees to make sure that everyone driving your cargo behaves themselves. Likewise, you cannot be sure of every other driver on the road. Whichever you are, driver or employer, having liability insurance for trucking will keep you behind the wheel of that cargo and out of court. A collision, especially one involving an 18-wheeler or something similar in size, is not something to be taken lightly. Whatever damage has been cause must be corrected. If you do not have the proper coverage, that money could be coming out of your pocket.
Logistics Insurance
A lost package can cost a company a lot more than the package is worth. A lost or damaged package can cost a shipping company their clients’ trust, the loyalty of backers, and a whole lot of money. Things happen in a company, especially as it grows larger and larger, that cannot be avoided no matter what level of care you take. Packages go missing and boxes get crushed. This is simply a matter of statistics. Purchasing logistics insurance for trucking means never having to worry that your business or your personal income will suffer because of an innocent mistake.
