Do You Own A Fleet Of Vehicles And Trucks? 2 Things To Look For When Purchasing Insurance Coverage
If your company owns several fleet vehicles and trucks, you will need to ensure you have insurance coverage on them. When you start looking for this insurance, you may be confused because there are many things to consider. To help you out, below are important things to consider so you can get all your trucks insured.
Look for Symbols
When purchasing automobile policies for a business, they are classified by symbols. How many symbols there are depends on the insurance company, but in most cases, symbols range from 1 to 9. No matter what they are, however, Symbol 1 will provide you with the maximum protection for your trucks.
Symbol 1 means that any automobile that your business owns is covered by insurance, whether you own or rent the trucks.
If it is common practice for your company to take fleets or other trucks on and off the insurance policy regularly, you could easily miss something. For example, you may forget to add a new truck that you purchase or may not delete one if you sell one of your trucks. If one of your fleet truck drivers is in an accident and their truck was not listed on the insurance policy, the insurance company should still cover the truck if you choose a Symbol 1 policy.
Choose Insurance Type
When you start shopping for insurance for your fleet and other trucks, you will find four different types, including:
Liability insurance: It is the law that your trucks have at least liability insurance. It is also required that you have minimum limits of the amount the insurance will cover. This depends on the weight of your trucks, as well as the materials the trucks are carrying.
Motor truck cargo insurance: This type of insurance covers what the trucks are carrying. For example, if you have trucks that carry freight every day and the truck was in an accident, damage to the freight would be covered.
Non-trucking liability insurance: This type of insurance will cover the cost of a mechanic or other type of auto service if the truck breaks down.
Physical damage insurance: This type of insurance will cover your trucks against things like floods, theft, or fires.
Talk with a few insurance companies in your area until you find the best insurance premium rates. They can also go over the above information with you in much more detail so you can decide what type of insurance would work best for you and your company, such as if you need trucking fleet liability insurance or cargo insurance.