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DUMP TRUCK INSURANCE
If your business uses a dump truck to get things done, losing that truck even temporarily can be disastrous. Even if your dump truck is only damaged in an accident or vandals spray paint it, the financial burden of paying for those types of repairs can be enough to put you out of business.
Whether you offer contracting and construction services, you own a gravel pit or you operate waste management facilities, your trucks are a critical part of being able to do business each day. Protect them to the fullest extent by making sure you have the right types and amounts of commercial auto insurance coverage. Here are the recommended types of insurance your business should carry on the dump trucks:
Liability Insurance – Liability insurance protects you when your dump trucks are involved in an at-fault accident. If you or one of your company employees is driving a dump truck and causes an auto accident, your liability insurance will pay a number of damages. Without this insurance coverage, you would need to pay everything from your own or your company’s funds.Basic liability insurance is required by law in most states, and it can be configured as a split limit policy or a combined single limit policy. Split limit policies define limits for how much the policy will pay on both individual and overall accident liability. Combined limit policies only define the maximum amount your policy will pay per accident. Liability insurance generally covers two areas: Bodily Injury (BI) and Property Damage (PD).
- Bodily Injury - Bodily injury is injury that happens directly to a person or multiple people. When your dump truck is found to be at fault in an auto accident and people were injured because of the accident, your company is legally liable to pay the associated medical bills. The bodily injury portion of your liability insurance policy will pay these bills instead.
Bodily injury coverage pays for medical bills created by an auto accident. Examples of bills that this insurance pays for includes ambulance transport or medical airlift, emergency room care, doctor’s visits, rehabilitation, funeral expenses, lost wages and pain and suffering.
- Property Damage – If you carry a split limit liability policy on your company dump truck, then there will be two or three numbers defined on the policy. The first number states the maximum amount that your policy will pay per person who is injured in an accident. The second number defines the maximum total amount your insurance policy will pay for all injuries in the accident. The third number indicates the maximum your policy will pay for property damages. If you carry a combined single limit policy on your dump truck, then the insurance policy will pay up to that maximum per accident. It does not distinguish between bodily or property damages nor does it specify a per person limit, just a per accident limit.
Medical Payments – Medical payments insurance covers your dump truck driver and any passengers when there is an auto accident. This coverage applies to medical care bills and related expenses, and the benefits are paid regardless of who is found to be at fault for the accident.
Physical Damage Insurance – Physical damages insurance protects your dump truck from damages and loss. There are a number of potential hazards and calamities that can arise on a day-to-day basis that cause damage to your company trucks. If you had to pay for them yourself or out of company funds, it could cause great financial hardship. Physical damages insurance is designed to prevent that hardship by protecting you in one or more ways.
- Comprehensive Physical Damage Protection – Comprehensive physical damages insurance protects you from damages that are caused by non-collision and non-roll-over events. If a tree falls onto the cab of your truck and causes damages for example, comprehensive protection will pay for the cost of repairs. This insurance is particularly useful when you have no paid off your dump truck in full yet and want to provide it with the most possible protection from loss.
- Collision Damage Protection – Collision insurance covers the cost of repairs when your dump truck is struck by a hit and run driver, collides with other objects, or is involved in a roll-over event. If for example, your dump truck backs into the side of a building, your collision damage protection will pay for the cost of repairs.
- Specified Peril (CAC) – Specified Peril insurance, otherwise known as Fire and Theft with Combined Additional Coverage, is a more limited version of insurance that protects you from losses due to non-collision events. This insurance applies coverage to only those things that are specified in your commercial policy.
Uninsured or Underinsured Motorist - Uninsured motorists are drivers who do not carry basic liability insurance. Underinsured motorists are drivers who do carry basic insurance, but it is not enough to pay for the damages or medical bills they inflict in an accident. Uninsured or underinsured motorist coverage protects your dump truck from damages and losses that can occur if it is involved in an auto accident. When the other driver is at fault for the accident but they do not have insurance – or they don’t have enough insurance – your uninsured motorist policy can cover the costs.
- Collision Deductible Waiver (CDW) - When you carry Uninsured motorist bodily injury coverage you can also qualify for a collision deductible waiver, or CDW. Normally when your dump truck is involved in an accident you must pay a portion of the initial expenses yourself in the form of a deductible. When the other driver is at fault however, but does not have insurance to cover all damages and injuries, your uninsured motorist insurance pays instead. With this waiver, you will not have to pay the normal deductible since you weren't at fault for the accident.
Other Important Commercial Auto Insurance for DUMP trucks includes:
- Rental – If you must rent a replacement dump truck while waiting for yours to be repaired, your insurance can cover the cost of the rental.
- Towing – When your dump truck is broken down on the side of the road, towing coverage will cover any associated expenses.
- Trailer – If you tow a trailer with your dump truck and it is damaged in an accident, your auto insurance policy can pay for the repairs.
- Trailer Interchange – If your dump truck participates in a trailer interchange program, you need separate commercial insurance for the trailers you tow.
- Cargo – Cargo insurance protects you from losses incurred when your cargo is damaged or suffers from loss.
- Accessories - The specialty equipment you use in your company dump trucks can be protected from loss as well. If you use mileage meters for example, or GPS navigation units and special communications radios, those can be protected with your commercial insurance policy.