Tractor trailer insurance is a kind of insurance that not all logistics and trucking companies know they’re ever going to need; at the same time, it’s also a type of insurance that you might need (or assume you already have as part of another policy) without realizing it.
So, what’s tractor trailer insurance? Do you need it?
Here’s why your trucking company might need it, even if you don’t directly haul tractor trailers as part of your fleet – and how to make sure you get a great deal on your insurance while being absolutely sure that every possible emergency or event is covered.
Under the Blankets
Are you insured? If the answer to this question is a yes, it’s likely that you’re a trucking company who opted for a general insurance policy. This was a good idea – and it’s true that a lot of the accidental events and potential damages or injury claims you might face are covered in this insurance policy – but at the same time, it leaves a gap.
This gap can be explained by tractor trailer insurance, and it’s a gap that most company owners would admit they don’t feel comfortable with leaving wide open.
Don’t assume that your existing insurance policy caters to your needs as much as you imagine. The right thing to do if you aren’t sure is to take a closer look at the terms and conditions of your current insurance policy – or the insurance policy that you intend to sign up to.
Blanketed insurance policies most often won’t cover specialized insurance needs or claims such as tractor trailer insurance.
What Is Tractor Trailer Insurance?
Tractor trailer insurance is the kind of insurance that not everyone needs, but that you’ll be glad you got when you eventually need it.
Accidents involving a tractor trailer could involve you, even if your company doesn’t specifically deal in tractor trailers or have them as part of your fleet.
For example, what if a vehicle in your fleet drove into a tractor trailer belonging to a larger company – and they decided to lodge a claim for the damage sustained to their tractor trailer and vehicle.
While your regular blanket insurance policy will have you covered against the damages to their vehicle, it might not cover you against the damages involving the tractor trailer: Officially, it’s not part of the car – and often part of a separate claim.
This is the easiest way to explain why (and how) tractor trailer insurance is necessary: If you don’t have it, it could cost you a great chunk of your business just because you weren’t prepared.
If you have tractor trailer insurance, it’s true that you might never claim: But it’s also true that you might, and ensuring that your business survives the event of a claim means having insurance when an accidental claim might take place.
If you don’t have insurance (or don’t have adequate insurance to cover specific accidents in the logistics sector), your business is at a very serious risk and might have to fork over cash.