Commercial transportation insurance is an absolutely huge field. It actually incorporates many different types of businesses, industry classifications, and even vehicle types, than most people originally envision. Here’s a quick overview of some of the different key forms of commercial auto insurance and how it affects you.
Why is it so important? Well, keep in mind that different vehicles present different risks, which translates to different insurance requirements and also variable costs. The same applies for different industries and classifications.
The first way to consider commercial transportation is through the different forms of coverage that may apply. This includes standard auto insurance policies and general liability coverage.
However, other types of commercial transportation insurance coverage include non-trucking liability, property damage or physical damage insurance, workers’ compensation insurance, pollution coverage, inland marine insurance, equipment breakdown, property, trade of trailers, etc.
The next thing to keep in mind is that different types of trucks or vehicles, and different industries, may also have very specific types of commercial transportation policies written for them. Here, consider the various needs of perhaps an 18-wheeler refrigerated truck versus a garbage hauler, or a log hauler versus a crane, a domestic moving truck versus a construction or contracting pickup or van.
Taxi drivers, as well as charter buses and vans, even ice cream trucks and food trucks, need commercial auto insurance. Some other common vehicle types and businesses to consider include non-emergency medical transportation, limousines, dump trucks, catering trucks, rigs, hearses, pump trucks, cement trucks, garage trucks, and beyond. line. All of these different vehicles and industries have different commercial transportation risks and therefore different policies and forms of coverage.
Still, that’s just the beginning. Even if you have regular cars for your workplace, perhaps driving customers or making deliveries, you need business policies for those vehicles.
Beyond that, all forms of commercial transportation and vehicles must be protected by the proper insurance policies. That includes trains, for example, with rail liability coverage, along with ships and planes, and all types of water and planes.
Of course, if you think you and your business may need commercial transportation insurance, or that you could use a better policy or a better price, be sure to consult with a professional who has experience in your local area. Policies differ from state to state, so work with an insurance broker or consultant who knows your industry and your locality.