Streetsmart insurance Blog
You should prepare for increases in your commercial vehicle insurance coverage for 2017 as accidents, injuries and costs rise for the first time in decades and insurers make up for years of low pricing.
An unlisted driver is an individual who can drive your vehicle despite the fact that they are not included on your auto insurance policy as a listed driver. There are multiple reasons why you may ask an unlisted driver to use your car, but they generally fall into two categories: drivers who should not be listed on your insurance policy, and drivers who should.
Like other business owners, the owner-operator of a trucking business relies on complex equipment to earn a living. If your truck is damaged in an accident, your truck insurance policy will only pay for the physical repairs to your vehicle. Any additional expenses, like commercial auto loan payments, rental vehicles, and living expenses, would not be covered.
When trucking companies lack the parts, equipment, or drivers necessary to deliver their cargo, they can hire other companies to complete the project. After both parties finish their negotiations, trucking companies will typically ask contractors to complete a trailer interchange agreement before giving their trailer to another driver.
As the owner of a successful trucking business, you rely on experienced drivers to deliver their cargo and satisfy your customers. If one of your drivers is injured while they are in transit, you may be asked to pay for their medical bills and other related expenses.
Unlike traditional staff members, truck drivers are typically hired as independent contractors. Your workers’ compensation insurance policy can protect you from employee lawsuits, but it will not pay for the medical expenses of independent contractors and other non-traditional employees.
If any of your drivers are injured while they are working, occupational accident insurance can cover the cost of their medical expenses and protect your business from third party lawsuits.
How Does Occupational Accident Insurance Work?
Like workers’ compensation insurance, occupational accident insurance provides independent contractors with medical and disability benefits. Occupational accident insurance also offers accidental death and dismemberment benefits to truck drivers who receive life threatening injuries in the course of their work.
Medical Benefits – If one of your drivers is injured while they are in transit, occupational accident insurance will pay for the cost of their medical bills up to the maximum limit of your policy. Most policies include medical transportation, care, and outpatient treatment in their list of covered medical expenses.
Disability Benefits – Occupational accident insurance also pays for disability-related expenses. If one of your drivers is unable to work due to a work related injury, occupational accident insurance will pay disability benefits that can help them recover financially. Occupational accident insurance will also pay for total disability benefits if your driver is unable to return to work.
AD&D Benefits – Occupational accident insurance also provides accidental death and dismemberment benefits to independent contractors. If one of your drivers suffers from a debilitating injury, your occupational accident insurance policy will pay them a lump sum to compensate for their loss. If one of your drivers is killed while they are in transit, your occupational accident insurance policy will pay a lump sum to their designated beneficiary.
Street Smart Insurance is committed to providing affordable coverage. Whether you are looking for your first truck insurance policy or you are shopping for a better price, our agents are ready to help. Call us at 732-462-8343 for a free quote!
When time is of the essence, many truck drivers risk compromising their safety in order to complete their assignments. Unfortunately, those unsafe driving practices can lead to accidents, lawsuits, and deadly injuries. Whether you’re driving across town or across the country, you should establish safe driving practices that will protect you when you’re on the road.
Are you interested in starting a new trucking business? The trucking industry is one that provides ample opportunity to large nationwide corporations and new companies alike, simply because there is such high demand for commercial freight shipping. From perishable goods to consumer products, goods always need to be moved from one location to another. Trucking companies are frequently contracted to handle this movement of goods. As such, the number of clients or potential clients in this industry is high. Because there is so much opportunity in the trucking industry; there is also a lot of competition as a result. Therefore, if you want to give your trucking company a chance at succeeding, you will need to make sure to set a strong foundation. Here are seven things you need to build that foundation.A Proper Legal Structure
If you haul cargo for an organization, independent customer, or the general public, you are responsible for their goods while you are in transit. It your cargo is damaged, stolen, or destroyed, you could be held liable for the total value of their property. Motor truck cargo insurance will cover your expenses if their cargo is destroyed while it is in your possession.
Whether you own a well-established commercial trucking company or are just getting started as an owner-operator, you probably already know that semi trucks can’t be covered under a general auto insurance policy. Finding a company that can sell you truck insurance can also be more difficult than shopping for auto owners insurance, simply because there are fewer truck drivers or truck companies out there than there are people driving passenger vehicles. Don’t worry, though: with some searching and research, you can find an insurance carrier that will be happy to write up a policy for your truck.
As an owner-operator, truck insurance may be one of your biggest operating expenses. Truck insurance policies cost thousands of dollars per year, and many business owners will have to pay their annual premiums in advance. If you are interested in lowering the cost of your truck insurance, you have to evaluate why truck insurance is more expensive than traditional auto insurance.