Dump Truck Insurance
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.