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All commercial truckers know the importance of trucker insurance. Trucker insurance includes coverages that are specific to commercial trucking, the property you carry and the specific risks that truckers face on the road. When it comes to insurance, there are always dos and don’ts. Here are two of the don’ts to remember.
Use the Cheapest Option
Some truckers mistakenly believe that all commercial truck insurance is the same. The truth is that different insurers offer different policies. Your coverage options will depend on the cargo you carry, whether you work for a company or are an independent trucker. Do not simply choose the cheapest option.
Cancel the Coverage in Off-Season
If you have times where you store your truck, you may consider canceling your insurance policies. Some truckers assume that since they are not actively on the road, they do not have to pay for insurance. The problem with this line of thinking is that your property can still suffer damage while stored. Vandalism and fires, for instance, can still cause damage to your truck.
When it comes to commercial truck insurance, you should focus on what protects your business the most. While price matters, you should also pay attention to comprehensive coverages that will save you in the long run.
Things happen in a hurry when you buy a new home and sifting through the details of your homeowners’ insurance policy may not be a priority. Nonetheless, it is important that you understand your coverage limits and deductible amounts before filing a claim. Consider the following features of a homeowners’ policy when deciding on what is best for you.
What Is Covered?
Most policies provide protection for four main areas. Each of these will have some type of maximum limit that will be paid out for any given claim.
- Property – covers the cost to repair your home if it is damaged or destroyed. It is important to know that flood and earthquake disasters are not covered and require special insurance.
- Belongings – provides reimbursement costs of personal items that are destroyed or stolen.
- Liability – protects against claims by others against you for bodily injury or property damage.
- Expenses – covers additional costs such as hotel rooms or other expenses that are incurred while your home is being repaired.
How Much Deductible?
Choosing the right deductible depends on several factors and won’t be the same for everyone. The deductible is what you pay out of pocket before the insurance company starts picking up the tab. Keep in mind this applies to each claim. If you live in an area of high risk then you may want a lower deductible. If you want lower payments and are willing to pay more out of pocket if something happens, then a higher deductible could be right for you.
In the construction industry, there are a lot of risks. When you don’t have adequate insurance coverage, you could devastate your business with legal fees. Lawsuits can happen, particularly on a Jobsite where there are several risk factors. Here is what you need to know about coverage for your company.
General Liability Coverages
General liability is a broad coverage. It generally covers property damage or injury. For instance, if someone falls on your construction site or suffers an injury on your site, you could be liable. This could be contractors, guests to the property or someone passing by. If someone suffers an injury on your site, then the general liability coverage will help you with legal fees.
The risks involved in construction are a serious variable to your coverage. While every company has to have its own customized coverage, there are some coverages that no construction company should go without.
These policies cover:
Damage to your construction site can occur due to vandalism, storms, theft, vehicular accidents and more. It is important to know the exclusions in your policy. For instance, some policies will not cover damages that are caused by earthquakes or water damage.
To protect your construction business, you need construction general liability coverage. Without it, you could financially devastate your business.