Cement Mixer Truck Insurance
Whether you are an independent contractor or a small construction company, owning a cement mixer truck is critical to the success of your business. Remodeling companies and landscapers use these trucks in their business too. Owning a cement mixer truck is one way to get the jump on your competition because it allows your company to offer services that others might not be able to. It’s a great investment that can return profits for years to come.
You invested heavily to purchase or lease your cement mixer and you may not even have it fully paid off yet. Don’t put your company at risk of losing this useful asset by skimping on the amount and type of auto insurance you cover it with. At a minimum, you need to protect your cement mixer with the following types of commercial auto insurance.
- Liability Insurance – Liability insurance protects you when your cement mixer causes an auto accident. If the driver of your truck is at fault for the accident, then your company is legally obligated to pay for any damages and injuries that were caused by the accident. Liability insurance is required coverage in most states, and you may not be able to get the appropriate business permits and licenses until you can provide that you have proof of coverage on your truck. Liability insurance pays the bills of the victims in an accident that your truck is at fault for. It pays for personal injuries to individuals and it pays for damages sustained to property.
- Bodily Injury – When a person sustains physical injuries in an auto accident they require immediate medical care. Depending upon the extent of the injuries they may require ongoing medical care as well. The bodily injury portion of your liability insurance pays for the bills that are generated for the cost of this care. It pays hospital bills, the cost of physician follow-up care, and the cost of rehabilitation or physical therapy services. This coverage also pays for the victim’s loss of wages when they cannot work due to an extended recovery period. Bodily injury also pays for funeral expenses when a person is killed in the accident, and it may cover a number of other related expenses such as your legal defense fees.
- Property Damage – Many auto accidents result in property damages. For example, when another vehicle is struck by your cement mixer in an accident, that vehicle is likely to have damages in the form of dents or crumpled bumpers. The property damages portion of your liability insurance pays to have these damages repaired, so that the property can be put back into the condition it was originally in before the accident. When property is damaged beyond repair, this coverage can pay for the cost of replacing it.
Medical Payments – This insurance is designed to pay the medical bills and expenses that arise for your cement truck driver after an accident. It covers the driver and any passengers that were in the truck at the time of the accident. Medical payments coverage pays the medical bills regardless of who is at fault in an auto accident, but it is not available in all areas. Contact one of our licensed representatives to determine if it is available for your company’s commercial insurance policy.
Physical Damage Insurance – Physical damages insurance protects you from expensive losses to your cement truck. If your truck is damaged in a hail storm or runs into a fire hydrant for example, this insurance protection can pay for the damages. The type of damage protection coverage you select determines the type of perils you’re protected from.
- Comprehensive Physical Damage Protection – Comprehensive damage protection is particularly useful for company’s who are still paying off a loan on their cement truck. It is also quite important if your company leases its truck because it provides an extensive amount of protection. This coverage protects your truck from theft and different types of damages. If the truck is dented from severe hail for example, or because of tree limbs blowing around in a wind storm, comprehensive damage protection can pay for the cost of repairs. Comprehensive coverage does not apply for damages caused by a roll over or a collision. Those are provided for under the next section.
- Collision Damage Protection – Collision damage protection partners well with comprehensive coverage because it protects you from the two primary things comprehensive does not: Collisions and roll overs. If your cement truck overturns in a wind storm for example, this insurance will pay for the repairs. If your truck runs into a building, fire hydrant or telephone pole, collision damage protection pays for those repairs as well.
- Specified Peril (CAC) – Specified peril insurance is similar to comprehensive in that it does not cover collisions and roll overs. It does not however, cover the same wide scope. This insurance only protects you for the specific perils and hazards that are listed on your policy, so it is more limited. This insurance is also known as CAC, or Fire and Theft with Combined Additional Coverage.
Uninsured or Underinsured Motorist – When another motorist is responsible for an accident with your cement mixer, their insurance is supposed to pay for your damages and injuries. Unfortunately, not all motorist carry insurance on their vehicle and some simply don’t carry enough. Uninsured and underinsured motorist coverage protects you from losses caused by drivers who aren’t insured, or who don’t carry enough insurance. This coverage will pay for the cost of repairs to your cement mixer and pay the resulting medical bills for your driver if the at fault motorist’s coverage is unable to.
- Bodily Injury – As covered with Liability Insurance.
- Property Damage – As covered with Liability Insurance.
- Collision Deductible Waiver (CDW) – A collision deductible waiver makes it so that you do not have to pay your insurance deductible when your cement mixer driver was not at fault in an accident. If you carry uninsured/underinsured motorist bodily injury coverage, the CDW will prevent you from having to pay anything out of your pocket.
Other Important Commercial Auto Insurance For CEMENT MIXER Includes:
- Rental – When your truck is damaged in an accident, you may be forced to rent a replacement in the interim. Rental insurance coverage can pay for the cost of that replacement.
- Towing – If an auto accident disables your cement mixer, towing insurance will pay for the cost to have it towed away from the scene.
- Trailer – Trailer insurance pays for the cost of repairing or replacing your trailer if it is damaged in an accident.
- Trailer Interchange – If you exchange trailers with other companies, you must protect those trailers separately since they do not belong to your company.
- Cargo – The cargo that your cement mixer hauls is valuable by itself. Protect it from loss with cargo insurance.
- Accessories (Ex: mileage meters, navigation units, radios) – Accessories installed in your truck such as communications and dispatch radios, navigational systems and automated weigh station devices can be destroyed in an accident. Protect yourself from these losses by adding accessories insurance to your business auto policy.