Why commercial truck insurance in Peterborough important?

By October 7, 2017Blog

Commercial Truck Insurance in Peterborough is crucial for covering and shielding business owners and owner operators providing commercial trucking services. The market is flooded with zillion options and differ in accordance with the truck type, the goods carried, driver’s experience, and risks incurred. The Commercial Truck Insurance package in Peterborough offer different types of coverage depending on your business and the associated risks.

Once you have purchased a truck and trailer, the next thing for you to consider is an insurance policy.Although most of the experienced carrier companies and drivers have a fair knowledge of theintricacies of commercial insurance, new companies and new drivers are often in a fix and are often left behind. It is critical for business owners to understand the importance of commercial truck insurance in Peterborough as it has a direct impact on the bottom line of profitability of a small business. Thus, it is pivotal to conduct a deep research and have a clear idea of the kind of commercial insurance you need in order to not let an accident eat away all your profits.

Following are the different types of Commercial Truck Insurance in Peterbough:

  1. Liability Insurance – This type of Commercial Truck Insurance in Peterbough takes into consideration any damage to other parties involved in the incident. Primary liability coverage provides protection for the public and its prerequisite for FMCSA to obtain your authority.
  2. Physical Damage Insurance – This insurance shields any damage done to theequipment. Although not mandatory, it is vital to have one since it considersthe investment done by the owner on his truck. Also, it covers a variety of incidents, includingfire, collision, theft, vandalism, and weather discrepancies.
  3. Reefer Insurance – This commercial truck insurance coverage is highly recommended for owner operators in the produce transportation industry. Reefer insurance is a type of insurance that covers injuryor harm done to cargo inside the trailer due to reefer motor failure. Remember, in this case the reefer unit has to be properly maintained, with all the records documented properly, in order to be the insurance to be be effective.
  4. Bobtail insurance – This insurance covers your business when you are driving your tractor minus the trailer, irrespective of whether you are under dispatch or not. Although Bobtail Commercial insurance is not compulsory, it is best advised for owner operatorsworking under their own authority and who normally take their tractors home, when they are not working.
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