3 Types Of Insurance Your Trucking Company Needs

Semi trucks are used to haul a variety of goods across the country. Taking advantage of the need for reliable transportation can be beneficial in helping you start your own company. Starting a transportation company can be challenging, but taking the time to make sure you have the right insurance coverage is critical to your future success.

Here are three types of insurance your trucking company needs to protect your drivers and assets as you begin hauling loads for clients in the future.

1. Physical Damage Insurance

Without access to a functional semi truck, it would be impossible for your drivers to deliver each load safely to its final destination. Since you only get paid when your trucks are in use, keeping these machines working properly is critical to the success of your transportation company.

You should invest in physical damage insurance that will guarantee financial assistance when it comes to paying for any damage your truck might sustain in an accident. Physical damage insurance helps to protect you from expensive repair costs and ensures that you will be able to make speedy repairs in order to get your truck back out on the road.

2. Product Loss Insurance

Your clients trust your transportation company with the goods they have spent time and money to produce. Unless these goods arrive safely at their final destination, your client cannot get paid. It's important that you have an insurance policy that will protect your cargo while your semi truck is traveling down the road.

Product loss insurance helps to cover the cost of any goods that might become damaged during transit, ensuring that the cost of replacing these items doesn't come from your company's pockets.

3. Personal Injury Coverage

If you plan to employ drivers to help you operate your company's semi trucks, you will need to provide insurance coverage for these employees while they are behind the wheel.

Investing in a personal injury coverage plan helps to ensure your drivers will have access to financial help should they become involved in an accident that results in serious injury. Personal injury coverage helps to protect both you and your drivers from financial strain following a serious accident.

Knowing what types of insurance coverage are needed to fully protect your trucking company will help to ensure the success of your transportation company in the future. Be sure that your commercial insurance policy includes physical damage coverage, product loss coverage, and personal injury coverage to maximize your company's protection. Contact a company, like Metropolitan Insurance Service Consultants, for more help.