Commercial trucking is an exciting and lucrative business. Truck drivers have one of the most important jobs that a person can possibly have. They transport critical products such as food, medicine, fuel, and clothing to people all around the country.
One of the reasons the trucking industry pays so well is because of the risk truck drivers take every time they go on the road. There are many things that can go wrong during a trucker’s journey. A person running a trucking company also faces certain risks. It can be helpful to know what those risks are when you are a new trucking company.
Accidents
According to Simplex Group – truck insurance, the Federal Motor Carrier Safety Administration imposes strict rules on commercial trucks that travel across state lines. Vehicles that carry hazardous material in an amount that requires placarding or weigh over 10,000 pounds must carry liability insurance of $750,000 to $5,000,000 if they cross state lines. Even trucks that weigh between 26,000 lb and 10,000 lb and do not carry hazardous material must have $300,000 worth of insurance.
Operating a vehicle as heavy as a truck can be very difficult. It is much harder to maneuver such a large vehicle than it is to maneuver a regular passenger car or SUV. Truck driving is considered one of the most dangerous jobs in America. Trucks can tip over easily. If they crash into another vehicle, they can kill everyone inside that vehicle.
In 2019 alone there were 843 trucker deaths on United States roads and highways. In order to become a truck driver in the first place, a person must acquire a special license and go through specific training. They have to take a physical exam to establish that they have good enough vision and hearing to drive a truck. They must have exceptional hand-to-eye coordination to operate these giant vehicles.
Cargo Damage and Loss
The only reason that truck drivers have a job is because of the cargo that they haul. Hence, it is terribly important to protect that cargo. If cargo spills onto a road it can cause an accident. It can also cause damage to the road itself. Liability insurance will pay to clean cargo up if it gets something on the road.
However, liability insurance will not cover damage to cargo. For that, you will need cargo insurance. It is very important to have a client’s cargo fully insured. No client will ever sign a contract with you unless there is a clause in that contract specifying the amount of insurance that you will carry when you transport their goods.
Damage to Your Own Vehicle
A truck drives through all different types of terrain and through all different weather. It is not unusual at all for natural elements to do damage to a truck. When a truck is in an accident, liability insurance will not pay to have it repaired. If another driver caused the accident, their insurance will pay for it. If your driver caused an accident, you will have to pay to have your truck repaired separately. Fortunately, there is physical damage insurance that will cover repairs to your truck if your driver causes an accident or if it is damaged by natural elements.
Driving a truck is rewarding but dangerous work. Make sure to get the proper insurance so the road ahead will be smooth.
