Why Rig Insurance is Important In Commercial Trucking?

According to the National Safety Council  (NSC), large trucks accounted for 9% of all vehicles involved in fatal crashes, 4% of all registered cars, and 10% of total vehicle kilometers driven. These are some of the main reasons why a trucking business needs reliable big rig insurance for their trucks.

In addition, 107,000 heavy trucks were engaged in crashes that resulted in an injury in 2020, down 10% from 2019. The number of trucks involved in fatal crashes has climbed 5% since 2016, while the rate of involvement per 100 million heavy truck miles driven has stayed constant at 35.

The National Highway Traffic Safety Administration (NHTSA) began using a new Crash Report Sampling System (CRSS) to estimate the number of nonfatal crashes starting with the 2016 data year.

What is Big Rig Insurance and Why is it Important?

Big rig truck insurance is a way to safeguard your transportation firm. Trucking insurance was created expressly to safeguard your business and vehicles in the event of an accident, as each sort of business needs its own type of insurance.

If you own semi-trucks, you’re well aware of the numerous dangers you confront on the road.

Highways may be a challenge, especially when you’re driving an 18-wheeler that’s loaded with cargo and isn’t the most agile vehicle on the road.

Accidents happen no matter how safe a driver you are or how cautious you are. That is why semi-truck insurance exists: to cover your business in the event that something goes wrong. Because there are so many different types of coverage, it’s crucial to know what you need to safeguard your business.

Types of Big Rig Insurance Coverage

When purchasing big rig trucking insurance, you have various options and levels of coverage to select from. When you are at fault for an accident, it is critical to select the appropriate level of coverage.

General Liability InsuranceCoverage that protects trucking companies from financial loss due to liabilities incurred from prope...

General liability insuranceCoverage that protects against claims resulting from injuries and damage to people and/or property. covers damage to someone on your property or damage to someone else’s property while your truck is on the road.

This can also be utilized to defend you in the event of a lawsuit, a false advertising claimA formal request by a policyholder to an insurance company for coverage or compensation for a covere..., or other forms of slander directed at your company. This insurance coverage will not protect your truck’s drivers, but it will pay for damage caused to others.

Primary Liability InsuranceThe main auto liability coverage that protects against injuries or damage to other people or propert...

Primary liabilityA financial obligation or debt owed by an individual or business to another entity, typically result... insurance is a type of liability insurance that only covers injuries or property damageInsurance coverage that pertains to damage or destruction of buildings, vehicles, and other physical... to others when you are at fault in an accident. This sort of insurance is frequently necessary in order to obtain a commercial driver’s license (CDL).

In the event of an accident, primary liability insurance will protect others, but it will not protect your own property.

Physical Damage Insurance

Physical damage coverageOften bundled with NTL, this covers damage to the truck itself when not in commercial use. will pay to repair or replace your truck if you are involved in an accident and it is damaged. While this coverage is more expensive, it will cover you in the event that you are at fault in an accident.

It will not only safeguard your property, but it will also safeguard your livelihood. If you don’t have this insurance, an accident might cost you thousands of dollars in medical bills and new equipment.

Benefits of Getting Big Rig Insurance Coverage

True, any insurance coverage is an additional cost, and it might appear to be prohibitively expensive, especially for small firms or those with a large fleet to insure. The benefits of truck insurance, on the other hand, far outweigh the cost—and failing to insure can be a costly error.

Furthermore, it’s worth noting that having the right insurance coverage in place is mandatory so taking out transit insurance is likely a good financial choice as well as a legal requirement. It is your obligation to comply with any legal requirements that apply to your business operations.

Protects Your Business and Investment

A truck is a significant financial commitment that may be quite costly to repair or replace if something goes wrong. Heavy-duty vehicle insurance safeguards your investment by providing financial assistance if you need to repair or replace your truck.

When you’re out on the road, there are a lot of things that can go wrong, and having the correct truck insurance will give you peace of mind.

While we’d all like to believe that nothing bad will happen, accidents can happen, and it’s essential to be prepared in case they do so that you can recover swiftly and without additional financial pressure.

Covers Huge and Small Incidents

Even seemingly trivial occurrences, such as a chipped windshield, can be expensive to fix and cause operations to be halted. Truck insurance doesn’t just cover major collisions like rollovers but it also protects you, your company, and other drivers on the road from major and minor accidents.

Downtime Insurance Coverage

If you rely on your vehicle for a living, being unable to function due to damage or loss to your truck might put you in serious financial trouble. The purpose of downtime insurance is to keep you going if you are unable to utilize your vehicle.

Your insurance company will provide cash assistance to help you repair your truck and cover your daily living expenses until you can get back on the road.

It Helps You Protect Others

Having the right big rig insurance policy is important not only for the protection of the business owner but also for the safety of other road users. Regardless of what caused the disaster, it is your responsibility to safeguard yourself and others by ensuring that you have adequate coverage and protection.

Another thing to keep in mind is that different types of trucks have varied insurance requirementsStipulations within a lease agreement detailing the types and levels of insurance the lease operator... when it comes to trucking.

Frequently Asked Questions:

Why is rig insurance important in commercial trucking?
Rig insurance is important in commercial trucking because it provides financial protection against potential risks and liabilities associated with owning and operating a trucking rig.

What does rig insurance typically cover?
Rig insurance typically covers liability for bodily injury and property damage, physical damage to the truck, cargo insuranceInsurance that covers loss or damage to freight during transit, which is critical for motor carriers..., medical paymentsCoverage for medical expenses resulting from injuries sustained on your business premises or due to ..., uninsured/underinsured motorist coverage, and other specialized coverages based on the specific needs of the trucking business.

Is rig insurance required by law?
Yes, rig insurance is typically required by law. Federal and state regulations often mandate certain minimum coverage requirements for commercial trucking operations.

What risks does rig insurance protect against?
Rig insurance protects against risks such as accidents, collisions, cargo damage or theft, bodily injury to others, property damage caused by the truck, medical expenses, and legal liabilities arising from trucking operations.

How can I find the right rig insurance for my commercial trucking business?
To find the right rig insurance, it’s recommended to work with an experienced insurance agent or broker who specializes in commercial trucking. They can assess your specific needs, compare coverage options, and tailor a policy that fits your business requirements.

Get the Right Big Rig Insurance Coverage for Your Trucking Business

It can be difficult to choose a provider because there are so many charges related to commercial trucking. At SoCal Truck Insurance, we specialize in big rig insurance in California, and we provide custom insurance solutions to ensure your business is protected in every way.

We’ll work with you to discover the proper insurance so you’re insured while on the road and have the support you need to go back to work if something goes wrong with your vehicle.

Let’s have your trucking business covered, email us at [email protected] or contact us at 562-372-2433 at SoCal Truck Insurance today!