If you're a trucker, you know how important liability insurance is for protecting you and your business. However, there are certain things that you should know to ensure that you have the right coverage.
Firstly, it's essential to understand the legal requirements for liability insurance in your state. This includes knowing the minimum coverage requirements and the types of liability insurance available.
Secondly, it's important to work with a reputable insurance company that understands the unique needs of truckers. They can help you get the right coverage and offer advice on managing risk.
Thirdly, make sure you understand the difference between primary and excess liability insurance. Primary liability insurance covers damages and injuries caused by your vehicle, while excess liability insurance is an additional coverage that kicks in when primary coverage is exhausted.
Fourthly, ensure that your policy covers all your trucking activities, including operating in multiple states, hauling hazardous materials, and transporting cargo for others.
Fifthly, keep in mind that liability insurance doesn't cover damage to your truck or equipment. For that, you'll need separate coverage, such as physical damage insurance.
Sixthly, review your policy regularly to make sure it still fits your needs. As your business grows and changes, so too will your insurance needs.
Finally, work with an experienced attorney who can advise you on legal matters related to your trucking business. They can help you navigate complex legal issues and protect you from potential liability.
In conclusion, knowing these 7 key things about liability insurance can help you protect your business and minimize risk. Thank you for watching this episode, and I hope you found it helpful.