Box trucks are widely used by many businesses and play an essential role in the supply chain. This is how it works, a box truck picks up cargo from a warehouse and delivers it to the designated delivery location.
Like any commercial vehicle, box trucks haul expensive equipment and goods that require adequate protection. Not only does the cargo need protection, but the truck itself, the driver, and the trucking company does as well.
Box truck insurance can protect you financially if an incident or accident were to occur. Failing to be properly insured can put you in a costly situation where your left with enormous debt.
In this article, we’ll explain what box truck insurance is, what it covers, and why you need it. Let’s begin.
What’s Box Truck Insurance?
There are many types of commercial auto insurance policies, and box truck insurance happens to be one of them. This insurance provides liability coverage if someone else were to be injured or their personal property was damaged because of your truck. You can even get coverage that’ll protect the cargo you’re hauling.
Since areas are becoming more populated, our roadways are getting more and more crowded. Therefore, box truck insurance is essential. You may be a great driver, but some things are out of your control. Such as, another vehicle can hit you or your cargo could get damaged during transport.
Box truck insurance can keep you and your trucking business financially protected in the event of an unwanted incident.
What Does It Cover?
Every trucking business is unique; therefore, they all need insurance policies designed specifically for them. With the right insurance coverage, you can mitigate the risks involved with truck driving.
The main coverages included in box truck insurance are:
- Property damage liability
- Bodily injury liability
As stated above, if another party is injured or their property is damaged, your insurance will cover the associated expenses. Such as their medical bills, legal fees, settlement costs, or repairs.
Other optional coverages you can get are:
- Non-trucking liability
- Cargo insurance
- Truckers general liability
Do I Need It?
The short answer is yes, you do need it! If you want to be a truck driver then you need to comply with your state’s minimum insurance requirements. Such as, most states will require a certain amount of auto liability coverage in case your truck causes harm to others.
While some of the other coverages are optional, they’re very much necessary. The trucking industry contains a lot of risk; therefore, you need optimal coverage.
Here’s a list of some businesses that use box trucks on a daily basis:
- Companies in the construction sector
- Furniture delivery companies
- Moving companies
- Retailers or wholesalers
Box truck insurance can protect your vehicle and business from incurring large expenses in the event of an unwanted incident. Therefore, if you own a box truck or operate it under somebody else’s authority, you should be aware of the state laws regarding minimum insurance.