Pulling up beside the family vehicle was a shiny red semi-truck. Making eye contact with the trucker, you raised your right hand in a fist and pumped your arm up and down in the air. This signaled to the truck driver that you wanted him to honk his horn. To your great enjoyment, he honked the horn, startling your parents in the front seat and making you squeal with laughter.
You’ve always had respect for truck drivers. They come from all walks of life and always have a good story to share. Being out on the open road transporting precious cargo 300+ days of the year sounded like a welcome opportunity to you, and so you decided that you were going to go into business as a truck driver, and you have.
Before you hire more staff and expand your business, you’ll need to expand your trucking business insurance or sign up for a new (and more affordable) policy with CoverHound. Think your policy ‘as is’ is enough? Think again.
Here are three reasons why need to update your trucking business insurance ASAP:
One of your trucking staff could cause an accident on the freeway.
Every 16 minutes, a person is fatally killed in a trucking accident. Though Trucking Info. reports that 75 percent of those accidents are found to be the fault of motorists driving non-commercial passenger vehicles, the accident will still cost your business in more ways than one. While the obvious cost is money, it can also cost you the truck, cargo and the mental state of your involved driver. 9 percent of people involved in motor vehicle accidents suffer from Post-Traumatic Stress Disorder (PTSD) afterwards. If your driver was in a serious accident, they could need more time to heal than their physical injuries suggest. Commercial fleet insurance will cover the cost of repairs to the vehicle and business insurance will help cover the medical fees of your driver.
Cargo could spoil before it makes its final destination.
Traffic is unpredictable. No matter how well mapped a route is, a trip that should take a maximum of 8 hours could stretch out to 15 hours, easy. If your trucking business transports food stuffs or other types of cargo that could spoil, any amount of unplanned for traffic can greatly undermine your business. Business insurance covers product, so if something should render to your cargo unusable, you won’t have to foot the bill alone.
An employee could be hurt unloading cargo.
If you lift a box the wrong way, you can tweak your back. Moving mass shipments and helping unload, well, it’s only a matter of time before one of your employees accidentally hurts himself. Workers’ compensation will cover any injuries sustained by your employees while they’re on the job performing a work-related task. It’ll cover their hospital bills, physical therapy bills, lost wages and any lost business for you.
See? Trucking business insurance is a must-have for your trucking business. Visit CoverHound to get your policy today.