All you need to know about commercial truck insurance
Commercial truck insurance is an essential component of any business, whether you are a small business owner with one commercial truck or a large company with a fleet of trucks. Since no two businesses are alike when it comes to using their vehicles, their specific risks, or the amount and type of coverage needed, it is important to find truck insurance that is tailored to your specific commercial needs.
What is commercial truck insurance?
Commercial truck insurance provides cover for individual trucks and fleet trucks used during the course of business, and can include liability, as well as legal costs incurred with third party damage. It is used to insure trucks for all types of businesses – from small business owners to medium and large enterprises - and protects trucks against certain losses such as theft, own damage and third party damage, in addition to several other benefits.
What are the commercial truck insurance policy options?
Broadly speaking, there are three types of truck insurance policy options for commercial use. They are:
Third party property damage: This ensures that compensation is available for damage of other peoples’ property resulting from an accident caused by you or another driver of the covered truck. This type of policy does not cover costs incurred by you as a result of the accident.
Third party fire and theft: This provides the same cover as third party property damage, in addition to insuring your truck in the event that it is stolen or damaged by fire.
Comprehensive: This covers the same as third party fire and theft, and also covers your truck if it is damaged in an accident. Several additions to this type of cover are available to suit your specific requirements.
