Long Haul Trucking Insurance in Vermont
What is Long Haul Trucking Insurance?
Tractor-trailers are some of the largest vehicles driven on roadways in Vermont, and any accident a tractor-trailer is involved in can be both tragic and costly. Property damage alone can be expensive, especially if a truck is carrying valuable cargo, and serious injuries are common. Long haul trucking insurance won’t stop something from happening on the road, but it can provide long haul trucking companies with financial protection if a truck is involved in a covered accident or other incident.
Long haul trucking insurance is a specialized type of commercial insurance that’s designed to meet the particular insurance needs of long-distance trucking companies. Because of the risks these companies face, most long haul trucking policies take into account the thousands of miles drivers cover and com with high available limits for their various coverages.
What Businesses in Vermont Need Long Haul Truck Insurance?
Most long-distance trucking companies should (and often need to) carry long haul truck insurance. For companies in Vermont, this generally encompasses companies that send drivers out-of-state on overnight or multi-night runs.
For trucking companies that offer only local or short haul transportation services, trucking insurance is usually still necessary but a long haul policy might not be the best choice. Instead, these businesses are often better served by a short haul trucking policy.
Businesses that don’t know what type of trucking policy they need should speak with an insurance agent who specializes in long haul trucking and other commercial trucking insurance policies. A specialized agent will know when each kind of trucking insurance is most appropriate, and they’ll be able to make a recommendation based on a company’s services and risk mitigation needs.
What Coverages Does Long Haul Truck Insurance Come With?
Long haul truck insurance policies are normally written as a package policies that combine several individual coverages together. Some of these individual coverages are broadly applicable to any commercial driving, and others are more specifically used within the trucking industry.
A few of the more broadly applicable coverages include:
- Medical Payments Coverage, which might cover a driver’s medical bills if they’re injured in an accident
- Physical Damage Coverage, which might cover damage a truck sustains in an accident or other incident
- Commercial Underinsured and Uninsured Motorist Coverage, which might cover accidents caused by improperly insured drivers
- Occupational Accident Coverage, which might supplement a workers compensation policy
Medical payments is also known as “medical expense” coverage, and occupational accident is frequently abbreviated as “OCAC” coverage
Some of the more specialized coverages are:
- Freight Coverage, which may protect cargo while it’s being transported
- Non-Trucking Coverage, which may provide liability protection to times when a truck isn’t driven for work purposes
- Non-Owned Trailer Coverage, which may protect trailers a trucking company moves but doesn’t own
- Bobtail Liability Coverage, which may cover tractors when they aren’t towing a trailer
- Equipment Coverage, which may cover chains, tarps, belts and other peripheral equipment
What Limit Should Long Haul Trucking Companies Choose for Their Freight Coverage?
Per federal law, trucking companies that transport household goods between states are required to carry at least $5,000 worth of freight coverage. Companies frequently opt for a much higher limit on their freight coverage, though, as loads frequently exceed $5,000 in value. A higher limit offers more assurance against potential accidents or thefts that result in the damage or loss of goods.
Generally speaking, lots of companies select a freight coverage limit that’s equal to or greater than the value of their loads.
How Can Trucking Companies in Vermont Get Long Haul Trucking Insurance?
For help insuring a long-distance trucking company that’s based in Vermont, contact the independent insurance agents at T.S. Peck Insurance. Our agents can help you explore the long haul trucking insurance options that different insurers in the state offer, and we have the expertise necessary to make sure you select the right one for your business.