What Is Commercial General Liability Insurance Trucking?
As a truck driver, staying safe on the road is your top priority. Defensive driving, wearing your seatbelt, driving at a safe speed, and keeping an eye on other motor vehicles are all part of the trucking job. But what happens in case of an accident?
According to Simplex Group, all truckers should have general liability insurance for trucking accidents. Such insurance can protect you financially if you are ever at fault for causing an injury or damaging someone else’s property. Let’s see exactly what general liability insurance is.
What To Know About General Liability Insurance?
Commercial general liability insurance is vital because it can help you pay for medical expenses, repairs to another person’s property, or legal fees if you are sued. While such a policy is not required by law, having such coverage in place is a good idea to protect yourself in the case of an accident.
In most cases, commercial general liability insurance covers property damage and bodily injury. If you are involved in a truck accident and injure someone, your insurance policy will help you cover their medical expenses, court-ordered judgments, attorney’s fees, and funeral expenses in fatal accidents. However, consider that such a policy does not cover employee injuries, but workers’ compensation insurance will.
In addition, commercial general liability insurance will cover your trailer from physical damage, including theft, fire, upset, or vandalism. You can also opt for loading, unloading, and transit coverage to ensure that your goods are protected from any damage that could occur while they are in your care.
In short, commercial general liability insurance protects you and your trucking business from any financial fallout that might occur due to an accident.
Last, general liability insurance covers copyright infringement or advertising injuries. When you are advertising your trucking company and its services, your business might be vulnerable to advertising injury lawsuits.
Such accidental advertising injuries are covered by general liability insurance, including defamation — both written and spoken — and copyright infringement.
Are There Any Limits To Truckers’ General Liability Insurance?
When considering the risks of your trucking business and the limits you may want on your general liability insurance policy, understanding the standard limit is helpful. Typically, a general liability policy has a standard limit of $1,000,000 per occurrence and $2,000,000 per policy period.
However, these limits can either be lowered or raised based on your risk and exposure. If you are hauling hazardous materials, you will need higher policy limits. If you are hauling paper items, you will want lower coverage.
Most trucking businesses purchase a $500,000 policy, but as mentioned, you might need more or less based on your trucking company. You will also need a higher level of coverage if you are hauling across borders.
While general liability insurance covers most trucking risks, it will not cover your own truck’s damage. For that, you need commercial auto insurance, which is legally required for any business-owned vehicle.
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