Commercial trucking can be a lucrative vocation, but it comes with risks. That’s why you need the right insurance coverage to protect your business and assets from financial loss. Read on to learn about the top three vehicle insurance tips for commercial truckers.
Know What’s Covered by Your Policy
As a commercial trucker, you’re probably hauling everything from groceries to construction supplies. Additionally, you may also be transporting medical supplies and other perishable products. As such, you’re likely carrying a wide range of goods that might not be covered under your vehicle insurance policy. It’s important to know what’s covered and what’s not so you can make the right business insurance purchasing decisions. At a minimum, most commercial auto insurance policies cover your vehicle and bodily injury or property damage arising from an accident. However, many policies also include theft coverage and other features to protect your business. You also want to make sure your policy is suitable for your individual needs.
Be Proactive
As a commercial trucker, you’re constantly on the road. That makes it easy to forget to file a claim or notify your insurer of a theft. In addition, being proactive can prevent future issues with your policy, such as lapses in coverage for your vehicle or driver. Keeping your insurance files up-to-date and filing a claim when required will help ensure you’re covered and avoid lapses in coverage. You also want to make sure you’re filing a claim in a timely manner. If you miss the one-year filing deadline for a vehicle insurance claim, you forfeit your right to file a claim and your insurance company can keep the money you’ve already paid.
Define What’s Not Covered
Vehicle insurance policies are complicated documents. It’s easy to read through them and assume certain things are covered. However, you should always make sure they’re not. Often, you can waive coverage on items to save money or because the coverage would be too expensive. When in doubt, ask your insurance agent or broker what’s covered under your policy. You can also pull up your policy to double-check. By understanding what’s covered and what’s not under your policy, you can better protect your assets and business. You can also tailor your policy to better suit your needs and protect your assets.
Stay Competitive
Asking your insurance agent or broker about your vehicle insurance coverage and how it compares to other policies is one thing — but doing it can be a challenge. That’s why you want to stay competitive when it comes to vehicle insurance for your business. That can include making the right business decisions when purchasing insurance, such as finding the right company, adjusting your insurance coverage, and adjusting your rates when appropriate. It can also include making the right business insurance purchasing decisions, like weighing the advantages of a commercial policy against the cost. You can stay competitive by making adjustments to your business insurance that could help you better protect your assets and lower your costs.
Conclusion
As a commercial trucker, you’re constantly on the road and in an accident-prone occupation. That makes it important to have the right insurance coverage for your assets and business. To ensure you’re protected, you need to understand what’s covered under your policy and what’s not. You should also be proactive in filing claims, filing your claims in a timely manner, and adjusting your coverage to better protect your assets.
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